Horse racing betting can be a profitable experience, especially if you’re lucky to select a winning horse. Horse racing can be a perplexing sport to bet on, which leaves most gamblers disappointed. To succeed at horse racing betting, understand the betting terminologies to boost your betting confidence. When choosing a bookmaker, be keen on the published odds and the margin size. If the margin is high, it means that the bookmakers will pocket most of your stake money.
Determine the stake amount beforehand and practice good bankroll management to avoid losses. If you lose your bets, don’t make the mistake of increasing your stakes, as this may result in more losses and the depletion of your bankroll. Avoid staking high on short-priced favorites because they lead to relatively small winnings, and a single loss can give your betting a big blow. Consider learning from your betting mistakes to improve your skills over time and boost your winning chances. Below are horse racing mistakes you should avoid.
1. Betting on many tracks and races
While it’s virtually impossible to form a solid opinion on many races in a day, most gamblers blindly pursue one race after another, wagering several tracks and not focusing on a particular race such as the Golden Slipper race or track. To be effective at horse betting, you should learn to pick your spots and support your best opinions with your betting capital bulk.
Consider focusing on specific race sequences and tracks. If you become selective on the races you bet on; betting becomes more profitable. This is because limited scope enables you to focus your time and energy on your best options.
2. Failure to conduct enough research
Failure to conduct thorough research before wagering often leads to costly mistakes. For example, these mistakes can lead you to bet on horses with poor performance history while assuming they’ll win. Such errors occur whenever you take enough time to research and analyze the horses’ performances. Consider getting sufficient information regarding the race and the participating horses to make informed choices.
3. Wagering on favorites
While favorites are mostly good bets, they aren’t always the best. Consider doing proper research before placing your bets to increase your winning chances. When you choose a favorite, in your mind, you’re sure they’ll win even without researching and looking into the race’s conditions. This crowds your judgment, and you may end up losing money.
4. Not tracking your bankroll
Your bankroll determines how much you can place on each bet. Failure to keep an eye on it may result in depletion of your funds or careless betting. Keep track of your bankroll by calculating your wins and losses at the end of each betting day or week, and always know the exact amount in your betting account. You may also consider keeping records for more accountability and ensure you bet within your means.
5. Ignoring the jockey
Horse race betting beginners tend to focus more on the horses. However, it’s to learn about the jockey and its importance during a race. Consider looking at the previous results and times for every jockey and past results for when the jockey and the horse were paired. The jockey’s experience is also an essential consideration, plus the weather and the track condition of past races and the current one. When examining jockeys, consider the horses they were paired with in recent races.
6. Focusing more on speed
While speed is essential in horse racing, it’s not the only thing that can help you handicap a race effectively. Most horse bettors make the mistake of betting on horses that have had good times in past races. While this may get you close to breaking even, you may never make profits. Consider including speed in your horse race handicapping strategy and incorporate weather, track condition, and the jockey.
7. Attempting long shot bets to try your luck
Long shot bets may sometimes win, but that doesn’t mean you should always risk staking on them to try your luck. To become a winning horse race bettor, wager depending on value and never base your bets on the hopes of getting lucky. If you decide to bet on a long shot, it should be because of the value it offers; otherwise, never consider it.
8. Chasing losses
Losing your bets can be painful. While you may be tempted to attempt winning your money back by putting in more cash, it’s crucial to maintain your calm and avoid getting carried away by one loss because you may end up losing much more.
Learning about horse race betting errors and what you can do to avoid them improves your chances to win. Consider avoiding the above horse race betting mistakes to increase profitability.