Betting on horses is almost a national pastime in Australia with over $12 billion wagered on racing every year. Making a profit on horses isn’t as easy as you would hope, and so here are our ten top tips to profiting from a day at the races.
1. Establish a limit
Whatever you are betting on, you should always have an upper limit to spend. Don’t bet more than you are comfortable with and once you have reached your limit, stop.
2. Plan your meeting
Make sure that you plan your day. Have a good look at all the races on the card and work out a strategy. Establish which races you are going to bet on and what sort of bets you plan to place. You should have an idea of your betting plans before the first race.
3. Ignore anything you aren’t comfortable with
You don’t have to bet on every race. If there is a short-priced favourite that you can’t oppose, you might be better leaving that race alone. If there’s no bet that appeals in a race, don’t bother. Save your stake for another event.
4. Look for value
When looking at the runners in a race, decide what odds you would be prepared to accept. If you are offered longer odds, then you might want to consider that as good value. If there is plenty of value in a race, don’t be scared to back more than one horse.
5. Imagine how a race will go
Know how the race will be run. If you can't get a clear picture of what is going to happen in a race before the start, you probably don't have a good idea on which horses to bet on.
6. Seek out the best price
You will often find that prices fluctuate between on and off course bookies before races. Make sure you seek out the best value.
7. Go with your gut instinct
Try not to be swayed from your betting plans once you reach the course. You will of course make alterations based on the conditions, any scratching etc but don’t be tempted to change your mind after chatting to a bookie or a fellow punter. Stick with the courage of your own convictions.
8. However, be flexible
If the conditions really don’t suit one of your selections, or if the odds are far too skinny for your liking, be prepared to seek out value elsewhere. Whilst you should believe in your own choices, don’t be stubborn and refuse to change them if conditions demand.
9. Stay calm
When betting, it is easy to increase your stakes when you are on a run of winners or to chase losses. One of the quickest ways to failure is to double up bets when you are on a losing streak.
Stay in control of your staking and remember that there will be more opportunities tomorrow, the day after and all days after that.
10. Have fun
Racing is enjoyable and so you should keep your sense of humour and your composure and keep your sense of humour. Having fun will help you get the most out of your racing betting.