How to bet on Horses – A guide to betting on Horse Racing

HOW TO BET ON HORSES

Profitable betting on horses revolves around an effective betting strategy. If a profit cannot be made by backing to level (i.e. the same) stakes, there is no way to turn the loss into a profit. Many punters seem obsessed with “magical” staking plans. These include betting a certain percentage of the betting bank, doubling stakes after a loser, doubling stakes after a winner etc. These strategies are A COMPLETE WASTE OF TIME! The following pointers seek to make backing horses a profitable and hence more enjoyable pastime.

Betting Bank
The initial consideration should be setting up a “Betting Bank.” Most gamblers fail to appreciate that the best way of achieving a healthy, sustained long term profit from betting is to separate a sum of money away from your main finances, purely for betting. This should be money that you are prepared to lose. A “Betting Bank” has many advantages. By being independent from your own personal finances it can remove much of the emotion which can sometimes cloud judgement when deciding bets. The size of your betting bank should be decided by your individual financial circumstances. Most punters fail to use any form of betting bank. They bet randomly with whatever money they have at the time and often gamble substantially more than they can afford. With a fixed sum of capital available this problem should be avoided. It is also necessary to establish exactly what you seek to achieve in terms of profit. For example, if you originally deposit £50 into an online account and manage to reach say, £250, withdraw £200, leaving the original £50 in place for further betting. In this way, the benefits of your efforts will be obvious.

Maintain Several Betting Accounts
By opening and maintaining a number of betting accounts, punters are able to avail themselves of the “sign-up” bonuses associated with online accounts. Furthermore, such a strategy allows for the pick of early prices and promotional offers. About 5 or 6 online accounts should be adequate. Whilst choice of bookmaker is a matter of personal preference, it is strongly recommended that the following online layers be considered:

1. Stan James
2. Ladbrokes
3. Paddy Power
4. William Hill
5. Victor Chandler (vcbet)
6. Bet 365

Other good inclusions in a “portfolio” of bookmakers would include Blue Square, Boylesports, Sky Bet and sportingbet. For anyone considering “laying” horses to lose, accounts with the major betting exchanges, Betfair and Betdaq would also prove useful.

Discipline
Keep a record of every bet struck. At the outset this may seem to be overdoing things but will encourage a far more disciplined approach to betting. Furthermore, it will identify the most profitable areas of your betting. In the ongoing struggle against the bookmakers, one of a punter’s most potent weapons is self-control. Good gamblers, upon winning, don’t start to take irrational risks. Similarly, having hit a losing run, the good gambler will remain calm and continue with the betting strategy. Ill discipline can be a huge barrier to becoming a successful gambler. Rather than choosing bets with care, some punters prefer to bet simply for the thrill of it, aimlessly draining their betting bank. Professional gamblers know when and how to bet. More importantly, they know when to shy away from a bet, through lack of knowledge or poor odds. Although sometimes an effort, this type of discipline will improve your chances immensely.

COMMON BETTING MISTAKES

Greed
Too many punters expect betting to be a “get rich quick” process. Frequently, bookmakers take advantage of this desire by promoting various multiple bet options, promising the chance of instant wealth. However, as much as there is chance of great winnings, the bookie will rarely lose as the chances of winning decrease with every successive bet. Seasoned professional gamblers will rarely put money on multiple bets, preferring to select safer single bets. N.B. – Avoid multiple bets like the plague. The only way to make long-term profits is by backing horses in win singles.

Loss Chasing
For some this seems a sensible way to make a profit – by constantly raising the stake so that winnings exceed previous losses. However, this frequently results in punters betting in races in which their knowledge is limited. A far more sensible approach is to wait for races about which you have a greater understanding and therefore a greater chance of striking a winning bet.

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    • Written by John Lamerton · Filed Under Horse Racing 

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