How to make money from horse racing is a question a lot of bettors want answers to. It has become apparent to ask this question because no one loves to lose, not even in horse racing.
To gain a winning habit you will need to have a piece of good knowledge of the horses. If you do not, then you need expert tips. Tips from people who have to be In the business long enough to know better.
According to US Racing, only 5% of the total bets win in a horse race. This is because horse race betting needs a good knowledge of the sports. Among this 5%, most of the winners are totally lucky. To start winning you must cultivate certain habits, and we will be sharing some of these habits.
In this article, we will take you through a step by step guide on how to make money from horse racing. Additionally, we will look at what horse racing is all about and how it actually works.
Please take a look at the table of contents above for an overview of this piece.
Table of contents
Horse Racing: An Overview
Horse Racing is an equestrian performance sport, typically involving two or more horses. The horses are usually ridden by jockeys (or sometimes driven without riders) over a set distance, for competition.
It is one of the most ancient of all sports. Its basic premise is to identify which of two or more horses is the fastest over a set distance. The sport has been unchanged since at least classical antiquity.
Horse races vary widely in format and many countries have developed their own particular traditions around the sport. Variations include restricting races to particular breeds. Running over obstacles (cross-country), and running over different distances (typically a mile, mile and a quarter, mile and an 8th, mile, and a 16th). Running on different track surfaces, and running in different gaits.
While horses are sometimes raced purely for sport, a major part of horse racing’s interest and economic importance is in gambling. Gambling in 2008 generated a worldwide market worth around US$115 billion. Many people use a handicapper which is one who assigns weights for a handicap race and makes selections based on past performances.
How Does Horse Racing Betting Work?
A group of horses is expected to run a specific distance, sometimes with a jockey on, sometimes without. As a bettor, you’re allowed to place a bet on any of the horses or two or more horses. You feel might win. If by the end of the game, the horse you put your bet on wins, you get paid for it.
However, what you get paid as the winnings is highly dependent on how much you made the bet with. And of course what the odds of your horse winning are.
To make it work, most people would sort out the help of experts, who would help give them handicaps that stands a better chance of winning the race. While others do this, some other people would use predicting sites that one must subscribe to.
Would you want to owe a horse? Read: How Much Does it Cost to Have a Horse in 2023? Full Guide
Most Profitable Horse Racing Tips
We would like to show you that it’s indeed possible to make money on Horse racing. Just follow these experts’ tips and start making profits.
Find The Right Value Price
Picking a winner isn’t enough in horse racings, you must get the right value for your runner. You can do this by creating your own market before the odds come out. This will help you see if you’re getting good value for your runners.
You might frame your desired runner at $4, but the bookmakers open it up at $2.80. In your assessment of the market, the $2.80 is more than a point shorter than what you should be willing to accept.
It’s important that you do not take “unders” because over time if you continue to take lower odds than you have valued, you will lose.
Sometimes you might pass a “$2.80” chance and it wins, don’t fret. There are better betting opportunities out there and you will miss out on plenty of winners because the odd represent value.
Many recreational punters will include a $1.50 chance into their multi-bets because it’s considered easy money, but does that $1.50 represent value? and if not, why are you betting on it?
The opposition might not have the same credentials as the odds-on runner, but punters need to assess the odds in every betting situation.
Regardless of the odds, punters will know if they’re getting value or not. Wins paying $1.09 could be considered value to a punter that framed it at $1.05 – just the same as a horse paying $34 is value if it was framed at $26.
Punters will always hear the professionals talk about how they’re not prepared to take the odds available and there’s a good reason behind that.
Pick And Choose The Right Spots
Punters tend to fall in love with a runner but it’s one way bookmakers turn over a profit.
As a punter backing the same horse which has a poor win/loss ratio is a good way to lessen your value.
Bookmakers are aware of these “public” horses and quite often shorten their odds because they know punters will take the odds no matter what.
Punters need to pick and choose their spots and if you think the race won’t suit your runner, let it go and find a better betting spot.
“If I don’t back it, it will probably win this time” – how many times have we heard that? Too many for our liking and it’s just best to forget about the horse that always runs away with your money.
Waiting for the right spot is a good way to make money betting on horse racing. Punters might have numerous runners that they follow, but they’re not going to win every time, so making sure you know when best to strike is key.
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Follow Betting Movement
Punters can get a great insight when following the bookmakers market movement.
It’s a nice feeling when you back a horse at $3 and it firms into $1.80. You have already secured value and it means there’s a great deal of confidence with a large group of punters.
It pays to make note of these moves and trying to predict when they will happen is a key to success. A 10-cent drift in the betting is all it takes for the confidence of a punter to take a hit and we often see horses drift significantly in the closing stages before the race.
When the $2 favourite drifts out to $4 you can all but screw up your ticket. There’s the odd runner that defies a betting drift, but punters should be taking note of which runners are attracting the late interest.
