Betting shop receiptSee all questions about commodity
My name is Alice and I’m your commodity consultant for today.
You can learn to bet on horses relatively quickly. There are loads of beginners how to guides on the internet, some of which are listed below:
However, the length of time it takes to bet well varies from person to person.
“First and foremost, being successful at betting on horses is NOT, I repeat NOT purely about assessing horse flesh and just picking winners. Horse racing, like investing, is about maximizing return on investment. Personally, on any given day at the track, I could care less about being "right" or just picking winners. Picking winners is easy in many cases. Picking winners whose chances of winning are higher than the odds (percentage chance of winning) the public betting pools have assigned to them is the real trick. Understanding value and what is a good bet versus a bad bet is the key skill in betting horses…
There are basically two equal components to being good at betting horses. Neither one is good without the other.
The first is understanding the game, its rules and how to evaluate horses. For example, does it make sense to bet a filly moving up in class and sprinting for the first time against colts even if she has speed figures 10 pts better than anyone else in the field? Esoteric question right? Well, like any game (Monopoly, Black Jack, Craps, whatever) you need to understand the ins and outs of the game before you can play effectively. If you don't know all the rules, you can't win. Also, you need to be able recognize the qualities of a horse from looking at them from the standpoints of the basics like breeding, form, class, speed, pace, and condition (each of these can be a rather long discussion in and of themselves- Ill leave for another time).
The second skill you need is betting skill. Betting skill basically comes down to money management and knowing how to bet in a way where you can generate the most return. Here is a classic case of poor money management. A fairly standard bet at any US track is the Trifecta and it requires the bettor to pick the correct order of the first three horses in any race. Hitting trifectas is difficult, so if you bet them, you want to make sure they are going to pay. In general, you can bet a trifecta one of three ways: straight (e.g. horses #4-#7-#10 in that exact order), box (e.g. horses #4-#7-#10 in any order 6 combinations), or a part wheel (e.g. horses #4 in first, then either the #7 or #10 in any order for 2nd and 3rd place - 2 combinations)…
Sophisticated players don't worry about being "right," they worry about ROI.”
Source: How much skill is involved in betting on horse racing?
“The key to long term profit in Sports Betting is through Arbitrage. Your goal is to invest as much money as you can with guaranteed profit and 0% risk.
Here's an example of how it works. Hypothetically speaking say the Chicago Cubs were playing the Chicago White Sox tomorrow (I'm a Chicago guy, what can I say), the initial line could look something like this.
Chicago Cubs +120 Chicago White Sox -130
For those of you unfamiliar with "Vegas Lines", it's really simple. Everything is base 100. A + is what you win off of a $100 bet, and a - is how much you need to wager to win $100.
In this example, you would need to wager $130 on the Chicago White Sox to win $100.
Step 1) Watch the lines on multiple Sports Books
The lines will look like this: Book 1 = +120/-130 Book 2 = +120/-130 Book 3 = +125/-135 Book 4 = +115/-125 Book 5 = +130/-140
Step 2) Try to find an instant "Arbitrage".
Look at Book 4 and Book 5. On Book 4 you can buy the White Sox at -125 and on Book 5 you can buy the Cubs at +130.
This means you can bet $100 on the Cubs to potentially win $230, and you can bet $125 on the Sox to potentially win $225.
You're only betting $225 and you have the opportunity to either break even, or win $5. Guaranteed money.
There's a formula too so you can change the wagers to be guaranteed equal profit no matter who wins.
It doesn't seem like much margin, but when you're betting Thousands a game and are making $50+ profit per game, it adds up.”
Depending on how quickly you pick up the skills depends on how long it takes you to master it. John McCririck at 74 still doesn’t have the winning formula.
Source: Here's a winning bet from me: I'll never make a tipster, and I'll never win