Horse racing is one of the most popular sports when it comes to betting and that has a lot to do with the high payout possibilities.
The 29-year old Conor Murphy managed to win $1.5 million in 2019 when he placed a $75 bet on his boss’s five horses and not too far away is JP McManus with winning $1.3 million in a single day betting on multiple horses.
So, if you wonder whether or not you can make money by betting on horses, the answer is yes. However, your first step should be learning more about horse racing and developing your own betting strategy.
That’s why we decided to highlight some of the steps on your horse betting journey.
When it comes to betting on sports, it is all about managing risks and making them work with your budget. If you don’t start with bankroll management, you can easily burn through your budget and losing a lot of money.
Most people fall for the same trap of depositing a low amount of money into their accounts and staking the entire amount on a single race in the hope that they’ll get a big win. In most cases, they end up losing their money, which makes you investing more money to cover up your losses.
So, if you are serious about making a profit from horse race betting, you need to allocate a specific amount of funds into your account that will be used for betting purposes. The golden rule in gambling is to only bet what you can afford to lose.
This is the time where you need to learn about self-control. Allocating a large amount of money into your account doesn’t mean that you need to put them on a single race.
Once your bankroll is established, it is time to develop a system that will allow you to earn money.
When it comes to betting, some of the most successful horse racing bettors bet no more than 5% of their total bankroll at any given race. For example, if you start with a $100 bankroll, avoid putting more than $5 on a single race.
Interestingly enough, you’ll find that the more you win, the more you tend to decrease the percentage of your bankroll.
Another effective strategy is to bet a certain amount in order to win a certain amount. So, for example, you can set a goal to earn $50 and structure your stakes around that will help you achieve that goal.
The most important rule with staking is to stay disciplined to your strategy. If your staked amount makes you uncomfortable or nervous, you’ve bet too much.
Backing Multiple Runners
Another important component that will help you minimize your risks in horse betting is backing multiple horses. Most professional horse racing bettors are backing up anywhere from 2-4 runners on 90% of the races. This is a process where you are backing one runner hard and place a ‘saver bet’ on the other selections.
For example, if you want to stake $50 at a single horse race, you should put money on one runner (usually the underdog) at $3.00 and the other that has the biggest chance to win at $7.00.
This structured bet will look like this:
As you can see that our chances of losing money are significantly minimized and we can either double our investment or take the same amount that you’ve invested.
Another interesting strategy is to follow the money trail. Many professional horse racing bettors are using this strategy where they are looking for information that will show which runners have been supported in the market.
In most cases, runners that get plenty of support a few minutes before the race means that they have a better chance of having a great run and reach a higher place. Usually, there are multiple horses getting great support, which is where you can use the strategy of backing multiple horses.
If you like some horse and it doesn’t receive support, this is usually a bad sign and you should not place a bet on that horse.
Probably the most important thing when it comes to profitable long-term betting strategies is self-discipline. If you are serious about making a profit from gambling, and horse racing, in particular, it is crucial that you stick to your strategies.
It can be very tempting to put some money in order to cover up some losses, but that can be a trap that can turn into a cycle of chasing losses which will empty your bankroll.
Download TwinSpires online betting app to start profiting from horse racing events.