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5 Tips for Success at Horse Betting

Are you hoping to make money through horse betting? If so, you’ve come to the right place! Horse betting can be a profitable endeavor when done strategically. If you are looking to get into it, it is important to do your research and take advantage of comprehensive guides to help you familiarize yourself with different racecourses. But unfortunately, it’s often easier said than done. To help give yourself the best chance of success at horse betting, read on for some top tips that will put you in a strong position when placing your wagers. From understanding odds to making strategic bets, these essential advice points from experienced gamblers are sure to steer you toward achieving your goals in this lucrative entertainment activity.

Create a Budget

The first tip on this list, if you want to have more success with horse betting, would be to create a budget. A big mistake that many horse bettors make is betting without a budget and then expecting to start making a profit.

The reason that this is such a big mistake to make is that you won’t be able to make good decisions if you have an “unlimited amount of money” to be spending. More importantly, when you have a budget, you will be more careful about the bets that you make and you will also be able to bet for an extended period.

Understand the Value of a Bet

The next step on this list if you want to start having more success with horse betting, would be to understand the value of a bet. Many horse bettors make the mistake of assuming that the best odds that are given are the best value of a bet to make. However, this is not the case and you’ll need to determine the value of the bet yourself.

The good news is that it is relatively simple to determine the value of the bet yourself. All you need to do is work out what the implied probability is, then calculate the fair odds by working out the true probability. Once that is done, you will need to use the expected value formula to determine what the expected return is and if it is positive then a value bet has been found.

Vary Your Bets

One of the most important tips on this list, if you are looking to find success with horse betting, would be to vary your bets as much as possible. When you first start horse betting, your first inclination would be to make the easiest bits possible, which is most likely the winning bet.

However, the problem with this is that you don’t give yourself good odds. It would be a much better idea to vary your bets as much as possible. What this means is to try out other bets such as the show bet or the place bet. These bets allow you to bet on which horse you think will be placed first or second, or even first, second, or third.

Shop Odds

Now that you understand the importance of varying the bets that you make, it’s time to learn a tip that you can couple with the one above to start making more money, and that is to begin shopping for odds before you place any bets.

If you are new to horse betting, then you probably aren’t aware of the fact that different horse betting sites offer different odds for different races. While you might have thought that every horse betting site will offer the same odds for races, this is not the case. In other words, this means that you could make more money betting on the same horse at the same race, just on a different site.

Research the Horse

Finally, the last tip on this list, if you are looking to make more money from horse betting, would be to research the horses that you are planning on betting on as much as possible. There are so many things that you should research before making a bet. For example, you should find out about the current health of the horse, how often it has rested, how many races it has won, how many races it has run, and more.

Furthermore, it would be a good idea to also research the jockey that will be riding the horse. Oftentimes you’ll notice a certain combination between riders and horses often produces more wins than others. The same can be said for trainers, so you should try to find out about the trainers of the horses you plan on betting on.