Horse racing betting is a game that favors the intelligent player. There are ways that you can start making smarter horse racing bets when you use an online racebook. Smarter bets means that you will have a better chance of coming out ahead. Here are 10 horse betting rules for smarter wagering.
1 – Always Be Prepared
There is simply no substitute for good preparation. Those who are unprepared on race day are surely going to fail in their efforts. You have to have a plan and be able to execute it.
How you choose to prepare for horse racing betting is up to you. Some bettors use the Daily Racing Form and nothing else. Others use past performances and replays. A few others use tip services. No matter which tools you use, having access to them in advance is critical.
Most race tracks will publish racing information about three days in advance of the races. As soon as the information becomes available, begin your handicapping.
2 – Eliminate Weak Favorites
Favorites on the race track are the bane of every horse player’s existence. They only win one out of every three times, but some people still insist on betting them every single time. You need to learn how to resist the favorite in a race and eliminate the ones that are vulnerable.
How do you eliminate weak favorites. First, you have to be able to identify them. That means spotting any thing that could cause a horse to perform poorly. Pay attention to the things other bettors may have missed. Is there an equipment change like blinkers or bandages? Does something seem off about a recent workout? Has the horse recently been moved to a new trainer?
All of these things could reveal that the horse will have a difficult time performing today. There will be times when the horse will defy its flaws and win anyway, but more often you will avoid a false favorite. When you eliminate a favorite you will have a better chance to bet on a long shot.
3 – Have a Money Management Plan
No one should ever approach gambling with the attitude that they have unlimited money to work with. Even the biggest whale has a limit to what they can lose. If you try betting on horses with no money management plan then you are not making smarter horse racing bets.
We have always suggested that a minimum bankroll should be 50X the minimum wager, or unit. At most horse racing tracks the base unit is $2.00. If that is your minimum unit, then you will need a bankroll of at least $100. You can grow that amount over time and increase it as you win.
Your own personal plan for horse racing betting should include win and loss limits. You need to know when to walk away and when to take a swing for the fences within your means.
4 – Get the Best Online Racebook Bonus and Use Wisely
There are many online racebooks that you can choose from. We have recommended several. When you use one, you may be offered a matching deposit bonus on your first deposit. The best play is to maximize that bonus offer if you can.
For example, if an online racebook offers a matching bonus up to $1,000 then you need to claim as much of it as you can. Deposit $1,000 to get the full amount. Once you have the bonus money in your account, you need to use it wisely by making smarter horse racing bets.
There is a tendency for players to get loose with the bonus money they receive. Instead, you need to be tight and make high percentage bets. This is especially true when you need to complete a wagering requirement before you can withdraw your bonus money.
5 – Always Demand Value
You may have heard the term value used in horse racing betting. This almost always refers to the price that you are getting when you bet on a horse. The price is the odds you receive. Betting horses at even money will not generate enough profit to make you a winner in the long run.
A good rule of thumb when it comes to price is betting horses that are offered at 3-1 or better. When you bet in this fashion you will only need to be correct one out of every three times in order to break even. It is even better when you can get higher odds like 5-1 or better.
Many smart horse racing bettors will use exotic bets to get better odds on the horses that they like. Coupling a favorite with longer odds horses on multi-race or multi-horse wagers often means receiving a better payout. The risk is greater, but so is the reward.
6 – Make Win Bets
The win bet is often overlooked by the novice horse bettor. They are swayed by the promise of easy riches when hitting a difficult bet like the superfecta. Smart horse bettors know that win bets can offer good value, especially when you land on a long shot.
Some players are reluctant to bet on horses that are offered at 15-1 or higher. That’s too bad because long shot plays can be found every day at the online racebook. To profit from them you need to be able to find the long shots, and you also need to have the courage to bet them. That is what stops many horse bettors from making a killing. They lack the confidence in their own opinions.
You need to believe in yourself and your ability to pick winners. Otherwise, don’t play.
7 – Beware of Lottery Horse Racing Bets
There are some bets in horse racing that might as well be classified as a lottery ticket. They are so impossible to win that the intelligent bettor passes them up. One such bet would be the Pick 6 bet. In this bet you have to pick six winning horses in six different races. The combinations when you have just eight horses to choose from in each race are astronomical.
We’re not saying that these bets are something you should never try. With a minimum bet of just $2 you can afford a chance now and then. What we are saying is that a new bettor should probably not focus on these wagers for reliable winnings. The fact is that many Pick 6 wagers at race tracks are won by syndicates of bettors. These bettors get together and make their picks and all contribute an equal share of money into the pool. When they win, they split the returns.
It can take hundreds or thousands of dollars to make a syndicate bet. A single wager. Best to stay clear of that type of investment until you are certain that you can realize a long-term profit.
8 – Never Select ALL on Exotic Bets
Do you want to make smarter horse racing bets? Stop using the ALL button. The ALL button is when you select all of the horses in a race to complete an exotic ticket. For example, if you bet the exacta you would put your chosen horse on top and choose all the other horses in the race to complete the bet.
There are problems with an ALL ticket. For one, using the ALL option means that you don’t have an opinion. If you do not have an opinion, you should not be betting. Period. Second, the price of using all the horses on an exotic ticket is too high to justify the bet in most cases. If you win you might still lose money because of all the combinations that were chosen.
Make your selections and stick with them. Don’t try to take the easy way out. That rarely works when you are betting on race horses.
9 – Use the 10% Horse Betting Rule
The 10% betting rule simply states that you will not risk more than 10% of your bankroll on any individual wager. So, if you have a $100 bankroll you cannot bet more than $10 on a single race at the online racebook.
Notice that we said a single race, not a single ticket. There is a difference. You can bet $10 several times on the same race, and lose every wager. When you limit yourself to $10 per race, you are making sure that you have multiple attempts to craft a winning ticket.
10 – Stop Betting Every Race
Each race card at an online racebook has around 10 races to choose from. There are multiple tracks running each day. In fact, the racing action online almost never stops. If you play marathon sessions just because you have access to betting, you will soon be going broke.
Every race is not a good betting opportunity. You need to limit yourself to the races which offer a good chance to win.
You now know how to make smarter horse racing bets at an online horse betting sites. Sign up today and claim your bonus. The process only takes a few minutes and you can be wagering from home with your computer, phone, or tablet. Check our Bovada racebook review, Amwager review, Twinspires review or even our Betamerica review. All great choice if you are in the US. 5Dimes review for folks anywhere!