Horse racing betting is a highly profitable experience. That is, of course, if you know what you’re doing. But even the most veteran bettors in horse racing still commit mistakes, and some are pretty common, especially for beginners.
Luckily, we have collected some of the most common mistakes beginners make. That said, you should never make these mistakes as even if they are very simple, they can cost you a lot of money if you’re not careful. With all that in mind, here are some of the most common mistakes people make in horse racing betting.
Don’t Bet on Name Value
One trick in horse racing is that owners tend to get creative when naming their horses because when their names are catchy enough, some people will bet for the sake of it.
Of course, that’s only sometimes the case, but the point still stands that it’s often tempting to bet on a horse with a silly or clever name. However, betting just because of its name value is a mistake.
Always look for value in terms of the odds and payout, not because of the name. It might sound simple or even silly, but you’d be surprised if you knew the number of people who bet on horses just because their names are silly or clever.
Not Finding Value
Speaking of value, it’s always wise to check on different bookies to see the value of the bets you’re eyeing. Most bets on significant events like the Kentucky Derby or the Breeder’s Cup have the same odds. However, it’s only sometimes the case. Some bookies tend to overvalue or undervalue a horse since they have different approaches to handicapping horses.
That said, if you’re pretty confident about a particular horse and you’re planning to make a winning bet on that one, shopping around in different bookies will do you a lot of good. Shop around and look for the best value on the win bet of that particular horse so you can get the most out of your bet. Not only that, you can even make the same bet across different bookies, so your payout will be huge if you win.
Betting Too Much on the Favourites
While being the favourite means the horse has a good chance of winning, this isn’t always the case. Of course, there’s nothing wrong with betting the favourite to win but to toss money to the favourites in every race indiscriminately isn’t just plain wrong, but it’s also stupid.
Let’s have a reality check here. Favourites tend only to win 1/3 of their races, not to mention that their odds are usually very high but with little payout. That means if you keep betting on the favourites every time, the best thing that could happen to your bankroll is losing 1/8 of its entirety every horse race.
If you think that always betting on the favourite to win will get you rich quickly, then why are we still here talking about mistakes, strategies, etc.? Everyone would go for the favourite every time.
Poor Bankroll Management
As a master handicapper in horse racing, your bankroll is your lifeline. If you don’t know what it is, a bankroll is a horse racing betting terminology which essentially means the money you have exclusively for betting.
Without proper bankroll management, you will cut your horse racing betting career short if your bankroll allows you to bet on these races. With that in mind, proper bankroll management tips deserve their article, but the general gist is that you should always put your bankroll first before making any bets.
Not Looking at the Jockeys
The horses can only do so much without their jockeys. In fact, even if the horses themselves do most of the heavy lifting in a race, without their jockeys, they wouldn’t be able to win. It would be best if you also considered the respective jockeys of the horses you’re planning to bet on.
A horse can be great on its own, but with a jockey that has both experiences with the track and with the horse itself, the upcoming performance will be even more excellent. So familiarize every jockey of your chosen horses. You should also check their strike rates, experience, and track record, just like you would do with the horses.
Chasing
This one is very common, even among veteran bettors. Even though some people say that it’s good to do once in a while, in general, it’s just a stupid move. Chasing can kill your bankroll almost immediately if you let it control you. This is because the more you lose, the more you want to chase until there’s nothing left. Yes, a losing streak is always frustrating, but you should remember that there’s always the next time.
Final Words
Mistakes are prevalent, even among the so-called experts. With the experts, at least, they already have a huge bankroll, but a single mistake can cost you your bankroll. That said, always bet with your mind and ensure you’re getting the best value out of your every bet.
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