Biggest Mistakes When Betting on Horses

Horse racing has been around for centuries – the earliest documented event was in 1651 during the reign of Louis XIV in France. Nowadays, bettors from around the world can take part in the action and potentially win some extra money from their predictions.

To succeed at horse betting, you’ll have to avoid making crucial mistakes that’ll hamper your chances of winning. It’s always better to learn the basics and establish a strategy before you begin testing your luck.

Here are the biggest mistakes in horse betting that are costing you money.

Betting on Every Race

Most people will blindly bet on every race they see simply because they’re in the habit of pursuing one event after the other. The truth is that you should be more selective with your bets and focus on specific horse racing events.

It’s impossible to find value in most competitions. The bookmakers usually know what they are doing, so don’t expect them to slip every single time. You should patiently wait for good opportunities and only bet when you find profitable spots.

Failure to Research Horses

This is perhaps one of the biggest mistakes when betting on horses – people often neglect to research the horses ahead of time. You could end up picking contestants with a history of poor performances. You also shouldn’t bet on certain horses simply because they have cool-sounding names.

Many people also assume that the horse with the best form entering the race is going to win. However, I recommend that you study the horses before making your predictions. Plenty of information is available online. Sites like Equibase.com offer a ton of useful data that can help inform your betting decisions.

Look at stats like previous races, speed, and everything else you could find. Do your diligence because it can often save you a ton of money.

Betting Only on Favorites

If you don’t know a lot about horse racing, it may seem easier to simply bet on favorites according to the oddsmakers. However, I strongly advise that you avoid doing this because backing the most likely winners isn’t always the best bet.

It’s very common for underdogs to win when it comes to horse racing. Make sure you’re also considering the race conditions (weather, course layout, recent form, etc.) and analyzing any sleepers that can deliver a strong performance.

Lack of Bankroll Management

Properly managing and maintaining your gambling bankroll is another key component of horse betting. You should always set aside a certain amount of money for gambling on horse races (or other sporting events). A lot of people end up overspending, especially when luck isn’t on their side.

Finally, you need a proper staking plan for the money you have. You don’t want to lose everything when the first bad streak happens. You need some runway because luck always plays a role.

Ignoring the Jockeys and Trainers

My list of big mistakes in horse betting wouldn’t be complete without this one. Many people will focus solely on the horse. However, the jockeys and trainers also play a huge role in the entire process. They’re the ones undergoing all the preparation and laying the groundwork for a big performance.

They are good at selecting strong horses, developing their potential, and maximizing their results.

Focusing on Speed

Horse racing is more than just a game of speed. Many other factors play a role in how a horse will perform. This includes endurance, rest, and race conditions, which can encompass the weather and the type of surface on which the horses are racing.

When you work on your bets, speed is obviously one of the biggest factors to consider. However, you still have to account for other significant conditions that affect the outcome of a race. Veteran bettors know that you can’t overlook a single detail when it comes to horse racing.

Only Focusing on Long-Shots

Underdogs can potentially win any race, but you shouldn’t focus solely on long-shot predictions. You don’t want to test your luck too much – you should always mix up your bets and try to find value when betting on sleepers.

I know that the odds can be very tasty, but there’s often a good reason for that. Your goal is to find value, and the high price doesn’t necessarily mean the wager is good.

Betting When You’re Not Having Fun

Online betting is all about having fun and winning some extra cash along the way. However, when luck isn’t on your side, it’s easy to get upset and make ill-conceived bets. The truth is that winning and losing streaks are regular occurrences.

You should also resist the impulse to chase bets. It’s a temptation that everyone experiences at some point when betting on horse races and other sporting events. I strongly urge you to recognize when you’re chasing and do your best to curtail any negative gambling habits.

Not Picking the Best Sites

Your gambling journey should start by choosing the best horse betting sites. They offer plenty of markets where you’ll discover high odds with profitable payouts, as well as rewarding promotions that can boost your bankroll.

The perks you get compared to lower-quality racebooks can make the difference between winning and losing in the long run.