An Introduction To Horse Race Betting
Everyone quickly understands the basics of sports gambling, because its as simple as the sports themselves. Horse racing, on the other hand, is a more difficult form of gambling to approach successfully. While there are some similarities between sports gambling and horse handicapping, success in one by no means assures even competency in the other. CBS Sports icon Jimmy ‘The Greek’ Snyder was by all accounts a first rate sports handicapper, but downright awful at forecasting horse races.
Were not going to suggest that the information here even scratches the surface of what you need to know to become a serious horse handicapper. There are countless books, DVDs and other media that you should check out if this is your goal. If you’re interested in simply knowing the basics so that you can enjoy a day at the track, here are some basic concepts of horse handicapping:
Do your reading: When you arrive at the horse track you should purchase a copy of the Daily Racing Form (DRF for short) and the track program. The DRF is basically the ‘bible’ of horse race handicapping, and offers morning line odds, horse, trainer, jockey statistics and information on each race at every major track across the country. The track program offers similar information for that individual venue, often in more ‘user friendly’ form.
You’re playing against other bettors, not the racetrack: A big difference between sports wagering and horse betting is the function of ‘the house’. In horse racing, you’re not playing against the track–instead, you’re betting against the other patrons. The track simply serves as a ‘banker’, accepting money and paying bets. For this service, they take a percentage of the money bet on each race (called the ‘takeout’). The odds on a horse aren’t set by the track, but rather by the amount of money bet on each entry.
So where do the odds in the newspaper or program come from? The so-called morning odds are basically educated guesses as to where the wagering will go. Its roughly analogous to overnight lines in sports gambling. They can be helpful as a guideline, but may or may not be indicative as to how the actual wagering will go.
Handicapping basics: There are so many different approaches to handicapping horse races that its difficult to even know where to start. Some handicappers emphasize past performance data. Others factor in the results of recent workouts, while others prefer a visual examination of the horses in the paddock.
Once a bettor reaches a conclusion about what he thinks will happen in a given race, it is still subject to the odds that are available when betting. This is similar to sports gambling, where an underdog may be more attractive due to an excessively high payback potential than he would ordinary, or, conversely, a clear favorite becomes an unattractive wagering proposition due to a prohibitively high price. Its all a matter of the math–if I could speak to the teenagers of America, I’d try to impress upon them the importance of doing well in math for no other reason than its importance in all forms of gambling.
Training and bloodlines: Handicappers often focus on a horse’s breeding lineage, considering the quality of the bloodlines and the racing pedigree of his parents and grandparents. Others put great focus on a horse’s trainers. An ‘A-list’ trainer can often get the most out of a horse much in the same way an elite level NFL coach can cause a team to ‘over perform’.
The Jockeys: In the simplest terms, jockeys are independent contractors and thus to make money they need to do well. In theory, a jockey wants to get on the best horse possible in each race to maximize his chances of winning. That also results in sort of a chicken and the egg conundrum–are the horses winning because the best jockeys are aboard, or are the best jockeys merely adept at getting on the best horses? Most serious horse players look to the jockey as a secondary consideration. Its sort of a situation where a good jockey cant win with a bad horse, but a bad jockey can cause a good horse not to win.
Dedication and Discipline: There’s not a set formula for successful horse handicapping, so try different things and find what works for you. And, as always, don’t go overboard with the money you wager and particularly until you get a feel for what you’re doing. If you’re interested in learning more, check out the Daily Racing Form website.
Ross Everett is a experienced freelance writer experienced in travel, casino gambling and sports handicapping. He is a consulting handicapper for Anatta Sports where he is responsible for providing daily free sports picks. In his spare time he enjoys fine dining, fencing and scuba diving. He lives in Southern Nevada with four dogs and a pet coyote.