- Read our advice about money management.
- Be very selective about which races you bet on. If your aim is to make money long-term rather than enjoy a fun day at the race track, you must be able to sit out the races that just doesn’t make sense for you to bet on.
N.B! Chasing losses is very dangerous thing to do. Do you feel tempted betting on the next race just because you lost this one, even though the next race is not really a race that you would normally pick to bet on? Do you feel like you must bet on the last race of the day just because it’s your last chance to turn the day from a losing day to a winning day? These are the stepping stones towards problematic gambling. Don’t chase losses. Everyone have losing days, even the best. Just walk away and resist the temptation to act on your emotions.
- Look for value in the price of a horse. Sometimes, betting on a favorite just isn’t worth the risk since the payout is so low if you win.
- Be wary of accumulator bets. Bookmakers love accumulator bets, because the odds get more favorable for the bookie with each new selection you add. Still, punters go for the accumulator bets because they get dazzled by the prospect of getting a big return on a small wager. They fail to see that in most cases, the increased risk is definitely not compensated 100% by an increased payout.
- When you start out, a good rule of thumb is to focus on races with 8-10 horses and bet on place (#1-3 get paid). You can branch out to other wagers later.
- Never stop learning. A common trait among successful horse race bettors is that they love to learn more about everything that concerns horse race betting. They are like human sponges, absorbing – and analyzing – large quantities of data. For instance, instead of just trying to obtain information about the horses in a race, make sure you also know all there is to know about the track and how different types of horses tend to react to it. Also make sure you obtain up to date information about the weather and try to predict what condition the track will be in during the race.
- Watch the live market online, on sites such as Betfair. If a horse is drifting, this might indicate that it is not in good form.
- If a large volume of bets are suddenly made on a horse, it might be because there is information out there indicating that the horse has a better chance of winning than what we would be led to believe if we looked at the common sources of data only.
Bet the horses