Not so much for the horses that drop from $26 to $16. It doesn’t take much money for that price to drop significantly, so target the more favored runners when watching the market movements.
See also: 10 Most Expensive Horses In The World| 2023
Know Your Bet Type
To make money as a punter in horse racing, play to your strength.
Punters should know what bet type is best suited to their strategy. If you’re focused on making with small margins over a long period of time then you will be best suited to win, place and each way bets.
If you’re comfortable knowing you can play the exotics and hit one with good consistency then bet types such as quinella, trifecta and first fours will be the way to go.
While there is no sure strategy to suggest, betting to win and place is the best way to ensure consistent profits when betting horse racing.
Betting on the place market gives punters a higher chance of winning, but the odds aren’t as high. Identifying good place value is a key aspect to making money and targeting the right meetings is one solution.
The bigger the pools the better the odds. Punters betting on a $4 chance at a low-key midweek meeting with a field of only nine runners might struggle to get $1.80 for the place. But increase the pool and scatter of money, and your place price could turn into $2.
That’s a significant difference and luckily for punters using our recommended bookmakers, fixed odds place betting is available. Therefore, you can secure your profit to determine your potential profits.
Keep A Plan And Stick To It
It’s important as a punter that you keep to whatever plans you must have made on betting on horse racing.
It’s important that you don’t get swayed by emotions when it’s time to place your bet. Additionally, you don’t need to bet the same amount on every race. Knowing when to increase or decrease your bet power is crucial. This will help you not to slip into bad habits.
Losing streaks are an unfortunate part of gambling, but we’re in it for the long haul. And turning over a profit at the end of the week, month, year, that’s what counts at the end of the day.
Make a plan that you can afford and use your money management skills to bet accordingly and responsibly.
Widen The Depth Of Your “Handicapping“
Handicapping horses means getting knowledge of each horse. Handicapping horses will help you know each horse’s present conditions and preparation. With handicapping, you can get an idea on when the horses are ready to perform and win.
So to win a horse race betting you would need a good knowledge about the horses.
There is no system present in the world that gives you a clue directly on which horse to bet. To gain a good amount of money makes sure that you get tips from the experts on horse racing.
Getting tips from these people may help you to know the horse which has a high percentage of winning a race. A person wins in a horse race only if he places bets on the correct horse which has a good chance of winning. And this is what we call Handicapping horses.
There are lots of horse Handicapping tools out there, find the one that suits you.
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Other Things You Must Do To Increase your Chances Of Winning
Prepare
You must put In work in advance. Handicapping is crucial to help you know the strongest options you’ve got on the day of the race.
Budget Intelligently
Budgeting is not always easy, but you have to do this. Sometimes you just want a piece of the action from all the race you watch, but that might not be too wise.
If you’ve budgeted $100 for 10 races, why would you bet $10 per race when you’ve clearly identified your best bets? If you love two or three horses, build a strategy around those horses and bet. Or use most of your bankroll on those horses to win.
If you’re spending lots of time at the track, bet a few bucks on races you’re not familiar with. Then use the bulk of your budget on the ones you prepared for.
Demand A Price
There is value to finding horses that seem to be almost slam dunks to win, but that value might be skipping the race entirely or identifying longshots to fill in underneath for exactas, trifectas, or superfectas and around for multi-race wagers like the Pick 4.
Your top plays should offer value.
Bet To Win
The win bet should be the key bet, especially for newcomers. Takeout (the amount of money that goes to the track that is not returned to bettors) for win, place, and show bets is less than most exotic bets. Most importantly, don’t bet two or more horses to win in the same race. You start out with at least one bet that’s a guaranteed loser, and it’s a recipe for disaster in the long term.
Aim High
If you can afford it, aim high. Play trifectas and Pick 4s because they increase your chances of winning big. Try to find creative ways to use your top plays to make the most money. If you can’t string together a trifecta or multi-race wager you feel really good about, you always have the straight win bet to fall back on.
Identify Vulnerable Favorites
Try and identify vulnerable favorites, being able to do so exposes you to the best opportunities. That’s a great chance to make a stand in exotic bets. A significant percentage of the other tickets probably will include those favorites, while your resources are not tied to them and are instead dedicated to finding better value elsewhere on the ticket.
We’ve all done it before, we get lazy and just press the ALL button for third place in the trifecta or for a 2-year-old maiden race filled with first-time starters in a Pick 3 or Pick 4. Don’t do it.
Final Thought
To answer the question If one can make money from horse racing; yes you can.
However, while it’s possible to win and make profits in horse racing, one must always prepare to be able to do so.
Also, you must understand the intricacies involved in horse racing and be able to devise means that will work for you. Identifying golden opportunities and swooping in will greatly decide whether you profit from horse racing.
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