There are few more popular sports to place a wager on than horse racing. It is one of the most followed sports across the planet, with extra attention placed on races such as the Grand National, Breeders’ Cup Classic, and the Kentucky Derby.
It is one of the few sports that can engross casual fans to the sport, as they can immediately feel closer to the action by placing a bet on the world’s most prestigious races.
However, what are some key tips that newcomers to the sport should follow to ensure that they don’t overspend when making their first bets?
1. Start Small
Usually, newcomers are brought to betting on horse racing by those that follow the action religiously, and they are typically inclined to follow the experts with their stakes and selections.
However, newcomers should avoid making this mistake, and only bet on the selections that they wish to make and with smaller stakes than the experts do.
Novices should learn the ropes themselves to ensure that they are confident betting when they aren’t around experts, and the best way to do that is by wagering small, before later increasing the stakes of their bets.
You should do some research first, on expert websites such as this one: edge.twinspires.com/racing/.
2. Avoid Trying To Win Big Immediately
There has been no shortage of fairytales when it comes to horse racing betting in terms of players winning huge amounts of money. However, the chances of landing a big parlay are extremely unlikely, especially if you’re a newcomer to the sport.
Therefore, you shouldn’t try and chase a big win from your first day betting on horse racing, and instead, you should focus on trying to win one race at a time, before trying to explore the option of creating a multi-horse parlay.
Parlays are incredibly difficult to land, as there are so many factors that should be taken into account in order to get three or four winners from different races. As a beginner, you should be focused on going race-by-race and enhancing your understanding of the sport.
3. Set A Budget
A key factor that must be considered is budgeting. This isn’t just for newcomers to betting on horse racing, but also experts. The latter will tell newcomers just how important budgeting is when it comes to claiming substantial returns. Bettors should set aside the amount that they wish to play with, and shouldn’t go above that under any circumstance.
Breaking your budget comes with a lot of implications, mainly that you have overspent and you may be looking to chase your losses, which is never a solid strategy when trying to gain returns betting on the sport.
Setting a budget is one of the most important tips to remember to ensure that you don’t overspend when you start placing bets on horse racing.
4. Research The Races and Horses
The best way to ensure that you don’t overspend when betting on horse racing is by accurately researching each race on the card and the horses involved.
This will help ensure that you only bet on a selection that you feel has the best chance of claiming victory, and can also help you rule out selections that you feel won’t claim success.
This is an important part before betting on every race, but it is especially important if you are looking to place a wager on the exotics markets, such as an exacta or trifecta.
These types of bets are the most difficult to land winners, as you will need to study all potential pace angles in the race, before finally landing on the selection that you wish to make.