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Wagering 101: Important Ideas to Consider When Wagering on Horse Racing

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Held on every third Saturday of the month of May, the Preakness Stakes event which is celebrated annually is this year’s much-anticipated occasion for every horse racing enthusiast out there. Truly one of the noble sports, horse racing has been around for many centuries, and people have been cheering on for their favorites by betting.

Given that horse racing bestows happiness to the enthusiasts, it also offers monetary value through waging on the horse that has showcased its chance in winning the competition. However, you should keep in mind that in every risk, there would be a loss. Thus, to lessen your probability of loss, here are some important ideas to consider when wagering on horse racing.

Waging Simply

Keep it simple. That’s it. This goes especially to non-professional gamblers, which mostly composes the population of the horse racing bettors. You should practice cautiousness in wages, especially if you are still feeling things up since you are still a budding horse racing better.

Thus, if you do not have any reason to go and try and hit for the multi-level bets like any of the Picks such as Pick three, four, five, or six, then stick with the old-fashioned bets like the Win,lace, or Show. However, it’s not a crime if you’re feeling venturesome in placing your bet and try an exacta, just make sure that you know what you’re doing and “box it”.

Make a Budget

Money flies in a blink of an eye when you are feeling joyous and entertained. Which is why before venturing on to your happy place, you should have a set monetary budget so that you would not find yourself looking despondent at the streets with a hole in your pocket.

Thus, if you know that you are going to be okay with losing 100 dollars and there are nine races, then you have 11 dollars a race to work with. After some calculations, stick to your budget and avoid being cajoled into splurging money more than what you have already planned out. By doing this, you’ll surely go home satisfied and with no worries.

Betting by Looks

You’ll always know if something is off, and you do not need to be a horse expert to look at a horse and see positives and negatives about its appearance before a race. One of the most suggested tips before waging on a horse is to look at each horse as they enter the paddock and as they hit the track before placing a wager.

One of the horse’s dead giveaway if it has some health issues, is when a horse has a dull coat, which is a sign of a horse that may not be thriving. On the other hand, if the horse’s coat has dapples or little circles on their coat or has a glowing coat, then this just means that they are in good condition.

Don’t Bet on the Favorites

Just because there’s a horse that has been cheered on by most of the race’s bettors mean that the horse will precisely win the competition. Truth be told, favorites win in one of every three races, or approximately 33 percent of the time. On a nine-race program, three of the favorites will win and the other six of the favorites will likely to lose.

Let’s do simple math, shall we? Let us say that each favorite is even money, which means if you bet 2 dollars to win and the horse wins, then you’ll be receiving 4 dollars in return. Now, if you make a 2-dollar win bet on all nine favorites costing you 18 dollars.

Assuming that three of the favorites wins, your earnings will be at 12 dollars only. You may feel gratified about yourself for choosing the winner of three of the nine races bet, however, at the end of the day, you still have lost money. Thus, instead of betting this way, you should just stick to win one race to break even and push through your luck and win just two of the nine races, in this way you stand to make a healthy profit.

Look for Overlays

The overlay is simply a horse that has odds greater than its morning line odds. The morning line of horses is created by the race tracks odds-maker and is their opinion of how the betting public will behave in bets. The morning line odds are found in the program and the tote board. Since horse race betting is “pari-mutual” the final odds are dependent on how much the money has been placed on each horse.

This shows that the morning line is simply a prediction. Thus, know when you should strike by monitoring the tote board.

Takeaway

A wise bet starts with the right knowledge, thus, you should gather all the information that you could possibly have if you are aiming to win while enjoying the horse racing event this year at Pimlico Race Course.

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About Kukla's Korner Hockey

Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.

Email Paul anytime at pk@kuklaskorner.com