Horse racing has always been a popular sport in the U.S., and across the globe. Thanks to a captive audience, easy access to horses, and a love for the adrenaline rush that comes with betting on horse races, the industry has seen a boom in recent years.
While the sport enjoys popularity and financial backing, there is a significant portion of the community that struggles to make a profit. Those who do often find themselves in the awkward position of having to choose between paying their bills and putting food on the table. For those wanting to get into the business, how can they make money at the race track?
To address this question, let’s take a look at some of the most popular ways people gain from betting on horse races.
Making Money With Favorites
One of the most popular ways to make money at the horse races is betting on the favorite. A favorite is simply a horse that you believe in, that you think is going to win the race. You can place a single bet or a series of bets on a favorite, placing your entire wager on the outcome of one horse. If your favorite wins, you win your wager. If your favorite loses, you lose your wager. It’s quite simple.
The downside to this strategy is that if your favorite loses, you still lose your entire wager. It’s a case of either win or lose. There is no in between. You can get into trouble with bookies or the host of the race if you are consistently losing money on favorites. When this happens, they may blacklist you or even ban you from their books.
Making Money With Over/Under Bets
An alternative to betting on the favorite is using props or “over/under” bets. With these wagers, you are betting on the total amount of wins for an individual horse or horse team. For example, if you think that a certain horse is going to win the race, but you don’t trust his opponent to pull off a victory, you can bet on that horse to win, but you also need to put down the opposite bet (i.e., under) to win your wager. If you bet on Over, you win if the horse in question wins, and if you bet on Under, you win if the horse in question loses.
The advantage of this strategy is that if you are right on your prop bet, you win regardless of whether your favorite wins or loses. The downside is that these bets are more difficult to manage, and you can get into trouble with bookies if you are losing consistently. It is advisable to avoid betting on over/under bets if your objective is to make money at the races.
Making Money With Specials
Betting on the favorite or the over/under bet are both viable options for making money at the races. However, for those looking for an edge, there is another way to make some serious dough at the races: special bets. These are basically combinations of other bets that you make. For example, if you think that a select horse is going to win the race and you also believe that his opponent is a strong favorite, you can combine the two bets and win some serious cash. If you are not aware of the odds of each individual bet, you can find them by clicking here. Also, be sure to check out this website for help in calculating the odds of any given combination of bets.
Using Props To Lower Your Odds
You can utilize prop bets to actually reduce your bankroll, but increase your winning chances. For instance, if you think that a certain horse is going to win the race and you also believe that his opponent is a strong favorite, you can bet on that horse to win, but you also need to put down the opposite bet (i.e., under) to win your wager. The downside to this strategy is that you are in fact losing money, since you are putting down the opposite of what you are betting on. However, if you are right on your prop bet, you will win regardless of whether your favorite wins or loses. The advantage of this strategy is that you learn more about the odds of winning and losing, which in turn helps you make better bets in the future. It’s quite a lucrative strategy for those wanting to get into the gambling industry, but may not be the best idea for someone looking for long-term gains.
Understanding The Pari-Mutuel System
It is important to understand how the pari-mutuel betting system works in order to place successful bets at the races. Basically, each person who places a wager at a horse race takes the wager as a share of the prize money. If you go to the most popular racing websites, you will see a breakdown of the total amount of money that will be distributed among the winners of a given race. For example, the 2019 Virginia Derby had a total prize money of $1.2 million, meaning that each person who placed a wager at the race would get $60,000 as a share of the prize money. If you are looking to use the pari-mutuel betting system to make money at the races, you should familiarize yourself with its particular nuances. For example, it is not advisable to bet on a horse that you know is going to lose, as this will result in a share of the prize money that is far less than you would otherwise receive. This is especially important if you are participating in a group setting, as you don’t want to jeopardize the finances of the organization you are a part of.
Using Technology To Your Advantage
The use of advanced technology will greatly increase your earning potential at the races. So much so, in fact, that many professional gamblers now prefer to make their bets in a virtual environment, where probability and statistics are easily accessible. For example, most online gambling venues will give you the option of placing a wager on a horse race using your credit card or through a cashless system, such as PayPal or Bankwire. Having access to so much information in a digital format makes it much easier for people who want to get into the betting business. Those who utilize this kind of software to place their bets profitably should familiarize themselves with the particular quirks and requirements of the software they use. Few things are more frustrating than trying to place a bet and having it not go through due to programming errors or unexplained glitches. By taking the time to familiarize yourself with the technical aspects of your chosen software, you will greatly increase your chances for a successful wager each time you place one.
Watching The Handicapping Of Experts
Anyone who watches the handicapping of professional horse handicappers can get very good at picking races and props. There are many different strategies and techniques that these individuals use to make their picks, and those who want to emulate their success can get into the habit of studying the handicapping of experts, looking for the keys to their success. If you want to make money at the races, it is advisable to look to the experts for guidance, as they have the experience necessary to help you achieve your goals. Be sure to study the betting lines of different newspapers and news websites, looking for good trends and opportunities for profitable wagers. A good handicapper will look for a variety of factors, analyzing the past performances of the horses, the weather conditions, and even the crowd’s behavior to determine the outcome of a given race. By choosing your own horses and being the one to place the wagers, you eliminate the interference of the bookies and increase your chances of winning.
Choosing The Right Locations For Your Wagers
The best place to make money at the horse races is at the race track. The crowds, the scenery, and the excitement of betting on a winner are all part of the fun. However, to maximize your earnings potential, it’s important to choose the right locations for your wagers. If you are placing them at the race track, you should do so during the actual race itself. The reason is that during the race, the tracks are going to be fully populated with bettors, increasing your chances of winning. After the race, the stadium will be closed, and the odds of winning will drop significantly, meaning you will lose money because of premature betting. One of the best places to make money at the horse races is New York City.