For a beginner, betting on horse racing could seem quite difficult, also it may lead you penniless. But if you follow some simple tips given here, you can not only learn the basics fast but also will start to earn money soon.
Horse racing is an entertainment
If you don’t like to sit for long in smoky and dark casinos, then you should definitely try this form of betting. It’s just exciting and outdoor sports. If you go for a soccer or basketball game with the family, it may cost you hundreds of dollars, but admission for a race track is mostly free. So before you place a bet on Horse racing, first you need to understand the types of horse racing bets.
Types of bets on Horse Racing
There are 2 categories of wagers, you can choose for betting on horse racing:
This is suitable for the beginners as they are quite cheap and very simple to understand. You have to simply pick one horse, which will come in say the first or second position in the race. There is a minimum bet for a straight wager is a tiny amount, as compared to other sports like football.
You can place these simple bets on straight wagers.
You can bet that your picked horse will come first in the race. If the horse finishes the race in the first position, you WIN and get the money.
You can place a bet that your horse will come first or second. If the horse finishes the race in first or second position, then you get money but the payout will be less than WIN. But at least your chances to win money will be higher.
You can also place a bet that your horse will come first, second or third. As you are hedging the bets, the chances to win the race will go higher. But the payout for SHOW will be less than WIN or PLACE wagers.
ACROSS THE BOARD
You can place a bet that your horse will WIN, PLACE and SHOW. It’s also called as ‘combo straight wager’, as three different bets are placed in one. That’s why it is also more expensive than a simple WIN, PLACE or SHOW wager.
Suppose you place a bet for $2, then it will cost $6 to you. So if the horse comes first, you will earn a profit for WIN, PLACE, and SHOW. If the horse finishes as second, then you earn for PLACE and SHOW. If the horse comes third, then you earn for SHOW only. They are not considered good bets generally, as they are expensive and less profit.
These are usually more difficult than straight wagers which require more knowledge and skills in horse racing. In these types of wagers, you can place multiple bets simultaneously on many horses in a single wager. So these are more expensive too. So the payouts are also more on these.
So my advice is that when you have got enough experience with betting on horse racing, you should go for exotic wagers.
You can place a bet on 2 horses to come first and second in the exact order. As an example, suppose you place a bet of $2 on horses 5 and 7, then you get the money only when the horse no. 5 comes first and horse no. 7 comes the second in the race. These types of bets are very popular among the experienced handicappers because they give high payouts.
You can place a bet on 2 horses to come first and second in any order. You will get more chances to win, but the payout will be less than EXACTA.
You can place a bet on 3 horses to come first, second and third in the exact order. You can also use BOX the bet, so you win if they finish the race for first three positions in any order. This will increase the cost of your bet, but the chances to win the race.
Beyond that, it becomes more difficult to understand
How to Pick the winning Horse
Although it could be just a luck factor, but there are some points you should know which will give you more chances to win.
- Know the race day full program
- Class levels of the competition
- Past performance on various racetracks
- History with the jockey