There's nothing quite like the thrill of backing a horse to win and seeing it come thundering down the stretch and winning. You not only get the delightful experience of seeing a thrilling sporting event, but you also get money afterward. It's no wonder then that every day, all over the world, millions of people attend horse races and bet on horse races. Of course, not all people who wager on the ponies actually go to a track. Some of them wager online or at an OTB.
While betting on horses is always risky and you should never risk money you can't afford to lose, there are ways to reduce the risk and maximize profit. It doesn't mean that you're guaranteed to make money, but smart money management is a start in the right direction. First of all, here's a very good tip. Even though you're there for fun, it's real money and should be treated like the precious commodity that it is.
Secondly, favorites may win the highest percentage of races of any horse, but they are also a bad bet from a financial point of view. Believe it or not, some people are so foolish that they think they've figured out how to make money betting on races just because they can look at the tote board and see which runner has the most money wagered on it. Their rationale is that since so many people think the horse is good, it must be a good bet.
Actually, just the opposite is true. When you wager at the track you're betting against the rest of the people. All the money is put into one pool and after the race, the winners get to divide that pool, once the track and state get their share. Therefore, the more people who wager on the horse, the smaller the payoff. Statistically speaking, favorites are bad gambles because they never pay enough to show a profit over the long run.
Should you then bet on longshots? Yes and no. You should bet on horses at longer odds than the favorite but statistically speaking, long shots are over bet, too, when you compare their actual chances of winning to the payoffs that the winners get when a long shot actually manages to win.
If you want the best payoff and a chance to actually make profit I advise you to use a simple horse racing system to pick your winners and also that you bet on horses in the mid odds range. I can't guarantee that you'll make a profit, but you'll have the best chance of making more than you wager because horses in the mid odds range are typically overlooked by the masses and therefore, might be an overlay.
If you want to learn how a horse owner and insider handicaps just go to http://horse-racing-handicapping.co/ and get the truth about betting on horses and winning. Bill Peterson is a former race horse owner and professional handicapper. To see all Bill's horse racing material go to Horse Racing Handicapping, Bill's handicapping store.
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