Three Steps to Success: A Horse Racing Betting Guide
When it comes to online gambling, horse racing betting is one of the largest and most varied areas of the industry you can immerse yourself in. Thanks to the sheer volume of races taking place across the world at any one time, it’s possible to place wagers of all sizes on everything and anything. In fact, it doesn’t matter whether you’re a novice or a high roller, when it comes to online horse racing betting can be enjoyed from as little as $0.10.
However, before you head off to find the best horse racing betting sites, it’s important you understand exactly what you’re letting yourself in for. With increased risk comes an increased chance of you losing your bankroll if you’re not careful. Fortunately, we’re here to help with one of our famous online gambling guides.
So, if you’re sitting comfortably, here’s a handy overview of horse racing betting and all its nuances.
Step One: Breaking down the Odds System
The two main methods of setting horse racing betting odds are the fixed odds and Parimutuel betting systems.
Fixed Odds Betting: In the virtual world, the majority of horse racing betting sites use the fixed odds system. With a fixed odds bet, the payout for a winning wager is agreed at the time a bet is placed and will not change.
Parimutuel Betting: In contrast to the fixed odds system, some sites will also offer the Parimutuel odds method. Although less common in Europe than it is in other parts of the world, this style of horse racing betting is controlled by a ‘tote’ system which takes into account all money in the betting pool and determines the payout odds of winning bets once the house’s cut is removed. Essentially, Parimutuel betting differs from fixed odds betting in that the final payout is not set until the betting pool is closed.
Step Two: Horse Racing’s Best Bets
Once you understand the way in which odds are set, then it’s time to start placing wagers. The following breakdown is a list of the most common bets you’ll find in the sport of horse racing:
Win Bets: A win only bet is simply a wager on the horse you believe is going to win the race.
Place Bets: A Place bet means you are betting on a horse to run 1st, 2nd or 3rd. The odds for finishing 2nd or 3rd will be a fraction of the price for the horse to win.
Each Way Bet: An Each Way bet is very popular and means you are in fact making two separate bets: one for the win and one for a place (in the top three or four depending on the size of the race).
Tricasts: is a bet where you are attempting to predict which horses will run 1st, 2nd & 3rd.
Forecasts: A forecast is where you attempt to predict the horses that will run 1st & 2nd.
Step Three: Horse Racing Betting Tips
The final step in your journey towards sports betting riches in the horse racing world is strategy. Using the above knowledge and some keen insights into the sport, you can make a lot of money betting on horses if you’re smart about it.
With this in mind, let’s conclude this article with a rundown of the top four principles you need to consider when wagering money on a horse race:
Take a Risk: If you have a small bankroll and aren’t afraid of a little risk then try betting on long shots. Horse racing is a notorious sport for outsiders winning races, so you can profit from this trend if you’re willing to take big odds and bet on them. Indeed, if you’re new to the horse racing world and have a limited bankroll then betting on outsiders can be a great way to give yourself a quick boost.
Stay within your bankroll: Sticking to your limits is a key skill that every horse racing bettor must master. Never wager more than 10% of your bankroll in a single session and make sure that each individual bet doesn’t exceed 2% of your bankroll.
Know your stuff
Know your stuff: The more you can learn about the skill of sports betting, the greater chance you’ll have of winning. Read as many tips from respected horse racing pundits as possible and compare the market to build up a better idea of which horses are hot and which horses are not.
If you can pull all of these pieces of the puzzle together, pick up some horse racing betting bonuses and enjoy a little bit of luck, then you’ll find your bankroll racing to new heights. Horseraces might not be as fast, but they sure are as exciting as motor races!