How to Bet on horses: 5 Simple Tips For Beginners
Betting on horses can be pretty complex since it is not popular. Many countries do not have horse racing. So, it is just a few die-hards who tap into its lucrativeness.
When you eventually wrap your head around it, it is easily one of the most rewarding of all the sports and games you can play. It provides the thrill and excitement of watching unpredictable animals pacing to the finish line and the huge winnings to make it worth your time.
If you are new to horse betting, here are some tips you can utilize.
Top Tips & Advice For Beginners
Understand How Horse Racing Works
Horse racing works on entirely different gameplay and rules compared to most sports. So, you must understand how horse racing works, the rules, and how to maneuver its technicalities.
Get the statistics, understand the competition you are betting with, and get expert opinions if you have access. Then, always listen to the experts’ opinions; they are experts for a reason.
Study on the horses and the races
Since you'll be betting on horses, the best strategy is to find out as much as you can about the horses in your races. Betting on the fastest horse on paper isn't always the best strategy. Several other factors also hinder how the horses perform.
The jockey, the track, the weather, the horse's performance in training, its gate position, and the odds it's given tell you a lot about a particular horse.
So, read up on their career history, their form, and how they have been performing for some time before you choose favorites. Relying on the latest race can be risky since it could have just been a lucky day.
Get involved and watch the races.
To maximize your winning chances as you gain experience, you must become a fan. Just like any other sport, as a fan, there are things you'll notice much easier than a casual watcher seeking entertainment. Where possible, watch them live and interact with other bettors. It will give you a better understanding of the sport.
Manage your money
To have a better experience betting on horses, you must start small with the wagers you place. Managing your funds and minimizing your risk as you gain more experience and confidence is key to enjoying betting on horses.
Many other players you'll encounter could be quite wealthy. So, don't try to keep up with them, especially if your pockets are not as deep. Have a budget, space out your bets, and stick to it. As you win more, you'll assess your confidence and gradually increase the amounts you bet.
As you bet on horses as a beginner, the intelligent thing to do is to go for straightforward wagers. These include:
Win – You are betting on the horse you think will come first. You win if it finishes first.
Place – You are betting that a horse will finish first or second. You only win if the horse finishes first or second; otherwise, you lose. However, the payout is not as lucrative as betting on a “win.”
Show – You are betting that a horse will finish first, second or third. The show is probably the safest one for a beginner. The payout is significantly lower than the win or place, but it presents better betting odds.
Across the board/Combo Straight Wager – You bet on horses that will win, place and show. The combo is the most expensive wager a beginner can place. It will cost you 3 times the cost of a single bet since these are 3 wagers in one.
- If your horse finishes first, you cash out for the win, place, and show.
- If your horse finishes second, you cash out for place and show.
- If your horse finishes third, you cash out only for show.
- If it finishes outside the first 3 places, you lose everything.
There are more complicated and higher rewarding types of wagers like exotic. But those require you to be at a certain level of experience to maximize their benefits. For now, avoid exotic bets and the like.
From this guide, you should be ready to start to bet on horses with minimal to zero losses. Key factors to focus on include knowledge of the sport and money management. Resist the urge to bet out of excitement before you are confident enough.