Bad Habits to Avoid When Betting On Horses

Plenty of people bet on horses based on odds. Whether you’re betting on the Triple Crown Series or the Pegasus World Cup 2021, it’s no doubt that the odds are significant factors when betting. Some pick based on the names they liked. While others loosely choose based on other's preferences. A solid strategy is what you need if you don't want to lose money on these races. Most importantly, it would help if you break terrible habits when it comes to horse betting.

You could never tell how worse one’s habit is until you see the magnitude it creates. The good thing is that you can correct any lousy betting.

Here’s a list of several betting mistakes race bettors make. If you have any of these bad habits, it’s best to avoid them as much as possible.

You Are Not Playing Because The Odds Are High

Not playing because of the high odds is a rookie mistake. Instead, find which horse is paying high odds, and then compare it to others. Betting should not solely depend on the odds.

If the odds are similar across other boards, there is a greater chance that it is a value bet. In short, bet at a higher rate based on the information you've gained from checking the horses.

You Are Not Considering Alternate Pacing

Anything is possible in racing. You should reserve a probability for anything that can go wrong. Remember, some horses have a significant early-speed advantage, but they do not win all the time.

There are several factors that the race doesn’t end as you have predicted. Always consider other possible outcomes and which horse may benefit from different pacing.

You Are Ignoring The Paddock and Post Parade

Checking the paddock and post parade is challenging, especially right now that most of us aren’t at the track to bet. We won't get to see the horses in the paddock. Most of the time, we can only see them at a distance from the post parade.

What you can do is have a keen eye and be critical with your limited visuals. You might catch something that will either strengthen your decision or sway you from a horse that doesn’t want to race.

You Are Indecisive

The best bettors always stick to the plan! Avoid being indecisive, and be confident with your decision once you have enough research. Never change your mind once you're at the window. You might face some regrets when you are confidently planning to bet on a horse for the past week, only to change your mind when you're placing your bet.

You Are Playing On Too Many Tracks or Playing On Too Many Races

Betting on horses requires a lot of factors. You'll have to check their previous race performance, training, or any significant events. It would help if you also were at least 90% confident in playing a race. If not, don’t play it.

If you're betting on too many tracks or playing too many races, would you have enough confidence that you're making the right decision? Would you have enough time to check and consider all these horses and other factors?

In reality, you can't. So, avoid spreading yourself too thin. Focus on one or two significant race tracks. Remember, quality is always over quantity.

You Have Poor Money Management

Let's say you've won a race. But, are you going to burn your winnings in the next races? If you lose, would you increase your bet amounts?

While there is no actual calculation on how much you should exactly bet on every race, you start by limiting your betting amount to a percentage based on your confidence level in that race. By being responsible for each dollar you gamble, you will be more conscious of each wager you place.

You're Making Last-Minute Bets or Betting Too Early

If you want to play, avoid making last-minute bets or betting too early. Always remember the sweet spot in placing your bets.

The amount of money bet on each horse is where they based the odds and payouts. The odds on each horse shift as changes come in. Early odds might offer a good value, but the odds might significantly change when all of the wagers come in. There could be little to no cost on the horse.

Thus, have as much time to get bets in. Doing so will give you an idea of the odds you’re going to get when the race starts.

But, you should also avoid placing your bets too late. It's irrelevant if you are overly confident with your chance but can’t get the bet set. Have enough time to consider the lines you have to go through or emergencies that might arise. You are risking your chance by getting shut out at the windows because you are late placing your bets.

You Are Ignoring Other Factors

Novice horse racing bettors only focus on the horses. While it is crucial to understand horses based on their abilities, you also need to know other significant factors that affect the race.

Other vital things to consider are the horse's previous race and time, the jockey's last race and time, and their results when they are together. It would help if you also were looking at the jockey's experience and the horse's pedigree—lastly, the track condition and weather of the current and past races.

Takeaway

Each race is a learning experience. Aside from recognizing these bad habits, it is also essential to do a post-mortem to check what went the way you anticipated and what didn’t.

Regardless of how you evaluate your accomplishment, you need to learn from every race and adjust your habits accordingly. If you want to win, discontinue your bad habits. With some focus, effort, and research, you will soon become a better bettor!