One of the biggest challenges that most people face when they handicap horse races and try to make a profit is overcoming the vig. In plain English, it is almost impossible to make a profit because you have to pay so much for the privilege of being able to make a bet on a horse race. Therefore, the profit margin does not allow for making even one mistake that can be avoided because that one mistake can mean the difference between success or failure.
While no one is perfect and we each will make the occasional blunder, making errors that could easily be avoided will not only bankrupt you, but also cause you unnecessary frustration and pain. Therefore, let's look at three mistakes that many horse players make.
First and foremost is the lack of planning. Think of a trip to the races or OTB as a financial campaign or even a war or battle, even if it is only a skirmish behind enemy lines. There is probably no other time in your life when you would spend money with little thought or planning and expect to make money, but that is exactly what many people do when they bet on horse races. While luck is a factor, for most it is fleeting and an unknown quantity, so plan and write it down and don't depend on luck.
When I say write it down, I mean write down how much money you start with and a reasonable total for how much you'd like to make for the day. Then write down the names of horses you are following or ones that you feel might be a good bet and write the reason down as well. Whether you win or lose, write down the outcome and whether you wagered on each one and the reasons. Keep your entire day's activities on one sheet of paper and after the day is over put it in a safe place. After you've accumulated a good collection of the daily sheets, review them. You may learn a lot including how to improve your horse racing betting.
Speaking of betting, do you sometimes bet on longshots? If you bet on horses in a wide range of odds, maybe a longshot here, a favorite there, perhaps a mid range odds horse now and then, bet the same amounts on each one. If a horse is worth a bet, it's worth a bet, and if it's worth a bet, in your opinion, then it could win. Granted longshots don't win as often, but when they do, they pay well. You may make as much on longshots as favorites, but you'll have to bet enough to make it pay.
Finally, don't spread yourself too thin. I started going to the races decades ago when you went to the race track and there was only the one track and races to bet on. There was no such thing as simulcasting. You played whatever was available at your local track. That usually meant that most people who attended regularly enough became experts when it came to knowledge of their local track. Can you say that you have enough knowledge of the players and biases and trends at any track to be considered an expert?
If you can't it is probably because, like many people in the age of simulcasting, you wager on many tracks and try to handicap them all. Consequently you become, "a jack of all tracks and master of none." Narrow down your focus and you may win more and lose less.
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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