The Queanbeyan Age

The do's and don'ts of horse race betting

The do's and don'ts of horse race betting

This article is in partnership with Neds.

When it comes to horse betting, a lot of it has to do with luck. But it also takes a lot of strategy and planning. You need to know about the sport and about sports betting as well, having as much knowledge as possible will ensure success!

Take a look at our do's and don'ts when betting:

Betting on horse racing: Do's

Research

It can be very tiring and time-consuming, but it is crucial. Gather a lot of information and use it to judge and formulate an opinion on the horses you've picked.

Research the horse's history, its condition, the horse's record, and performance. The research will lessen the possibility of losing and will allow you to place higher betting odds.

You'll be making money and improving your skills. What a win!

Vary your bets

Most bettors will only go for straight bets, sometimes it will work to your advantage to look at different betting types and options. Some may be risky, but the payouts will be worth it.

Stay updated

Make use of online betting sources to stay up to date on the latest betting odds. There are tons of websites that have up-to-date odds on horse racing.

The Australian Oaks are a big Group 1 race that take place every April - check out everything you need to know about this years Australia Oaks here.

Keep record

Track your wins and losses from past races. Make sure you track the race date, type of race, and condition of the race track. Use all of this to see where you went wrong or what you did right.

This can help you make more money in the future. A record log will help you identify patterns.

Place different wagers

You can bet on numerous horses in one race. The more bets, the more wins. You mainly get straight wagers and exotic wagers.

Understanding the types of betting will help, straight bets are a win, place, and show.

Exotic bets are more challenging and more expensive, but if they are done right, you'll reap the benefits.

Betting on Horse racing: Don'ts

Blind bets

Sometimes you'll need to pass up some horse races. If you don't know enough about a particular race or the horses, don't just start betting.

Rather skip out on this to avoid losing all your money, blind bets are not a good idea. You cannot rely on luck.

Bet everything you have

Have a separate bankroll for your horse racing bets. Don't wager all your money at once.

Be selective when it comes to horse betting. Some punters will bet their entire bankroll, this will lead to multiple problems. So it is extremely important to be smart when placing bets.

Ignore the details

There is so much to consider in the horse racing world, never just place bets on any horse.

Consider the behaviour of the horse, the history, and all the information you would have obtained from your research.

Some tips

It doesn't matter how experienced you are, it is always a good idea to follow tips from professionals and to implement strategies so that you can improve your odds and get the best out of your betting experience.

It is best not to listen to what others have to say at the track, many horse racing fans and bettors believe that they know a lot, but rather stick to the statistics and the facts.

The jockey is as important as the horse, they are taking part in the same race. So do a fair amount of research on them too as they also play a role in whether the horse wins or loses.

Research their history, as well as their experience with that specific horse and the track they will be racing on. Is it their first race? It's important to consider these factors.

Note that not every track is the same, from the surface to the length and this can affect the horse.

So always remember to do all the research and gather all the information you possibly can before placing your bets.

Weigh and manage the chance, risk, and logic. Mastering the principles of any betting system will really benefit you. You just need to know the rules, how to play and how to minimise the risks.

FAQ

What is the best way to bet on a horse race?

First, know that there are no certainties. If you're a beginner start with bets that have the lowest risk.

How does online horse race betting work?

It is simple, will need to join a betting site and deposit some funds. Once you have done this, you can look for races that you'd like to bet on.

Gamble responsibly. Contact the Gambling Helpline for free and confidential support, information and counselling on 1800 858 858 or visit www.gamblinghelponline.org.au.