There are many gamblers who want to turn a quick profit. The truth is that getting rich quick gambling on horses or casino games is a difficult feat. The odds are just too much in the house’s favor for casino games, and horse racing involves a lot of so-called racing luck. Even so, we get emails from our EZ Horse Betting readers that want to know how to turn $5 into $100 at the race track.
Looking for an Online Racebook? We highly recommend this one!
We have a few suggestions that might be helpful in building a large bankroll from virtually nothing. Before we give those to you we want to point out that a lack of betting capital is what sinks most bettors. It is often better to wait until you have more betting money than it is to take $5 to the horse track.
Starting with just $5 at Horse Betting
There is a reason why we chose the amount of $5 for this article. Some online racebooks will give you free bonus money when you sign up. The amount might be $10 which you can use to bet on any races that you like. Instead of spending the whole $10 right away, split it in half. That way you’ll have two chances to earn that $100.
Let’s point out the obvious in this case. You are going to have to win several bets in a row most likely to turn $5 into $100 at the race track. The odds are against you. Even if your handicapping is perfect, the chances that you will guess correctly three, four, or five times in a row aren’t very good. As we will see, some bets will reduce the number of wins you need to make in a row to get to $100. Others will require many wins.
Why would anyone that is serious about betting on horses at an online racebook or live track attempt such a thing as this? The answer is that most would not, but this can be a fun exercise for the recreational bettor who just wants to go to the races and have a good time. That’s who we recommend the following strategies for.
Method 1 – A Win Parlay
This is one of the few methods that will allow you to lose the first bet in your sequence of wagers and still have a chance to make $100 from your starting $5. A win parlay begins with making a straight win bet on a horse that you have chosen. If that horse wins you take the entire amount that was returned to you and bet it on another horse to win. This continues until you reach your $100 goal or you lose just one bet.
Here’s an example of how a win parlay works. In Race 1 you bet the entire $5 on #2 to win. The horse wins at odds of 2-1. You now have about $15 thanks to the track takeout. In Race 2 you select #5 and bet the horse who is offered at odds of 3-1. This horse also wins. You now have $45 in winnings plus the $15 you wagered (remember, a little less because of the takeout) for a total of $60. In Race 3 you wisely bet $20 of your money on another horse that is paying 2-1. This horse also wins and you have now turned $5 into $100 at the race track.
Doesn’t that sound great? We think so, too, but if it were that simple then everyone would be doing it. Hitting a win parlay is a stroke of luck. Your selections have to be spot on every time. With that being said, there are some things you can do to improve your chances of winning the bet.
Try to involve as few races and as few horses as possible. In the above example we used just three races to achieve our goal of making $100 from betting horses. Even better, we didn’t use any horses that were offered at odds of more than 3-1. That likely means we were taking less of a risk than we would have been if we were using longshot horses at odds of 6-1 or more.
Remember, the more you get returned to you on each bet means that you can possible achieve your goal faster. You will also notice in the above example that we only bet a portion of the winnings on the final race. You can also do that if you build up your profits, but a true parlay is win or bust. That means that you bet everything on each race. One loss and you are out of contention.
There is one good thing to be said for this type of horse racing betting. You are only risking $5. If you lose any of the bets in the sequence you still have only lost $5 because that’s all you started with. You can also do parlays with place and show wagers, but it will take you longer to reach your goal.
Method 2 – A Pick 3 Bet
It sure would be great if you could use just one single bet to turn $5 into $100 at the race track. You might be able to do that with a single Pick 3 wager. The Pick 3 is an exotic bet that requires you to pick the winner of three races in a row. It is not always an easy bet to win, but the payoff for the bet can often exceed $100. The amount that you will receive for winning the bet depends on the odds of the horses that you have chosen.
We would recommend that you wager the entire $5 on one Pick 3. If you like you could make two wagers of $3 and $2. At some tracks you could even have five chances if you played a $1 Pick 3. Just remember that the less you bet on your ticket the less your return will be.
So, what is the best way to play the Pick 3 wager? Our preference is to build a Pick 3 ticket around a key horse. This means that one of the horses in the sequence of three races is a horse that you believe cannot lose. This horse is your anchor. You will then pick horses at longer odds to win the other two races.
Now, you can also get creative with a Pick 3 horse racing ticket if you choose to make the minimum bet $1. Let’s say that you chose a key horse in the first race. You could then choose two horses in each of the next two races. The total bet would be $4. It is calculated by multiplying the number of horses that you use in each race. So, 1 X 2 X 2 = $4. That means that there are four ways you can win the bet, and you have four separate tickets.
Spreading out your selections in this way will give you a better chance of winning the bet, but the $1 total wager might not be large enough to get you the payout that you need. That would mean that you would need to bet another Pick 3 with your winnings in parlay fashion.
There are also Pick 4 bets and a Pick 6. We wouldn’t recommend these as they are more difficult to hit than the Pick 3. A Pick 6 win is like hitting the lottery. It requires you to pick the winners of six races in a row. That is almost impossible to do.
Method 3 – A Daily Double Parlay
You can also use a Daily Double parlay in the same way that you did a straight bet parlay in the first method. You will probably need to play just two doubles to turn $5 into $100 at the race track. On average a Daily Double will return about $30 or so. It is a simple bet to play that only requires you to pick the winners of two races in a row.
You begin by playing the first Daily Double and choose two horses to win two races. If this bet succeeds then you bet the entire amount that you won on a second Daily Double. Many horse racing tracks offer a rolling Daily Double on each two races of the card. Some offer two doubles, one at the beginning of the card and one on the last two races.
Other Ways to Win $100 at Horse Racing with $5
There are a few other ways that you can make $100 betting on horses when you only have $5 to start. One of our favorites is to pool your $5 with other bettors to play a Pick 4 or something similar. All of you will choose horses and having more money in the pool means that you can cover more winning combinations.
We think that horse racing is best when you play at an online horse betting site. You can use the free money many racebooks will give you to make your first bets, and you might just be able to make that $100 from a very low starting amount. Choose one of our recommended online racebooks today and give it a try.