Horse racing is one of the most popular sports to bet on in the world. However, many punters have a lack of planning or structure in their betting. Using this type of approach can be thrilling, but it rarely leads to the highest possible return. In contrast, clear and defined strategies will help you to maximise profits and minimise losses when betting on horse racing. This article will reveal 3 tips that will bring your betting to the next level when implemented correctly. For a comprehensive list of horse racing strategies and guides, consult our TurfnSport library of educational tips.
Set a Defined Bankroll
One of the most common mistakes bettors make is to deposit a small amount of money into their account to wager on one single race. The general idea is that they can then use the winnings to bet bigger in the future. The problem with this approach is that this bet will more often than not be unsuccessful, which can lead to a vicious cycle of chasing losses.
A more practical approach is to allocate a specific amount of money for your betting budget over a period of time, also known as a “bankroll”. This should be a sum that you’re comfortable losing based on your overall finances and resources. By using this strategy, you’ll always bet within your means and won’t risk money you can’t afford to lose.
Having a well-managed bankroll will enable you to make more rational betting decisions and withstand multiple losses without running out of funds. This will allow you to continue betting in the long term. However, if you experience many losses in a period and your bankroll runs out, t’s important that you don’t deposit more money from other parts of your budget. This otherwise defeats the purpose of having a defined bankroll in the first place.
Use Staking When Placing Bets
When using a bankroll, you should adjust the amounts you bet accordingly. This is also known as “staking”, and it involves defining the maximum percentage of your bankroll that you’ll bet on any given race. A good rule of thumb is to bet no more than 5% of your total bankroll on a single race. For example, if your bankroll is £100 per week, then you shouldn’t bet more than £5 on a specific event.
Another staking method is to bet a specific amount in order to win a certain amount. Let’s say you’re looking to win £25 on a race, then you can plan your stakes to achieve that number. Both strategies have been proven to be effective, so you can choose whichever one works best for you.
Research the Best Odds
One of the easiest ways to quickly increase your horse racing winnings is to shop for the best odds. After you’ve chosen a horse and decided what type of bet you want to place, you can begin to research different available odds.
The best way to do this is to check with a variety of online betting sites to find the best odds for your specific bet. Some websites have lists of all the top betting sites, such as SBO. By using one of these pages, you can easily navigate between the top websites to find the optimal odds for your bet.
Once you’ve done this, all you have to do is choose whichever option gives you the highest chance of winning the best payout. At first, this may only make you a few extra percentage points per bet, but this can add up quickly in the long term. Over time, you’ll also begin to identify which sites routinely provide the best odds, making the research phase shorter reach time.
Watch the Market
In horse racing, the money trail is often worth looking out for. When placing bets, it’s worth researching where the money is being placed by the market. With websites such as BestOdds, you can find out which horses are being backed by other bettors.
Pay extra attention to runners that are getting very good backing in the minutes right before a race, as it is often a sign that they will be successful. Backing multiple well-supported horses can be an excellent way to hedge your bets and cover your losses.