Horse racing is the 2nd most popular sport to bet on in Australia, but not many people watch it. The truth is that horse racing is not appreciated for the thrill of the sport itself, but most people watch it because they want to bet on it.

Being a beginner, you should never rush into placing bets without considering the odds. Betting strategies exist for a reason. They can provide instructions you need to follow to maximise your profits.

This article will mention six tips for enhancing your horse racing sports passion and making good decisions when placing bets online. 

6 Strategies to Take Your Passion for Horse Racing to the Next Level

1. Do Your Homework!

Thousands of people bet millions each year on horse races, but only a small percentage of those people research before deciding which horse to bet on. Just glancing at the horse racing form before placing your bet can significantly increase your chances of winning.

Here’s what you should look out for on a horse racing form:

• The time and location of the race and the distance of the course at the top of the form guide.
• The organisation of horses by the number that they wear during the race. There might be a number in parentheses that indicates the horse’s draw (starting position in the stalls) at the right of their number. 
• Specific information about each horse, including its name, colour, gender, and lineage in the fourth column.
• Names of the jockey and the horse’s trainer.
• The official horse rating.

2. Find the Right Racebook

If a punter or a horseplayer does not have the right platform to place wagers, they will be lost. One of the most critical aspects of getting a higher payout is using a reputable and dependable bookmaker. 

Using the right bookmaker, along with discipline and the thirst for value, can lead to a fun experience of earning more profits. For this reason, we recommend using Palmerbet, Australia’s top bookmaker for online betting. Palmerbet has been in the Sydney betting ring for more than 30 years and is committed to offering a fun, fair, engaging, and interactive experience to all punters. 

3. Know Your Odds

Depending on where you are located and the race that is taking place, you can express your odds in two forms:

• Fixed odds betting: Many online horse racing betting sites use the fixed odds system where the payout for a winning wager is agreed upon at the time of bet placement. This payout does not change. 
• Parimutuel betting: Some online betting sites also offer Parimutuel betting. This betting style is controlled by a ‘tote’ system that takes all the money in the betting pool into account and determines the odds of winning bets based on weight of money. 

4. Jump into Exotic Pools

When you cannot find value in the traditional pool, you should look for value in the exotic pools such as daily double bet and exacta. The rates are usually lower for these than for riskier exotics like Pick 4’s and Superfectas.

Most traditional and online tote boards notify punters regarding the presumable payoffs for each sequence in the daily double and exacta pools. This can provide vital information that will allow you to look for combinations that offer value and skip combinations that seem to be underlays.

5. Bet on Various Races (But Not All!)

The best way to take your sporting passion to the next level is to bet on different kinds of horse races.

Flat racing is the most popular competition where horses run on a flat track for 1 to 3 miles.

There are hundreds of horse races that you could potentially bet on and while betting on more races raises your probability of winning, please do not place a bet on every single race. This will make the experience less enjoyable and leave you bankrupt. 

6. Manage Your Money

Before you begin betting, check your financial situation. Make sure that you have set aside enough money for your personal expenses. Once you know how much money you will have leftover, think about how much of it you are willing to risk. The amount that you are willing to risk is your bankroll. 

Put your bankroll into a different account or keep it as cash to increase the likelihood of not spending more than you have. If you start with a restricted cash supply, you will be less likely to overspend!

You also need to decide how much you are willing to pay for each stake. If you decide before time, you can easily withstand the temptation to bet greater amounts later on. 

Final Thoughts

Horse racing betting systems will not allow you to defy the odds magically. These systems are designed keeping in mind numbers and data to circulate the betting market logically. Using the strategies mentioned above, you can refine your selections, improve your chances of making more money, and take your sporting passion to the next level.