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.

The information below is the bare bones basics of what you need to know to enjoy a day at the horse track. If you’re interested in becoming a serious horse handicapper, you’re best advice to start with one of the countless books or DVDs that deal specifically with the discipline.

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 playing against other bettors, not the racetrack: A big difference between sports wagering and horse betting is the function of ‘the house’. In horse racing, you’re not playing against the track–instead, you’re betting against the other patrons. The track simply serves as a ‘banker’, accepting money and paying bets. For this service, they take a percentage of the money bet on each race (called the ‘takeout’). The odds on a horse aren’t set by the track, but rather by the amount of money bet on each entry.

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.

Handicapping basics: There are so many different approaches to handicapping horse races that its difficult to even know where to start. Some handicappers emphasize past performance data. Others factor in the results of recent workouts, while others prefer a visual examination of the horses in the paddock.

Once a bettor reaches a conclusion about what he thinks will happen in a given race, it is still subject to the odds that are available when betting. This is similar to sports gambling, where an underdog may be more attractive due to an excessively high payback potential than he would ordinary, or, conversely, a clear favorite becomes an unattractive wagering proposition due to a prohibitively high price. Its all a matter of the math–if I could speak to the teenagers of America, I’d try to impress upon them the importance of doing well in math for no other reason than its importance in all forms of gambling.

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.

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 specializing 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, fencing and scuba diving. He lives in Las Vegas with four dogs and a pet coyote.