Horse racing is a betting sport that can be pursued for entertainment and income. According to Statista, in 2019.
Horse racing odds are the primary tool used by punters to place bets on different horses.
These tips will help you understand how to read horse racing odds to know when to bet on a particular horse in a race.
1) Know the Basics
Before you begin betting on a race, you need to know some basics. For instance, how do horse racing odds work? Here is a breakdown of the terminology used in the industry:
Odds are expressed as either decimals or fractions. The decimal value will represent your return if your bet wins, while the fractional value will represent the payout if you place a bet on the horse.
For instance, if Horse A is currently sitting at odds of 2.10 in a race, this would mean that it will pay $2.10 for every $1 that was wagered should it come out victorious; Therefore, if one were to bet $100 on Horse A, he would receive $210 should it win.
2) Look out for Horse Racing Betting Odds Promotions
Before betting, you should research the odds for the race. You can do this at the track or online by checking out the horse racing odds board in front of the racetrack or on its official website.
Search for horse racing betting odds promotions such as exacta and trifecta, as these tend to pay more than regular bets.
3) Understand How Money Affects Horse Racing Odds
You can use your knowledge of how money affects horse racing odds to increase your chances of winning. For instance, let’s say there is a horse in a race you want to bet on Horse A, but it is already sitting at odds of 2.10.
It means that you will receive $210 if you bet $100 on it; therefore, the reward and risk are equal.
In such a case, you should bet on another horse with odds of 2.10 that is favored by the public or not as heavily backed as the other to increase your chances of winning more money, given that punters are spreading their bets among many horses instead of focusing them on one steed.
4) Use Horse Racing Form Data to Find the Best Odds
For every horse participating in a race, data can help you determine if it has a high or low chance of winning. There are many resources available online that provide this information for free:
You should use this data to find out which horses have the best odds so you can compare them to the odds of those you want to bet on.
Betting on horses is not an easy process, but it can be made simpler when you use the aforementioned tips. You can use these strategies to increase your chances of winning when betting on races. These will help you get the best value for your money.