An Introduction To Horse Race Betting

Sports gambling is a popular pursuit because everyone understands the basics of how teams win and lose and why. Horses, meanwhile, are an entirely different animal”no pun intended. It is a complex discipline unto itself, and a sound background in handicapping sports doesn’t insure success, or even mediocrity in handicapping the ponies. In fact, the history of sports betting is replete with successful gamblers that had a weakness for horse betting, with an emphasis on the word weakness. Most notable, perhaps, is the former resident handicapper at CBS, Jimmy The Greek Snyder. The story goes that The Greek was a first rate sports handicapper, but he couldn’t pick the winner of a one horse race when playing the ponies. The bad news for The Greek is that he enjoyed playing the ponies nonetheless, and often frittered away the money he won at the other end of the sportsbook.

Below are some very basic concepts that you need to know to enjoy a day at the horse track. This information doesn’t even scratch the surface of what you’ll need to know if your goal is to become a serious horse betting devotee. If that is the case, you’re best advised to check out one of the many theoretical books devoted to the subject.

Reading in Fundamental: The first thing you should do when you arrive at the horse track is to purchase a track program and a copy of the Daily Racing Form. The Daily Racing Form (or DRF for short) is the Wall Street Journal of the horse handicapping set. The track program will offer much of the same information about the specific track, but is frequently in a more user friendly format than the often arcane DRF. The basic stats you’ll find in these publications are the names of the horses, jockeys and trainers, the morning line odds, and the types of bets available for each race. You’ll also have past performance charts, which are the bread and butter of serious horse handicappers. These charts reveal a lot about a horse and what they’ve done on the racetrack, including its record, where it ran, the quality of competition it ran against, and what position the horse was in at various points in the race. Most tracks have customer service types that are helpful in clearing up anything you don’t understand. While asking the personnel in a sports book who they like isn’t a wise idea, its OK at the track for a reason well now discuss”you’re not playing against them.

The House Doesn’t Care Who Wins: One thing that is important for the sports bettor to remember when playing the horses is that its a parimutuel situation. In other words, you’re not playing against the house, you’re playing against the other bettors. The track just facilitates the betting and acts as a middleman, handling the money for a fee (15 to 25 percent of the parimutuel pool). Another difference is that the track odds are determined by how much money is bet on each horse. If everyone bets on one horse”whether it is the best horse, or just has the catchiest name”it will go off as the favorite. Long odds on a horse doesn’t necessarily indicate a bad horse, but just one that the wagering public isn’t investing in. Sometimes this can be one and the same, but not always.

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.

Training and bloodlines: Handicappers often focus on a horse’s breeding lineage, considering the quality of the bloodlines and the racing pedigree of his parents and grandparents. Others put great focus on a horse’s trainers. An ‘A-list’ trainer can often get the most out of a horse much in the same way an elite level NFL coach can cause a team to ‘over perform’.

The Jockeys: In the simplest terms, jockeys are independent contractors and thus to make money they need to do well. In theory, a jockey wants to get on the best horse possible in each race to maximize his chances of winning. That also results in sort of a chicken and the egg conundrum–are the horses winning because the best jockeys are aboard, or are the best jockeys merely adept at getting on the best horses? Most serious horse players look to the jockey as a secondary consideration. Its sort of a situation where a good jockey cant win with a bad horse, but a bad jockey can cause a good horse not to win.

Find your own style, and maintain discipline: Basically, there’s not a ‘right’ or ‘wrong’ way to handicap a horse race. Figure out what works for you, and develop and refine your own methodology. As in any form of gambling, don’t bet more than you can afford to lose and in particular when you’re starting out there’s no reason to be making big wagers. If you want to learn more, there’s a number of good internet resources including the Daily Racing Form website.

Ross Everett is a experienced freelance writer experienced in travel, casino gambling and sports handicapping. He is a consulting handicapper for Anatta Sports where he is responsible for providing daily free sports picks. In his spare time he enjoys fine dining, fencing and deep sea diving. He lives in Southern Nevada with four dogs and a pet coyote.