Even though horse racing isn’t such a popular sport in terms of TV views compared to others, the situation is different when it comes to betting. In fact, horse racing is the third most popular sport to bet on in America, and there are similar numbers all over the world.
But what makes horse racing so special for betting?
Well, first of all, horse racing is a betting favourite due to the high odds that result in big wins. In other words, you’re more likely to win more money betting on horses than any other sport. Additionally, betting on horses makes the sport even more exciting to watch.
Does this mean that you’ll definitely make money when betting on horse racing? Well, not quite.
To make profits on horse racing betting, you’ll need to create a strategy. The best way to build a winning strategy is by following expected tips from bettors that spent years in this industry.
Let’s find out what they have to say about horse racing betting.
Research is Crucial
Just like in any sports betting, the best way to improve your chances is by doing your homework and analyzing data before the match or race.
Unfortunately, people bet millions of dollars every year on horse racing, and a tiny percentage of those are willing to do any research before choosing a horse to bet on.
With horse racing, there are many factors to consider before the race, such as:
Horses only race a couple of times each year, and analyzing their performance from previous races can give you a lot of information about your next bet.
One good idea is to get free past performances for major stakes races to know the horse’s form and how they adapt to specific conditions.
Although the race results heavily depend on the horse’s abilities, you have to take into consideration the Jockey’s skills and his relationship with the horse.
Other important factors that matter are race conditions, surface, weather conditions, track, previous training, and others.
Finding out more about the horse itself can help you increase your profits by making wiser bets.
Diversify Your Betting Strategy
Despite the fact that horse racing is a popular sport in the betting community, very few people try out different bets apart from choosing the winning horse. If you want to increase your profits, you need to develop a great risk management strategy, and the best way to do that is by trying out different bets.
For example, you can bet on place, show, and across-the-board bets that are pretty much standard in every country. Such bets might lower the payouts but will increase your winning chances which makes it the perfect long-term strategy.
You can also place smaller odds bets for multiple horses or races. This will increase your payouts but since you are betting on the favorite, there is a higher chance of winning.
Choose the Best Odds
We live in a digital world where you can gain access to every online bookmaker that provides horse racing betting. This means that you can choose the bookmaker that provides the best odds for a particular horse race.
In the beginning, the difference might look meaningless, but if you want to develop a long-term profitable strategy, getting the best odds is crucial in horse racing.
Choose Which Horse Race to Bet On
With horse racing betting, is really important to set boundaries. There are many horse races throughout the year, and your job should be to pick the ones that you think have the best chance of winning. Betting on every single race in the calendar can deflate your betting budget leaving you with no money to return from a potential loss.
In other words, research horse races at least a month before and create a betting schedule. This will highlight only the races you have the most data of, and the ones that you think are easier to predict.
Last but not least, just like in any kind of betting, you need to manage your bankroll. This means that you should create a budget and rules that you follow throughout the year. For example, expert horse racing bettors place limits on each bet, and profits that they want to get their hands on.
In general, each stake should be no more than 3% of your entire budget. By managing your bankroll, you’ll be able to avoid unnecessary losses (chasing losses)