While it is always fun to bet on the races, it is not recommended to do so if you are unfamiliar with the terminology or if you don’t understand the rules. If you follow these guidelines, however, then you are sure to have a good time and make some money too! Let’s get started.
Know The Racing Form
Before you put down any bets, you should know what type of racing form you are supposed to use for each type of horse racing event. For example, you should use a pokerteller for a $2,000 to $5,000 race, and a filly card for a sprint race.
Each type of racing has its own special betting form that you must use, or the bookies are not responsible for processing your bet. It is also important to check the betting forms for restrictions before you place your bets. The more you know, the better!
Be Confident But Don’t Overdo It
As a beginner, it is recommended to place your bets modestly. For instance, if the books give 3 to 1 odds on a horse, then you should bet ${{3x(10)}} or 30 points on each race. If the books give 10 to 1 odds, then you should bet ${{10x(10)}} or 100 points on each race. As you gain experience and confidence, you can increase your bets gradually until you are comfortable with the amount you are putting down. Never bet more than you can afford to lose, and try to stay within your budget.
An alternative way to make money without risking your own money is to join a bookmaker’s pool. With a pool, you are combining your money with that of other individuals or groups of individuals who are also wagering on the same races. Most major league sports franchises, political parties and charitable organizations have betting pools that you can join. You will find that betting pools have different levels of competition and that the money rolled back can be very lucrative. Many people make their entire year’s income just from betting pools.
Don’t Forget About Timing
Even after you have won your bet, you should not forget about timing. Some types of bets, such as a trifecta bet, are only good for a certain time period. For example, you can only claim a trifecta bet if it is placed within 24 hours of the race. After that time period, the winning horse’s odds will revert back to their normal range.
When you place a bet, you should check the clock to see how much time is left in the betting window for the race. If it is within the stipulated time period, then you can use this to your advantage by placing additional bets. However, if the clock indicates that the betting window is about to expire, then you should consider removing all of your bets in order to avoid being shut out. In most cases, this also means that you will miss out on the lucrative trifecta. Just make sure you don’t place any more bets before the end of the betting window, or you may end up with an unexpected loss.
Off-Track Betting
If you are a fan of horse racing, then you will surely be familiar with off-track betting (OTB). This is a popular option for people who are unable to travel to the track due to weather or other circumstances. If you decide to make an off-track bet, then you will have to find a place to do so. Most tracks have an independent bookmaker who handles all the off-track betting for the sport. All you need to do is place your wager and follow the instructions from the bookmaker to place your bet. This is generally a safe and convenient option for people who want to wager on horse races but are not familiar with the terminology or the rules.
Don’t Forget About Jackpots
Last but not least, we have the jackpot. Jackpots are a type of bonus that is given to the winner of a particular horse race. The largest jackpot is the $14 million MegaMillions jackpot, which was won in 2014. Jackpots are generally placed as part of a group wager. To be eligible for the jackpot, you need to select the right numbers for the MegaMillions lottery and then match them against the winning numbers. If you are not familiar with jackpots, then you should probably avoid placing them, as the odds of winning can be astronomical. If you do win the jackpot, however, you can expect to be paid out in cash rather than having your account credited. The payout for the jackpot is usually many thousands of dollars, which is more than enough to make the effort worth it!
At the end of the day, racing is a fun and exciting way to make some extra cash. If you know what you are doing and how to avoid the pitfalls, then you are sure to have a good time and win some money too! Just remember to be safe and smart about it all. If you follow these guidelines, then you should have no problems making money from horse racing!