If I Had $100 to Bet What Preakness Betting Advice?

So you wanna bet on the Preakness Stakes? Congratulations! You are amongst the chosen few. The most followed horse race in the country, the Preakness, is now only 2 weeks away. The top 3 finishers from earlier this month’s Kentucky Derby will battle it out for the gold jacket and bragging rights in this 19th century classic. If you are new to betting or if you just want to brush up on your skills then this article is for you. Here we discuss some tips that can help you make the most out of your $100 to bet on the Preakness Stakes.

Don’t Go Over 40/1 On Your First Bet

The 40/1 gamble is one of the easier bets to understand. It means you are risking $40 to win $1. Sounds like an incredible opportunity, right? Unfortunately, there is an easy way to ruin this for yourself. If you put all your money on 40/1 odds, you are essentially placing a $1 wager. This makes the average outcome much worse than it would be if you had chosen 8/1 or 20/1 odds. Why? Because the house always takes its cut, no matter what. This means you will never win 100% of the time if you play with 40/1 odds.

Examine The Field

One of the best things you can do for yourself is examine the field ahead of you. You’ll either choose to view live odds or you’ll opt for the pre-game activity known as “betting”. For those choosing live odds, this simply means looking up the names of the horses ahead of you in the Preakness lineup. Live odds will update themselves as the horses are released from the starting gate. Those deciding to wager on the Preakness Stakes should look up the past performances of the horses in question. It is usually a good idea to use a tool such as google racing, which can provide you with all the relevant information at the click of a button. Looking at the past performances of a horse can give you a good indication of whether or not it is a good choice for the Preakness.

Study The Form

Another important thing you can do for yourself is study the form. Understanding how a horse fares in certain situations can help you predict its performances in unforeseen circumstances. If you are aware of a horse’s specific strengths and weaknesses, it is easier to choose an effective betting strategy. For example, you might find that a certain horse tends to do well in muddy conditions, but struggles in clean air. Knowing this you could decide that instead of backing the horse, you should opt for a safe and easy lay. Alternatively, you might consider going for broke and laying huge wagers on the horse’s performance in either condition. Studying form is important because you never know what the weather might be like where you are located (if it’s cold where you are then the horse might struggle), or what other forms of competition the horse might be subjected to (if it’s an open competition then other horses and jockeys could be racing against it). Knowing the horse’s form reduces the risk of making an incorrect choice and suffering a loss.

Try And Back More Than You Bet

Another valuable piece of advice that can be given is to try and back more than you bet. Even though it is very tempting to sit back and let the computer do all the hard work for you with various betting strategies, this is usually a bad idea. Why? It is difficult to find the correct algorithm for every racing situation, and your chances of winning increase if you put yourself in the game by making your own decisions. One of the best things that can happen to a casual gambler is to be matched with a betting algorithm that is exactly the opposite of what he would choose for himself. For example, a person might want to bet on a horse with the form of his choice, but the strategy of the opposite. This might result in a profit of hundreds of dollars on a single race. However, this depends on the form of the opposing horse. You can’t always expect to profit from backing the opposite of what you have chosen in the first place. There is a reason why people say “two heads are always better than one” in terms of handicapping. Having two sets of eyes analyzing the race, rather than just relying on data entry, can give you a good indication of whether or not your chosen horse will win the race.

Avoid Stocking Up On Bad Bets

It is always a good idea to avoid stocking up on bad bets. This is especially important if you are a beginner or an intermediate gambler as it can be difficult to determine what exactly constitutes a “bad bet”. Sometimes it is as simple as backing a horse that is not on your radar yet, or placing a wager on a horse that is out of form. A bad bet is usually anything that is going to result in a loss, regardless of whether or not it is your fault. It is always a good idea to cut your losses and avoid placing more than a few bad bets in a row. This should not be difficult for anyone to understand.

Place Smaller Wagers

Those who are new to gambling or who are simply looking for ways to exercise caution should refrain from placing massive wagers. You should, instead, consider betting smaller amounts. It is always better to place a small amount on a high-profile race than to risk an entire bankroll on a single event. This strategy will not only protect you from making expensive mistakes, but it can also serve as a way to build up your credit. There is also a good chance that a small amount will end up being a huge profit, especially since there is more than one way to win. You can either place a winning bet or you can use a strategy such as “lay down” or “fold” when you lose. The key is to ensure that you do not risk more than you can afford to lose.

Use Technology

Finally, we arrive at the part of this article where we discuss the use of technology. Modern day gambling has completely changed the way we will bet on sporting events in the future. While technology has made it easier than ever to place bets, it has also made finding the perfect betting strategy much more difficult. This is why many bettors find themselves struggling even after following all the best betting strategies. The solution is simple–use technology to your advantage! If you have a smartphone or tablet, there are various apps that can help you make the most out of your Preakness bets. The most popular one, in particular, is named OddsDog. It is a must have for all Preakness fans. Whether you want to choose a winner before the race even starts or you want to examine the form of the horses, this app has everything you could need. It is also extremely easy to use, which makes following all the best betting strategies much more enjoyable. The developers behind this app have even stated that it was designed with beginners in mind, so that even those who are new to betting can still easily figure out how to use it.

The above tips should give you a good foundation for placing profitable Preakness bets. Now you just need to find the courage to put them into practice. Good luck out there.