Globally, horse racing isn’t the most popular sport. It just isn’t as thrilling as football or basketball or even Formula 1 since there is only so much the horses can do.
However, most of those that follow horse races do it for betting purposes. It carries pretty lucrative earnings as some people even bet in millions.
Horse racing has generally been popularized as a rich people sport and socializing event for the wealthy.
Despite the large amounts involved in horse racing betting, players must still apply some strategies to increase their chances of winning.
Basics Of Horse Racing Betting
Each horse in a race has odds. The betting odds are measured in several formats.
We’ll use the fractions format here; however, you could find decimals or the American format. The most likely to win horses have a factional value that’s less than one, i.e., 1/4, and others will have values greater than one, i.e., 6/1, 7/2, 4/2, etc.…
In horse racing betting, the higher the risk, the higher the reward. This explains why millions of dollars go into horse racing bets.
3 Popular Bets In Horse Racing:
- The win bet
- The place bet
- The show bet
The Win Bet
You bet on a single horse to finish first. It must win the race. It pays the most because it carries the highest risk. The chances of that horse finishing first is not guaranteed, and if it doesn’t, you lose.
The Place Bet
Here, the horse you are betting on must finish first or second.
This bet pays medium prizes. There is a high but managed risk since you have the option to either come first or second. If you chose your horse correctly, you have a level of assurance that it’ll be in one of the two positions.
The Show Bet
Where the horse you bet on must finish first, second or third. This bet pays the least since the risk is minimal.
If you study the records and results of the horses, it’s easy to bet on a good horse that could likely win. If it doesn’t, you are assured that it’ll come 2nd or, at worst, 3rd.
To break it down further;
- If a horse finishes 1st, everyone that bet on that horse for a WIN, PLACE, or SHOW wins. Everyone else loses.
- If a horse finishes 2nd, everyone that bet on PLACE and SHOW for that horse wins. Whoever bet on WIN loses.
- If a horse finishes 3rd, everyone that bet on SHOW wins. Whoever bet on WIN and PLACE loses.
- If a horse finishes 4th and below, everyone that bet on a WIN, PLACE, and SHOW loses. Here, everybody loses.
3 Horse Racing Betting Strategies
1. Do the Research
Carefully study the horse and its previous performances, the track, and the weather. Just like any other sport, some are better than others on different fronts.
Some factors affect or influence the performance, but the overall statistics of your preferred horse should give you good information to guide your betting choice.
2. Manage Your Money
This is a consistent strategy for any gambling situation, and the same goes for horse racing. It’s a game of chance despite how many consistent wins your preferred horse has had in the past.
So, you must be smart with your money and make informed decisions. The high stakes of horse race betting can run you bankrupt.
3. Place Multiple Bets And Bet On Various Races
If you are new to horse race betting or you just want to increase your chances, it’s strategic to make multiple bets and on multiple races.
From the 3 popular bets explained above, you have the option to bet on many, which you should take advantage of. Here you are casting your net wide and increasing your chances of a win.
Horse racing betting, like many other sports, requires strategy. Yet, besides doing your homework to make smart bets and managing your money well, you have no control over the results.
To avoid going bankrupt, when in doubt, aim for safer options like those mentioned above. Otherwise, with these tips, horse race betting is certainly worth a try for the high rollers.