Few people attend races because of their love for horses. Most go for the excitement because racetracks often have a totalizator. A bet on “your” horse or a chosen combination adds maximum sensations: adrenaline, excitement, and the desire to win greatly enhance the pleasure of visiting the racetrack. To make a successful bet on horses, you need to not only understand the sport itself but also have knowledge of how it works in the world of bookmakers.
In this article, we will talk about the specifics of betting and strategies in horse racing betting.
What Are Horse Racing Odds?
The essence of betting is very similar to a totalizator: the more people guess the winner, the smaller the winnings of each of them. But it is implemented a little differently. The size of the winnings is determined not by the final number of lucky people but by the odds. Do you think these are completely different things? Not at all. The bookmaker simply initially estimates the probability of a certain horse winning and, in accordance with this, names a certain number on which the final amount depends.
In principle, betting on horse racing is no different from any other sport. There are different outcomes and types of bets. Bookmakers also offer exotic options for those who are bored with the usual betting.
Different Types of Odds Formats
| European | British | American | Asian |
| This type is also called decimal. It is expressed as a decimal fraction that must be multiplied by the bet amount to calculate the potential winnings. | These odds are expressed as a fraction. The numerator is the potential profit, and the denominator is the bet amount. | These odds are a bit more complicated. If you see a plus number, then this is the winnings you will get by betting 100 units of your currency. If the number is minus, then this is how much you need to bet to get 100 units. | This group includes several different types. They resemble the European and American systems but have their own characteristics. |
Key Factors That Influence Horse Racing Odds
The main factor that influences the odds is probability. The bookmaker does not want to lose money, so by betting on an obvious favorite, you will win a very small amount. However, with such a bet, there is a much lower chance of losing. If you bet on a dark horse, the risk is extremely high. Therefore, the bookmaker calmly offers big odds.
So, the odds depend on the horse’s reputation and its current condition. Analysts do serious work comparing competitors and ultimately determine the odds.
Horse Performance and Past Records
The horse’s performance determines whether it will come first. However, that’s not all. It is important how it has performed before. A specialist can make a reliable forecast by analyzing the results of previous races with this horse.
Track Conditions and Weather
Only a beginner thinks that all tracks are the same. In fact, the surface can vary from grass to hard. And each has its own characteristics. Even a great horse can show worse results due to an unfamiliar surface. The weather is also of great importance. In bad conditions, calmer and more obedient horses have an advantage.
Jockey and Trainer Influence
You’ve probably heard that you should bet on the jockey, not the horse. And this is largely true. The choice of strategy and pace depends on the rider. An experienced jockey knows when to hold back the horse and when to urge it on. History also knows cases when even a modest horse, having got to an experienced trainer, revealed its talents. Therefore, this information also affects the odds.
Betting Market Movements
Odds, especially in live, are unstable. They can deviate significantly from the norm and also largely depend on the market itself. The more complex the combination, the higher the odds will be.
Popular Horse Racing Betting Types
As in the entire betting world, the bookmaker tries to offer the maximum choice at the races. Thus, everyone can choose a bet to their taste. However, some are traditionally more popular.
Win, Place, and Show Bets
The simplest and most popular bets are the win and place bets. They are easy to understand, even for a beginner. Basically, you are either trying to guess what place a particular horse will take or whether it will finish first. In such traditional markets, the odds directly depend on the characteristics of the horses. The higher the probability of winning, the lower the odds.
Exotic Bets
However, in the world of horse racing, there are also specific bets that are a little more complicated.
Exacta
It is a bet where the player must guess which horses will finish first and in what order. This type of betting is very difficult since the probability of correctly predicting the result is small. However, this is why such bets have large odds.
For example, let’s say there are horses numbered 3, 5, and 7 in a race. If you are confident that horses numbered 5 and 7 in that order will finish first, you bet on the exact 5-7. If your guess is correct, you win.
