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Background of betting on horse racing
Since humans began to realize the relatively high speed and ease of domestication that horses present, there has been a real fascination with this powerful creature. Horses have provided close company to great kings and noble men it times past and are intertwined within the history of most cultures whose history can be reliably documented today. Granted that in times past, horses were associated with the elite of society and were a status symbol then. Horses still remain quite expensive today to buy and/or maintain and are not within the reach of the ordinary person. Actually in recent times, horse ownership is sold in a manner akin to selling shares in a company. Thus, one can but a tenth of the share in terms of value of a particular horse and earns a return from that. These ‘part-owners’ share in any ‘dividend’ that the said horse obtains.
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Though the actual participants at horseracing fields (that is, the horses) have largely remained under the ownership of the high and mighty in society even today, the sport now attracts large crowds drawn from all walks of life. In Australia, horse racing functions are huge events. It would have been easy to conclude that the attraction stems from a love for the game but that would not be accurate. Rather, one of the biggest motivating factors for persons that follow horse racing is the betting side. Where compared to other sports, horseracing fields usually attract the highest number of wagers in the year. An excellent example of this is the Melbourne Cup. While the race draws in a massive amount of spectators, Melbourne Cup betting has become just as popular for people across the nation. In fact, it is predicted that over 75% of Australian’s make a bet on this race. What makes it accessible for all is the low minimum value of bet that one can place on a race. What’s more, in a country such as Australia, each bet you place does not go to waste. TAB, which coordinates a large proportion of betting that takes place in Australia, has a policy that ensures that a proportion of each bet placed goes back to support the sport it was placed on.
Spread of event venues
In earlier times, horseracing tracks were sparsely spread out. Nowadays, you can never be too far from a horseracing track. There are many racing venues spread out across the country. Those that are in and around the country’s larger cities such as Melbourne and Sydney of course have a larger number of events throughout and attract the biggest crowds thanks to their proximity to a large population. Bookmakers at these venues experience robust business because in horseracing, large crowds mean more wagers and that is equal to more business and possibly profit. One must always keep it at the back of their minds that the bookmaker’s are in business and their ultimate aim is to make sure they return a consistent profit. However, now that we know the bookie has covered his end of the ‘business transaction’ that a wager is, how does a punter raise the likelihood of winning?
Impact of climatic conditions
One of the things you need to look at as you place your bet whether you are going for a simple bet, an exacta or any other type of wager, is to understand the climatic conditions common to the area, the weather expected and the impact on the horse racing fields. This important because different horses have a different track record depending on weather conditions. To best address this, for punters are advised to assess the horse racing fields in the events they are looking at placing a bet on and determine whether any of the horses seem to attain the best results in dry or wet conditions. Once this is done, you as the punter can then start to pick out the horses that do well in dry or wet conditions depending on what the weather will be on the race day.
Type of ground
Similar to the weather, the type of ground that horse racing fields are subjected to also plays a key role in identifying potential winners. Whether the ground is dirt, grass or artificial turf, there are horses that will consistently demonstrate strengths on certain grounds but come out not so well on other types of tracks. Picking out this information may seem overwhelming at first. However, there are websites that provide this and other form of key data free and thereby can provide guidance to punters on where the chips are likely to fall at the end of the race day.
Guard against sentimentalism
As you place your bet, guard against sentimentalism. In other words, do not get too attached to any racehorse, jockey or trainer in a way that would cloud your judgment and prevent you from selecting a horse that will offer better odds for your bet. This is a very real possibility especially when dealing with a horse you have bet on before and that came out on tops and resulted in you winning some significant amount of cash. A winner today is not necessarily a winner tomorrow. The good thing is that relying more on statistics and key predefined set of traits to guide every betting decision you make can act as an effective shield against sentimental betting. Taking a structured approach to pick your bet will definitely increase your chances of a win. That said, you can never completely rule out gut feeling from sports betting so give room for that as well. The important thing is to avoid going overboard on either side and missing out on a very real opportunity to lockdown a winning bet.
Checking the win rate of each horse
Finally, have a look at the win rate the horses in each of the horse racing fields you would like to place bet on. This is a very key statistic as it helps you to see how consistent in terms of performance each horse is. Keep tabs on the type of event that the horse scored highly while taking note of the level of competition faced. This will help you rationalize where for example, you may have a horse having very many wins chalked up but that took place against weaker competition than the event you are placing a bet on.
