Betting on horse racing can be a minefield for the uninitiated, you have so many variables, like human error, track conditions, the weather and of course the temperamental nature of the horses themselves.
HorseBetting.com.au is intent on providing clear concise guides to complement your existing betting strategies as well as give novices a leg-up and help them turn a profit when betting on the sport of kings.
Becoming a punting professional
It takes hard work, patience and most of all a significant bankroll, although you can always use the same principles that our very own man Daryl Curnow explains in-depth in his article How to become a professional punter which was published on this site in August of 2017.
In essence, the most important thing in becoming a better horse racing punter, is setting yourself limits, or rules surrounding money management. Stuff like only betting a certain percentage of your bankroll is essential. But this also comes down to keeping your emotion in check, a sad, or angry punter is more likely to throw the kitchen sink on the last at Caulfield, as they chase the $10,000 they have lost over the course of the day.
Remember there is always tomorrow.
How to make money betting on horse racing
There is no exact science to making money on the punt, but you can definitely improve your chances of walking away a long term winner with some smart money management and bet placement. The key to limiting your losses on the bad days is to have a point where you walk away, you should never bet on the “Get Out Stakes” the colloquial term for chasing in the last.
Other important things in turning a profit on racing betting is finding the best odds on your chosen runner, a differential of 30 cents between bookies could be the difference between a positive and negative day. Use services like our odds comparison engine, which lets you compare runners’ prices from every TAB meeting in Australia and many overseas race meetings.
Just because a horse is the daughter of Black Caviar, or it has a name that matches with your favourite celebrity, or you want to back it because of some other quirk with it, does not make it the smart bet. Don’t fall into emotional mistakes, horse racing odds improve dramatically if you base decisions on facts and statistics, rather than gut feels and omens
The chase theory
Whether you are a believer or sceptic the chase theory definitely has its fans. In short the Chase theory tells the punter to double their bet after every loss. In casino gambling it is known as the Martingale theory. There are some strict rules that you must follow to be any chance of successfully using this theory. You also need to be aware of things like bet limits and get out point, where you say: “enough is enough, tomorrow is a new day” and reset your strategy, cutting your losses.
We have covered The Chase Theory in depth in another article, but if you do decide to go down this path, we strongly recommend starting your betting with a low denomination, it’s surprising how quickly the bets increase as the losses mount.