Horse racing has always been incredibly popular, so it is named the sport of kings. It’s no surprise, then, that the horse betting industry is one of the biggest in the world.
Because of this, many people are trying their hand at horse betting for the first time every day, and you might be one of those people. So, if you want to get a leg up on the competition and begin your horse betting journey with more winning bets, this article will help you. This article will look at five common mistakes beginners make when horse betting.
Betting at One Site Only
The first mistake you should avoid as a beginner to horse betting is betting only at one site. Different horse betting sites will provide different odds for the same race. In other words, you could make a bit more at one site than another for the same bet on the same race.
In addition, British Racecourses actually recommends using bet builders. These allow you to make multiple personalized bets with just a few clicks, saving you a lot of time and enabling you to increase your earnings quickly.
Not Doing Research
One of the biggest mistakes people new to betting make is not doing research. Research is the backbone of a good bet since it is the only way to find as much information about what could affect the race’s outcome. At the end of the day, while it is true that there are too many factors to research, there are a few that are necessary to make an educated bet. For example:
- How much training the horse received;
- How often the horse wins;
- Which races it wins most often;
- Who the jockey is.
There is, of course, more, but these are a few of the most important.
Researching Only Horse
The mistake above actually leads to the next mistake on this list, which is only researching the horse. When beginners make bets, they seem to think that the horse is the only thing that needs to be researched. However, there is a lot more to it than that.
For example, you need to research the jockey; some jockeys have higher win rates when riding specific horses or races. The horse’s trainer also plays a significant role in the bets you should make. Some trainers seem to produce more winning horses than others, so knowing who trained the horse you plan on betting on is essential.
Betting Early
Betting too early is another common mistake many people make. While this tip generally applies more to in-person betting, it can also be applied to betting online. Betting early is a problem because you can only get a real sense of the odds and the bets other people have made closer to the race.
The more people that bet on the same horse as you, the less you will get paid. For example, you might have picked the underdog just as bets opened. But for some reason, everyone decided to bet on that horse. If that horse wins, you and everyone else will have reduced winnings.
Not Having a Bankroll Management System
Of all the mistakes you should avoid and of all the mistakes that are the most common, not having a bankroll management system is probably one of the biggest. It’s important to remember that horse betting is a form of gambling where the profits will only be seen in the long run. This is because the winnings you make per bet aren’t that big and require multiple smaller wins to accumulate a profit.
So, if you aren’t using a bankroll management system, you will inevitably blow through your bankroll, and you won’t be able to bet over an extended period.
As you can see, people make quite a few common mistakes when betting on horses. For example, they could be ignoring the research they should be doing, only researching the horses, betting too early, not betting efficiently using bet builders, and more. Hopefully, after reading this, you can identify common beginner mistakes and increase your winnings.
Come check out Belly Up Sports on Twitter for more sports and entertainment news and content.
