Betting on horses is a tough game for anyone. This includes the professional handicappers that do it for living. The recreational bettor who makes a few bets a month at an online racebook also has to be smart to avoid losses. EZ Horse Betting has identified some common flaws among horse bettors that can dent the betting bankroll. Here are the top five reasons people lose money betting on horses.
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1 – They Are Not Prepared to Make Horse Racing Bets
A lack of preparation is the number one reason that bettors lose money at the race track or online racebook. They have not studied the races, analyzed speed figures, or watched replays of horses in action. Preparation is vital for anyone that want to make money betting on horses.
We have seen people at the live race track that do not even have a program or a Daily Racing Form. How are these people choosing horses? Most of them do it by looking at the tote board or by picking a lucky number. Some of them just like a horse’s name. This will cause you to lose far more bets than you will win.
2 – They Listen to Horse Racing Touts
Have you ever been to a live race track and ran into someone that has a hot tip on a horse? These individuals will gladly share their information, often for free. No one really knows why a horse racing tout does what they do, but we do know that they are wrong almost all of the time. Don’t listen to them.
The same thing can happen when you start betting horses online. You will have friends or family members that will tell you that they have a sure thing. They will try to convince you that the horse you have chosen is not the one that will win the race. A lot of times they can be convincing enough that you will drop the horse you like in favor of theirs. More often than not the horse you originally liked will do better.
3 – They Bet Too Many Races
When someone attends a live race track or bets at an online racebook they are often overwhelmed by the number of races there are to be. They mistakenly think that they are obligated to bet on every race offered. There is no rule in horse racing that says you have to bet on a certain number of races each day, or even that you have to bet at all.
Not all races are good betting opportunities. Some of them are races that should be passed by the bettor. Maybe the horses in the race are all cheap claimers who show very little distinction in their racing ability. Maybe it is a stakes race that is just too competitive for you to handicap. Whatever the reason, you will lose money in the long run when you are betting on too many horse races.
4 – They Don’t Have Enough Money to Bet
To make any kind of bet you have to have a bankroll. A bankroll is the funds that you have set aside for wagering. These funds should not be allocated for anything other than horse race betting. You definitely should not be taking money that has been earmarked for other expenses like rent or food.
Before you bet you should have about 50 times the minimum bet that you will be making. That means if you are planning on betting $2 you should have $50 in betting money. This will allow you to make many bets without the risk of going broke. The secret is to stay in the game. There is always another horse race to be somewhere down the road. You can only bet on it if you have money.
5 – They Gamble Too Much
You can talk to almost anyone on the race track and they will tell you that successful betting on horses means avoiding the urge to gamble. By gambling we mean betting on horses when you have a hunch that a horse will do well or because someone told you something about a horse in a race. All your bets at the race track should be made when you have a solid opinion about which horse is going to win.
If you want to gamble that is fine. Save it for the slot machines at an online casino. If you want to win money betting horses, discipline yourself to bet wisely in all cases. Study. Manage your money properly. Learn from your betting mistakes. This is how you win the game of horse racing betting.
Other Reasons People Lose Money at Horse Racing
We should perhaps include here a few other reasons that people lose money at horse racing. The first one that we will mention is something known as a leak.
At many live race tracks and at many online racebooks there are other gambling games available. You might find that your favorite track also has a casino with slot machines. The online racebook you use might be part of a larger online casino that offers all the games you could ever want. It is very easy to play these games while you are waiting on the next race to begin.
A leak is when someone takes the money that they have won at horse racing betting and loses it at another gambling game. Perhaps one of the most famous leak stories involves professional poker player T.J. Cloutier. He was one of the most feared poker players in the world at one time, winning the World Series of Poker. After that career milestone the poker pro started to tumble down because of his fondness for the game of craps.
T.J. would take the money that he won playing in high stakes cash poker games and leave the casino, passing right by the craps tables as he went. It wouldn’t take long before Cloutier had lost all of his poker winnings. Other poker players such as Phil Ivey have also spoken of gambling leaks that cause them to lose money.
Horse racing bettors can have leaks, too. They might like to play a few slots before logging out of their racebook account. There is nothing wrong with this, but when they begin to lose on a regular basis there is little chance that they will make money betting on horses.
A final reason that people lose money on horses is greed. Greed is the downfall of many successful gamblers. When a person is greedy they want to always win more. If they win $100, they want to win $200. If they win $300, they want to win $1,000. This greed causes them to chase profits when they should learn how to take a win and go home. If you are lucky enough to win big at horse racing, take your profits and celebrate with a drink. Those days come few and far between.