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Mistakes to Avoid when Betting on Horse Racing

Betting on horse racing can be a very profitable experience. That is if you’re fortunate enough to pick a winner. Bettors who have detailed knowledge of the sport can come out ahead of the bookies. They also know when to pick and choose their battles. We’ll now look at the most common betting mistakes in horse racing. 

Don't bet for the sake of it

If you have money in a betting account, it can be tempting to have a flyer on a horse even if it’s only a small stake. However, it can become a dangerous habit if you’re spending severe amounts of cash on horse racing if you have not performed the proper research on the race and the horse itself. You should not bet out of boredom or desperation for a quick payout. It only leads you down the wrong road.

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Don't get hung up on insider tips/peer pressure

If you have a WhatsApp group or a text chain going with your mates talking about a significant race meet, it can be tempting to follow the herd, especially if someone picks out a winner. However, it’s not going to be the case all the time. You don’t want to be a follower, especially if it starts to affect your finances. The truth is not even the experts know for definite what’s going to happen. Have faith in your convictions and don't get forced into doing something that you're not comfortable doing. You must ensure that gambling is an enjoyable experience and not one that can ruin your love of horse racing.

Betting on every race/Over-trading

You’re not going to be able to pick winners in every race. One of the dangers of betting is that sometimes the success of a win can go to your head, especially at a major meet. A victory in one of the elite races may spur you on to go for wins in lesser-known events where there are more runners and riders in the field. Don't let your enthusiasm get in the way. That can lead to a loss and gets you back to square one. Pick your races before you start to bet and stick to your plan. 

Betting always high odds to make a lot of money quickly

Betting on horses with high odds is not a recipe for success. They have high odds for a reason. They’re unlikely to win the event in the minds of the bookies. Now and again, there are surprises where the rank outsider does come in with the victory, which has included the Grand National. However, if you do this regularly, you’re more likely to be on the losing end. The horses in the top tier have too much quality, while the bookies would not be profitable if 100/1 shouts kept on winning!

Ignore the track the race is taking place on

All tracks are not made equal. You’ve always got to pay attention to the racecourse as they differ in the type of ground that the horses will be competing. There’s not a one-track-fits-all system for the sport; some horses will thrive in a particular kind of condition and struggle in others. Only the greats can transcend circumstances. The weather is also a critical factor that can affect the grounding. Soft ground caused by rainfall can be the great equalizer for all horses in the field, so pay attention to the conditions before putting down a stake.

Not finding the best value

It’s always prudent to shop around for the best odds available. On significant events, the bookmakers usually have a similar price, although, for outsiders, they may differ in their approaches. If you have that slight hunch for a winner or an each-way, always scan the options down the racecard across a few bookmakers – or even better yet use a comparison website. There you will find the best value before you can proceed with your bet. It might also earn you a little bit of extra cash.

Not developing a strategy

The best bettors will have a strategy on how to deploy their funds, especially at leading horse racing events where there are ample markets to capitalize on.  Developing a way to utilize all the tools at your disposal is a vital way to get ahead. Using the same strategy regularly will lead to similar results, so altering your system is also crucial to success. Do not be afraid to change your style of betting as long as you’ve performed thorough research about how to use the markets and different types of bet.

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Betting something that has never happened before

Scam betting sitesThe old cliché "it has to happen sometime" is a bold strategy to adopt. It's easy to think if a horse has failed to record a victory in their career that they are "due a victory." You have to remind yourself: the event has not happened for a reason. If you have reasonable cause to believe it can be the case, such as a rising starlet toppling an unbeaten veteran, then perhaps it’s worth a punt. However, don’t get attracted to emotional storylines; it is not the X-Factor.

Chasing your losses

If you’ve lost a bet, it can be tempting to try and win your money back by putting down further cash. However, it’s always a mistake to throw money without thinking. You may not have done thorough research on races for the rest of the day or the rest of the week. It’s imperative that you keep your discipline and do not lose your nerve because of one loss. There will always be peaks and troughs in online gambling. Chasing losses is perhaps the biggest misstep that gamblers fall into, and it can be a costly one.

Betting on horses you've never seen race

Blind betting is not a good idea if you’re going to be gambling often. A one-off is not OK if you’re hoping to be successful weekly. If you haven’t seen the horse run, you’ve got nothing to base your bet on other than assumptions. You won’t know their running style or the manner of their past performances. For example, they may have edged out an opponent with a surge of speed or might be a particularly good jumper in certain conditions. Do the research. Do not blindly bet as it may come back to haunt you.

Favouring certain horses

There will be horses that you become familiar with as you gain a more excellent knowledge of horse racing. Several talented charges always seem to be winning major events such as Enable in Flat racing or Altior in Jumps racing. However, it’s important not to believe that these competitors are unbeatable. Even the best can have off days, and you cannot get drawn into putting down large stakes hoping that these horses are bankers. Their days at the top may soon be at an end, and the next generation may be there to take over.

Not keeping records of bets you've made and results

Most bookies will allow you to track your bets online and through their apps. It’s important to remember where you have been successful and unsuccessful. You do not want to forget backing a horse that fails to live up to expectations at major meets or forget the one that performs particularly well on certain racecourses. Some competitors always seem to rise to the occasion and punch above their weight unexpectedly. That's where you can find the value and get the better of the bookies.

It’s also important to know how you’re faring in your win and loss column financially – although most bookies now have a tracking ability on their apps. Breaking even is a solid return if you’re not betting huge sums. A couple of euros here and there is not a disastrous loss. However, you do not want to be getting into desperate arrears where you’re throwing good money after bad. Having a reminder there in front of you should keep you focused and act as a deterrent to chase significant gains.

Not finding the right information

Everyone and their friend can be an expert in the world of horse racing. Someone always knows an inside tip that no one else has thought of, and it will bring a huge yield from a small stake. It is vital to distinguish the right information from bad. It's difficult to trust anyone that might be connected to a particular horse - it's only natural to have some form of bias.

Interviews with trainers can be useful in their feelings towards their respective charges. If they're bullish, it usually bodes well for their hopes, although they can also play down their chances to ease the pressure on their jockey. Identifying reliable sources of information and checking their success regularly is critical. The Racing Post and Timeform are useful to track details about horses and jockeys, including injuries and form.

Not setting a budget

One of the critical elements to success for gambling is to know your limits. You want to approach your bets, whether it be a one-off race or a week-long event with a budget in mind. It could be for a day or a particular race. Have in mind a figure that you feel comfortable laying down and stick to it. You might be on a roll and picking winners left and right. Even then, the tried and tested method of success is to know when to stop. Matters can quickly turn, and that’s when troubles begin to amount. Not setting a budget is one of the biggest pitfalls for gamblers in horse racing.

Lessons to heed

There are no guarantees in the world of horse race betting. Even the best competitors fail to thrive on certain days, which can ruin bets. However, there will also be days when everything goes to plan, and your bank balance will benefit. Whether it's a good day or a lousy day noting these points will be more than useful. There's no full-proof strategy to gambling on horses. Note down these explanations of mistakes to avoid crucial errors, and you will be on the right track. As long as the sport of horse racing remains enjoyable to watch and you're at the least breaking even when gambling, it can continue a hobby that lasts a lifetime. 

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