There’s a lot of hype about horse racing and many gamblers operate with false information and misconceptions about how to make a profit from horse racing betting. Pari-mutuel betting makes it difficult to make a consistent profit from wagering on horse races, especially in North America where the bettor never really knows how much his wager will pay. The problem is that the odds fluctuate and are not finalized until the race starts and the pools are closed.
It would be hard to find any other gambling venue in which the punters didn’t know what they would get for risking their money except, of course, the lottery and that’s nothing more than charity for the states. Lotteries can’t be considered real gambling. Real gambling involves risk, but it also provides the gambler a chance to compare risk to reward and to make a decision.
Though a game may be slanted against the gambler, if he knows how big an advantage the house has he can decide whether or not to test his luck. Such is not the case with horse racing. Therefore, I advise young or beginning gamblers to become expert money managers. If you have to devote time and budget it wisely, spend most of your time and resources understanding how to manage money and spread it around rather than how to pick winning horses.
The best horse players aren’t really looking for a winning horse or exotic bet. They’re looking for a profitable bet. When you place your wager, you should always assume the odds will tank on the horse you’re betting on. If you need 10% profit on your bankroll and the horse is offering that at post time, it’s probably a good idea to pass it by. Why? Because it will almost surely go down after the race starts. Learning how to anticipate the odds on a horse is a fundamental skill if you really are serious about making money.
Horse racing betting offers many ways to make a wager. Understanding the risk and assessing the reward means being able to accurately predict a horse’s chances of winning or placing. The more complicated the wager, such as the pick three or pick four, to name a few, the more difficult it is to know if the payoff will offset the number of losing bets you’ll have to make to reach that one winner.
I suggest that you spend your time learning how to estimate each runner’s chances of winning in a race. Stick to one particular kind of race, such as turf routes, claiming races on the dirt for older horses, or any particular kind of race that your favorite tracks card. The important thing is to master calculating probability and final odds. They will produce the profit, but it takes a lot of practice to become skilled at those calculations.