Horse racing is one of the most popular sports when it comes to betting. Even though the sport is exciting on its own, betting makes it even better especially if you win some money.
However, it is also important to mention that even though the high payouts might be tempting, horse racing is also one of the hardest sports to predict since there are a lot of variables that come into play.
With that said, developing a good betting strategy is necessary in order to walk away with some profits from a horse racing event. Even though horse racing betting is a game of chance, and does not rely on your skills, some strategies will ensure you choose the right horses and avoid unnecessary losses.
In today’s article, we will dig deeper into some of the ways you can improve your winning chances in horse racing betting and avoid losing money in the long run.
Horse Racing Betting Tips
In order to develop a betting strategy that will improve your winning chances, you need to know which things in horse racing betting are important. Let’s go through the process of safe horse racing betting and learn more about how to create a strategy that will help you walk away with profits.
Research is Crucial
The most common mistake that people make is betting based on personal preference, color, or horse number, which is the biggest mistake in horse racing betting. Placing a bet without doing any research is like throwing away money into the wind, and hoping they will return to you in a while.
In order to get a better idea about each race and improve your winning chances, you need to do your homework!
Since we live in times where huge piles of data are available online for free, you must use it to your advantage when it comes to betting. Many different variables might indicate which horse has the best chance of winning the race only by looking through data like previous wins, pace, trainer, horse’s health, horse’s top speed, competition, weather conditions, and more.
By doing research you minimize the chance for you to lose money on your next bet. You can use the horse betting calculator by TwinSpires to help you calculate the odds and how much money you will be spending.
Forget About Your Favorite
All sporting events and horse racing, in particular, are unpredictable. This means choosing a favorite horse is not a good strategy that will improve your winnings since it is very likely that your chosen horse wouldn’t win every race.
This is why you need to place bets only on horses you have data on and have the best chance of winning the race according to previous results.
Keep a Betting Record
Another interesting strategy that professionals use when betting is keeping track of every single bet you make just to learn more about the process. Betting is all about finding patterns and implementing that into your next bet.
This won’t improve your skills or win ration at the beginning of your horse betting career, but it will be a valuable weapon that can be used in the long term. Check this cheat sheet that can help if you are new to the races.
Avoid Getting Too Emotional
As human beings, we are prone to emotions, especially when our own money is at stake. However, betting and emotions don’t go together if you want to walk away with some profits. This is why you need to set clear rules of engagement, and reaction to previous bets and avoid getting too emotional when betting.
After all, even if you have all the data in the world, the outcome of a race isn’t guaranteed and you still might end up losing money. The goal is not to get too emotional which would influence your betting strategy.
Consider the Race Favorite
Even though horse racing is a game of chance, there is always one horse that is considered a favorite due to previous data. Choosing the favorite every time isn’t a good strategy, but considering its potential when betting is a must.
According to statistics, the win ratio on a global scale of a favorite horse in a race is around 30-35%. So, in 3-4 out of 10 races, the favorite horse will win.
Your job is to find a pattern that suggests that the favorite horse has a good chance of winning the race.
Set Rules of Engagement
Betting can be tempting especially when there is a lot of money at stake, which is why it is really important to set your own limitations.
Most professional players set, daily, weekly, and monthly goals that they would want to reach. Such goals limit their horse racing betting so they don’t risk losing more money or losing their profits.
So, if you want to create a profitable long-term betting strategy, it is important to set budget limits per race, per day, and possibly per month. Once you’ve invested the set amount of money, you don’t get a chance to bet on the next race. This is one of the best ways to ensure long-term success when betting on horses.