Trifecta
The trifecta makes it more difficult because the player must guess the first three horses in the correct order. This significantly increases the risk and the potential for winning. Let’s imagine that there are six horses in a race. You are confident that the first horses to finish will be those numbered 2, 4, and 6 in that order. A bet on the trifecta 2-4-6 will make you a profit if you guess correctly.
Superfecta
This is one of the most difficult types of bets, where you need to guess the first four horses in strict order. The probability of success is minimal, but the winnings in case of victory can be huge. Let’s say you bet on a combination of 1-3-5-7. To calculate the winnings, it is important to consider the odds and the bet amount.
Each-Way Betting Explained
You’ve probably heard of such bets in football. In horse racing, they have their own peculiarities. In essence, you make two separate bets: on winning and on place. Thus, the chances of getting money increase. If the horse wins, you get the winnings on the first part of the bet. If your forecast is wrong, then there is still a chance for a successful second part.
Effective Horse Racing Betting Strategies
Of course, most betting fans are interested in strategies that will provide a guaranteed win. We hasten to disappoint you — such does not exist. However, following a certain tactic will help you avoid bankruptcy and make your betting experience more stable.
Handicapping Techniques
Handicaps give weaker horses a chance, leveling the odds of opponents. However, they also increase your chances. Due to these extra seconds, even an outsider can win. Thus, handicaps give you the opportunity to expand the range of your bets. As with any other strategy, it is important to learn how to make your own predictions.
Bankroll Management for Horse Betting
Financial strategies are not so much focused on the races themselves as on your money. Therefore, they are practically the same in different sports. The main thing is to approach the distribution of finances wisely. For example, if you use Martingale, you need to assess your capabilities sensibly and set the initial bet in accordance with them.
Value Betting vs. Favorites
Bets on the favorite are likely to win. That’s why it is called favorite. However, the winnings on such bets will be insignificant. On the other hand, the outsider can also surprise. If you can independently assess the characteristics of the horses, then you will easily be able to spot potential winners. Those who are not so experienced follow the movement of the odds. If the odds on one of the registered outsiders are noticeably reduced, then a lot of money was bet on it. Perhaps it is worth taking a closer look at such a horse.
The Importance of Line Shopping
When choosing a product in an online store, you are unlikely to take the first thing that comes your way. You compare offers from different sellers. You can do the same with bets. Compare offers from different bookmakers and choose the most profitable one. Even if the difference seems insignificant, this strategy will bring benefits in the long run.
Common Mistakes to Avoid in Horse Racing Betting
The first and main mistake is to use horse racing betting as a source of income. Lady Fortune is too fickle, and you can’t count on stable profits. In addition, in an effort to win back, you can lose everything. However, there are other mistakes that you should be wary of.
Ignoring Horse and Jockey Stats
If you think that statistical information is too complicated and not worth understanding, then you will not see winnings. The key to successful betting is the ability to make correct predictions. This is only possible through the analysis of all available data. Therefore, be sure to analyze all available statistics before placing a bet.
Overbetting Without Strategy
We said earlier that strategies do not guarantee winnings. However, they bring a system to your betting. This is a kind of protection against unjustified spending. If you bet large amounts at random, then sooner or later, you will lose everything.
Betting Based on Emotion
Emotions are harmful when it comes to money. Experts advise you to refrain from betting if you are very upset, angry, or euphoric. You need to approach betting with a cool head. Only then will you enjoy it and save your bankroll. The desire to win back after a series of losses is also a bad adviser.
Not Understanding Track Conditions
Understanding all the conditions is important for successful prediction, so do your research on all track types in advance so you can understand what to expect from your horse on a particular surface.
Conclusion
Betting on horse racing can be a great entertainment. The excitement and watching the beautiful animals make this sport attractive. However, it is important to understand the basics of horse betting to avoid disappointment and loss of money. Treat it as a way to have a good time, and do not think that this will solve your financial problems and everything will be fine.