After you evaluate the runners in a horse race by handicapping their recent form, the next step in the process of making money betting on horses is to use that information to find a good bet. Whether you play exotic bets or straight bets (win, place, show), the process starts the same. You must find a key horse that is not being backed by the crowd at the odds it deserves. In other words, if--in your opinion---the horse has a 1 in 4 chance of winning and it is at 5-1; then it's a good bet.
More sophisticated horse players realize that no matter how hard they work or how much they know, they will still encounter losing streaks. While statistics will help you and indicate that favorites win about a third of the time, any horse player knows that the favorite doesn't win every third race. Out of a sample of 100 races the favorite will win about 30-33, however, in a smaller sample, that percentage of winning favorites may be skewed.
Therefore, smart bettors mix their bets up and try to cover a wide range of odds. Betting lower priced horses--favorites and those at lower odds--will result in more winning tickets. Backing longshots means bigger payoffs and less wins per betting run. The wise gambler knows that cash flow is critical: You must keep the money coming in.
So the answer is to select bet ranges and then to structure your wagering campaigns to encompass all betting ranges from chalks to long shots and everything in between. Because you include longshots in your scheme, you will have the occasional big hit, but also, since you've included favorites, you will cash many tickets.
The key to successful betting is to allocate funds not to always have the biggest ROI (return on investment). On the other hand, you should set a cutoff point for your bets--a minimum ROI that you find acceptable. Many horse players consider a 10% profit good, so shooting for 10% by spreading your bets is a good practice, if you're of that mindset. When investors set out to make long term profits from their investments, they diversify their portfolios. When people who bet on horses for a living set out to make a year's pay, they also diversify with security and rate of return as their two main concerns.
Take a look at your bets and see if you aren't leaning too heavily on one odds range and if that might account for your lack of profit or losing streaks.
More sophisticated horse players realize that no matter how hard they work or how much they know, they will still encounter losing streaks. While statistics will help you and indicate that favorites win about a third of the time, any horse player knows that the favorite doesn't win every third race. Out of a sample of 100 races the favorite will win about 30-33, however, in a smaller sample, that percentage of winning favorites may be skewed.
Therefore, smart bettors mix their bets up and try to cover a wide range of odds. Betting lower priced horses--favorites and those at lower odds--will result in more winning tickets. Backing longshots means bigger payoffs and less wins per betting run. The wise gambler knows that cash flow is critical: You must keep the money coming in.
So the answer is to select bet ranges and then to structure your wagering campaigns to encompass all betting ranges from chalks to long shots and everything in between. Because you include longshots in your scheme, you will have the occasional big hit, but also, since you've included favorites, you will cash many tickets.
The key to successful betting is to allocate funds not to always have the biggest ROI (return on investment). On the other hand, you should set a cutoff point for your bets--a minimum ROI that you find acceptable. Many horse players consider a 10% profit good, so shooting for 10% by spreading your bets is a good practice, if you're of that mindset. When investors set out to make long term profits from their investments, they diversify their portfolios. When people who bet on horses for a living set out to make a year's pay, they also diversify with security and rate of return as their two main concerns.
Take a look at your bets and see if you aren't leaning too heavily on one odds range and if that might account for your lack of profit or losing streaks.
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