Making Smarter Bets: Eight Horse Racing Lessons Learned

 Making Smarter Bets: Eight Horse Racing Lessons Learned

If you intend to build a habit of handicapping and betting horses races over the long term, you'll quickly see that it is challenging and requires that you constantly adapt. It's a way to gamble against your peers when pari-mutuel wagering is done.

I bet Thoroughbred racing ever since I was in highschool. I remember making the 15-minute drive down I-95 to Delaware Park. I'm open to admitting that I made mistakes during a lot of my gambling lives. But, I can share some of the things I learned since I moved from Lexington to horse racing in 2005.

1. Prepare

While it seems easy, it's important to do your homework before you handicap the card. This will allow you to know which races are most interesting and give you an idea of the odds. You don't want your money to be spent on horses that aren't important.

2. Budget Smartly

This is what I find most challenging. I love the excitement of betting on the races I am watching. It's difficult and requires discipline to pass on a race. If you don't like all the runners on a particular card but do love some, you should only bet on the horses you feel the most strongly about.

If you have $100 in your budget for 10 races why would you place $10 per race when you know which horses are the best? Build a strategy around the horses you love or just bet your entire bankroll on winning horses. If you really want to enjoy the day at the track with at least some action on each race, only wager a few dollars on those races. The rest of your money can go on top plays and strong opinions.

3. You can ask for a price

Finding horses with a high chance of winning is valuable. This could be as simple as skipping the race or finding longshots for superfectas, trifectas or exactas.

Your top plays need to be valued. That is, horses you think have a better chance than their morning-line odds of winning or live odds of winning when betting. If you think a horse is 25% likely to win, and the odds for winning are 5-1 or more, that's worth it. A horse with a 10% to 15% win rate is great value. You can get 15-1 to $20-1.

4. Bet to Win

I bet across the board a lot of my early betting days, especially when I was a longshot. While it is nice to be rewarded when a bomb hits or hangs on for a minor spot for a win, I have since reverted to straight win betting when I am not making exotic bets. Three win bets of substantial value on horses will yield a profit. You don't need to have a winner to make a decent profit. Two-thirds or more of your money might be tied up in show or place bets. You may need all three to run a profitable race.

Inexperienced bettors should focus on the win bet. Takeout is the amount that is paid to the track and is not returned by bettors. This is much lower than many exotic bets. It is important to not place more than one horse on a race. If you start with more than one bet that's guaranteed to lose, it's a recipe of disaster over the long term.

5. Aim High

My favorite part about exotic bets (specifically trifectas) and Pick 4s is the chance to win big. The appeal of horse racing, when compared with sports betting, is the possibility to win a large amount without risking the same amount. To make the most of your top plays, think creatively. If you can't put together a multi-race wager or trifecta that you feel great about, there is always the straight win. However, you may be able make a big score by connecting a few good prices below or around the 8-1 top play.

6. Identify Vulnerable Favorites

It may seem obvious, but handicapping isn't just about picking the winner. You can often identify a vulnerable favorite or find favorites that you don't have an interest in betting. That's an excellent spot to bet exotics. Consider this: You will find that a lot of other tickets include your favorites. But, your resources aren't tied to these favorites and can instead be used to find better value for the ticket. How to beat Horse Betting Odds, How to Beat the Horse Betting Odds and Start Making Money Betting on Sports