Tips on How to Bet On Horse Racing: Online Betting Guide
Betting on horse racing online can be an exciting way to spend the money you have set aside for gambling. There are many horse racing tournaments around the world and a wide range of betting options, from the conservative show wagering for a small profit to the Pick 6 bet that can payout handsomely. In this guide, we are going to discuss some horse racing tips and strategies that should help you increase your chances of winning
Have a betting strategy and be disciplined
One of the most common mistakes people make is spending a whole afternoon betting on horses and having no betting strategy and discipline.
Betting on horses requires you to consider these two factors, starting with the tracks you’re going to wager on. You may find two or three tracks running on an average Saturday, which gives horseplayers 200 to 300 races to bet on. With such a wide range of bets, the possibilities are almost unlimited.
It is recommended that you stick to two to three tracks and know your tracks
Do your research before the race begins. Consider the following points before placing your bet:
- Top jockeys and trainers at each track
- The condition of the track and how it plays
Check the takeout of the track. The term takeout is used to refer to the percentage a track takes for making a bet, and it can vary significantly. For example, Keeneland has a takeout of 19%trifects, whereas Penn National has a 31% takeout. Playing tracks that have lower takeout rates has an impact on your results.
Know the races you are going to play in advance, avoid short fields that feature 5 or 6 runners, and focus on larger fields where you can find more betting value.
Depending on your bankroll, choose the types of bets that best suit your style of betting. You can choose more conservative bets like daily double, exactas, place and win. If you have a large bankroll or if you like taking higher risks, you can try more exotics bets like Pick 4, trifectas and Superfectas.
Look for value
Many people who bet on horse racing often overlook value. With a wide range of betting options in both the number of races available each day and an extensive menu of wagering types, being successful in horse racing betting is not all about choosing the winner.
To become a successful horseplayer, you have to look for betting opportunities that have betting value. Find a horse that goes off at odds that are higher than what you would generally rate his chances of winning.
For instance, if you find a horse you believe should be 2/1, but the toteboard has his odds placed at 4/1, then you should consider betting on that one. On the other hand, if you think a horse should be 4/1, but his odds are 2/1, move on and find a better betting opportunity.
It might sound simple, but many horseplayers are not disciplined enough to pass on the underlay, and although some of those horses may still win, it’s a losing proposition in the end.
Look for value in exotic pools
If you cannot find value in the regular win pool, a great option is trying to find value in exotic pools. The best place to find betting value is in daily double bet and exacta. Takeout rates are lower with higher-risk exotics such as Pick 4’s and superfectas.
Additionally, most online toteboards and tracks post the probable payoffs for all the combinations in the daily double and exacta pools.
That gives bettors critical information as they can look for combinations that offer value while avoiding combinations that may appear to be underlays
Find a good racebook
Even with the best betting strategy and tips in the world, a bettor would be lost without a good site to place bets. It is always important that you choose a reputable Racebook.
Most sites offer a sign-up bonus on the first deposit and rebates on betting. These rebates can range from 3-8% and have a significant impact on the bottom-line of your bankroll.
Picking the underdog
If you know something about gambling, then you already know that going for the underdog can be highly risky. However, there are few benefits of picking the underdog. First, you can stake a small amount and make more. You don’t have to bet a lot of money on the underdog to win a big payout. However, he probably may not win, but the risk might be worth it.
Know when to quit
Sometimes, betting on horse racing can be heartbreaking. For this reason, you should know when to stop. If you have already lost a lot of money, don’t chase your losses by place more bets. You may lose even more. Take a break and come back later. This will prevent you from losing more money.