Horse racing is one of the most exciting forms of betting, offering a unique mix of traditions, strategy and adrenaline. As it is so alluring even to people who don’t know much about horses, some new bettors are prone to repeatedly fall into the same traps. Surely, it can also happen to a seasoned horse racing devotee; therefore, we assume it is useful to remind everybody of common mistakes that are pretty easy to avoid. Yes, they are. With the right mindset and discipline, we can enjoy our betting endeavours without draining out bankrolls.
Betting Without Research
Horse racing isn’t just about luck, as it’s a game of statistics, patterns, and insight. A frequent mistake is placing a bet on a horse without doing any research, making our decision to bet on a horse only because we like its name, number, or colour. Of course, such a strategy (if we can call it a strategy) could be fun, yet it’s hardly ever a winning one.
A smart bettor takes their time to analyse the form guide and looks at the participants’ last performances, class, and distance suitability. We also recommend judging the jockey’s and trainer’s recent form; moreover, the track conditions shouldn’t be overlooked. Just the fact that it rained last night can influence the race’s outcome, and it’s part of the research we should do before placing our bets. Choosing the best site to bet on is also essential, given that betFIRST can have better offers than others, so we need to consider this.
The more informed we are, the less likely we are to pick a horse with little realistic chance of winning.
Chasing Losses
Just one more race, I’ll surely win it back!
It’s never a good idea to bet more on a rough day, hoping a sudden win would cover the losses. Even if we are down more than we plan, we should resist the temptation, as chasing losses is the fastest way to burn through our bankroll.
The best way to avoid it is to take a deep breath and think logically. When frustrated or desperate, we are driven by emotions that we must curb, resist placing impulsive bets, and return to our strategy. Losses are a part of the game, and it’s necessary to accept them, meet our daily limits, and know when to leave the track for the day. We cannot win every bet, but playing with a clear head is always more sensible!
Ignoring Odds and Value
Betting solely on favourites could be perceived as a safe bet; however, it is rarely fun and doesn’t generate long-term profit, especially when we bet consistently on favourites without considering their odds, which can be very low. We recommend abandoning this strategy in favour of value betting – picking odds higher than the horse’s chance of winning. It’s a clever, fun strategy, and even though it’s not always a winning one, in the long term, it’s a rational one.
Betting on Too Many Races
This issue is similar to Chasing Losses, as emotions, not logic, drive us. In the heat of the day, especially when the day is perfect, we are tempted to seize the day and bet on every race on the card. However, such a mindset usually provides more losses than wins. Not every single race offers good betting value, which leads us back to the previous recommendation, and it could be summed up like this:
Don’t ask yourself, “Who will win?” Ask yourself, “Is this bet worth it at these odds?”
Overestimating Tips and Inside Info
It’s tempting to give in whenever somebody offers us tips based on the inside info. Everybody has occasionally stumbled upon such a tip; however, we shouldn’t believe it without further evaluation. It’s a recipe for disappointment to rush to place a bet because tips are everywhere – forums, social media, friends, or even conversation at the track.
However, we risk our money, so it’s only upon us to gauge whether the tips are worthy of our attention. We should examine it and compare it to our original take on the horse before we had the tip, look at the odds, and only then decide if we place the bet.
Other Mistakes
To wrap this article up, bettors make three more mistakes, which aren’t difficult to avoid.
- They poorly manage their bankroll. We shouldn’t place a bet bigger than 1-5% of our bankroll.
It’s not worth it. - They neglect the track conditions. Horses who abhor heavy ground will never fare well on such
a track, regardless of their form or class. - They are attached to a horse. It’s easy to have a soft spot for a particular horse; however, it’s a
dangerous distraction, clouding our rational thinking. Still, it happens to everybody from time
to time, so we shouldn’t be that harsh on ourselves for liking a horse – it’s natural, yet we need
to bear it in mind when placing a bet.
