While it isn’t realistic to expect to make money from horse racing betting as a beginner, there are strategies which should be employed to increase your chances of success.
However, no matter how prepared you are, mistakes will be made, and a major part of horse racing betting success is learning from these mistakes and keeping them to a minimum.
Start with Small Stakes
This tip should be relatively self-explanatory, but you should opt for small stakes when getting started with horse racing betting.
As losses are far more likely as a novice punter, these losses should be kept to an absolute minimum. Even if you think you have a golden tip, don’t blow your entire bankroll on one bet.
Intelligent Bankroll Management
Intelligent bankroll management goes hand-in-hand with betting small stakes, as you should ideally set overall budget of what you can afford to expend on horse racing betting.
You should under no circumstances spend beyond what you can afford, as you never want to find yourself relying on a win to get to your next paycheque.
Be Selective in Your Wagers
Horse racing is one of the most prevalent sports across the globe and there will be one or more races taking place every day.
However, this doesn’t mean you have to bet on all of them! You won’t be able to make properly informed bets if you’re spreading yourself too thin, so be selective.
Avoid Accumulators
Much like progressive online pokies, accumulators (or parlays) are popular amongst horse racing punters as they can be highly rewarding, but they’re also difficult to get win.
Accumulators involve making multiple selections as part of a single wager, but if even just one prediction is incorrect, the entire wager is a loss. As such, we suggest sticking to single wagers until you’re a more experienced punter.
Watch Plenty of Races
While studying the form guide and analysing key statistics will tell you a lot about a horse’s chances, actually watching the races will tell you a lot more.
Seeing how a horse runs will give you immeasurable insight and provide you with the edge needed for horse racing betting success.
Don’t Shy Away from Backing Outsiders
While every race has its favourites, the truth of the matter is that outsiders win races all the time.
However, the difficulty comes when trying to figure out exactly when an outsider will take a race, but this doesn’t mean that you should be afraid to try. Betting against the odds will be highly rewarding if correctly predicted.
Always Bet Online
While the atmosphere of betting at the races is exhilarating, the easiest and most convenient way to place your wagers is online. Amongst its many advantages, betting online will likely also increase the amount of money you stand to win as online sportsbooks offer the most competitive odds available.
However, make sure to do plenty of research ahead of time and only create an account with a reputable online sportsbook.