With sports betting now more straightforward, transparent, and encumbered with choice than ever before, it makes nothing but sense that there will be more customers than ever looking to place bets on sports from football to fencing, and from hockey to horse racing. Indeed, equine events have been more strongly linked to the gambling game than any other form of sport, so it’s no surprise that many a greenhorn will place a bet on horse racing from time to time.
While there is supposed to be a certain element of fun to betting on any sport – and you shouldn’t partake if the end result is going to leave you feeling bitterly angry – it is also something that should be taken seriously. If you want to enhance your chances of winning, it is wise to avoid some pitfalls that novice bettors make when placing money on a horse race.
Don’t be distracted by a favorite or a popular horse
All of the greatest horses lose occasionally. Seabiscuit himself only won ten of his first 40 races, and it’s an inescapable fact that favorites lose all the time. Certain horses become popular with spectators for a range of reasons, from a majestic running style to a distinctive look – the British racing community has long had a love of grays that has led to horses becoming household names. For a novice bettor, the temptation will be to pick a horse with whom they are familiar, or who is beloved of a large audience. Paying close attention to the form is a much better idea than picking the big name.
Don’t spread your attention too thin
Online bettors often have the chance to use bonus bets on a number of events, and given that these bonus bets can expire, there will be the temptation to use them quickly. The best online gambling sites make it easy to place bets on your chosen horses, but it’s worth holding fire and using each race as a learning experience. If you place a lot of bets at once, your strategy for choosing those bets may turn out to be flawed, and you can stack up the losses without any chance to change course. Place one bet, watch the race, and see how your hunches hold up. Then place another bet once you’re happy with your strategy.
Don’t chase losses or ignore your bankroll
It’s easy to deposit in a betting account, and easy too to be seduced by the idea that a losing bet needs a winning bet to balance it out. You should start any stint of betting with a fixed bankroll: a certain amount to bet in one day, or across a week or month. And once you’ve fixed that, you should stick to it. If you win a bet, you can reinvest that money in your bankroll or enjoy the windfall, but what you should never do is chase a loss. Your bankroll should be specifically drawn from money that you can afford to say goodbye to, because you can never guarantee a win. Betting ceases to be fun when you need a win, and knowing when to step away is essential. Of all the rules to follow, this is the most important one.