27 Jul 10 An Introduction To Horse Race Betting
One of the reasons that the popularity of sports gambling has skyrocketed in recent years is its accessibility. It’s easy to bet on most major sports because everyone understands the basics, which teams are good and why they win. Horse handicapping, on the other hand, is a completely different and somewhat arcane discipline. Where there are some shared concepts, success at sports betting doesn’t guarantee the same playing the ponies. Legendary sports handicapper Jimmy ‘The Greek’ Snyder was famous for killing the books with his sports plays–and giving it all back with his inept horse bets.
Were not going to suggest that the information here even scratches the surface of what you need to know to become a serious horse handicapper. There are countless books, DVDs and other media that you should check out if this is your goal. If you’re interested in simply knowing the basics so that you can enjoy a day at the track, here are some basic concepts of horse handicapping:
Do your reading: When you arrive at the horse track you should purchase a copy of the Daily Racing Form (DRF for short) and the track program. The DRF is basically the ‘bible’ of horse race handicapping, and offers morning line odds, horse, trainer, jockey statistics and information on each race at every major track across the country. The track program offers similar information for that individual venue, often in more ‘user friendly’ form.
You’re not playing against the house: One thing to keep in mind when playing the horses that is drastically different from sports betting is that you’re not playing against ‘the house’, you’re playing against other betters. The track just accepts and pays bets, taking out a cut (called the ‘takeout’) for their services. The track odds are determined by the money bet on each horse. Long odds on a horse doesn’t necessarily indicate a ‘bad horse’ but just one that for whatever reason isn’t attracting bettor interest.
So where do the odds in the newspaper or program come from? The so-called morning odds are basically educated guesses as to where the wagering will go. Its roughly analogous to overnight lines in sports gambling. They can be helpful as a guideline, but may or may not be indicative as to how the actual wagering will go.
The Basics of Handicapping: Even expert handicappers approach the sport differently and, like his sports gambling counterpart, may place greater emphasis on the importance of certain data than other handicappers. Some handicappers place a great deal of weight on a horses past performances, including the quality of opposition hes run against. Others place greater value on recent workouts, and still others go to the paddock to eyeball the horses and try to determine which ones are ready to run.
Once a handicapper gets an idea what will happen in the race, he has to factor the available odds into the proposition. A favorite may be an unattractive wagering prospect due to a prohibitively high price, while a long shot may be a good wagering value based on a high potential payback. It all boils down to wagering value, which is simply a matter of doing a math. Teaching the youth of America solid math skills is crucial for no other reason than to help them gamble effectively and profitably.
Trainers and breeding: Some handicappers prioritize a horse’s breeding background–considering his bloodlines and the competitive quality of his parents and grandparents. Then training must be considered–a good trainer can often get a horse to ‘over perform’ much in the same way a good coach can get the most out of his team in sports.
Jockeys: Jockeys are independent agents, and thus to make the most money they need to win the most races. The more a jockey wins, the better ‘rides’ he gets and the more money he makes. Surprisingly, many serious horse players put minimal importance on the jockey. It’s essentially a case where even the best jockey can’t win with a bad horse. In other words, if a jockey is seen as ‘competent’ there are many other more significant factors for the handicapper to consider.
Dedication and Discipline: There’s not a set formula for successful horse handicapping, so try different things and find what works for you. And, as always, don’t go overboard with the money you wager and particularly until you get a feel for what you’re doing. If you’re interested in learning more, check out the Daily Racing Form website.
Ross Everett is a experienced freelance writer experienced in travel, casino gambling and sports handicapping. He is a staff handicapper for Anatta Sports where he is responsible for providing daily free sports picks. In his spare time he enjoys fine dining, flower arranging and deep sea diving. He lives in Southern Nevada with four dogs and a pet coyote.
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