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As you get into betting on the races, it can all seem a tad confusing. Unfortunately, many beginners start trading unaware of the basics, and they end up losing so much money that they stop supporting the sport altogether. We want to try to avoid that here. So, for that reason, we’ve put together some tips on horse racing to give you a firm foundation to start your betting career. Keep reading to check them out.

Before we get into the details below, we want to emphasise the golden rule about gambling. That is, “Don’t gamble with money that you can’t afford to lose”. This principle is at the pinnacle of everything we’re about to discuss, and if you follow it, you’ll save yourself a lot of difficulty. Here are some betting tips on horse racing.

What are the different types of bets?

Knowing all the best tips means nothing if you don’t know what you’re betting on. So, let’s get you on the right track and help you understand the different ways you can make a wager:

• Win - your selected horse needs to finish first in the race
• Place - your selected horse must be placed in the race by finishing first, second, or third place. When four or fewer runners compete, only the win bet is allowed. In races where there are five to seven runners, no dividends are paid in third place, which will be shown as No Third Dividend (NTD)
• Each-Way - this type of bet is a combination of Win and Place bets. To win, your horse must win or place
• Running Double - for this bet, you’ll select the winners of two consecutive races run on the same track
• Daily Double - this type of bet requires you to select the winners of two nominated races at the same track
• Treble - select the winners of three nominated races at the same track (available only with UBET (NT, QLD, SA & TAS) or select corporate bookmakers
• Quadrella or Quaddie - select the winners of four nominated races on the same track
• Big 6 - select the winners of six nominated races (sometimes of two different tracks)
• Exacta - bet on the horses that will finish first and second
• Quinella - bet on the horses that will finish first and second (in any order)
• Trifecta - bet on the horses that will finish first, second and third
• First 4 - bet on the horses that will finish first, second and third
• Duet - select two horses that will place first, second, or third but can finish in any order

What are the best tips for beginners when betting on horse racing?

Now, onto the good stuff. Here are some of the best tips beginner punters should know before entering the world of horse racing.

Watch horse racing often to learn

1. Like any expert, you need to learn how the sport works down to the last detail to make good bets. Assess the performances of champion horses and look for similar characteristics in current racers; learn how the judges assess horses and what a safe bet looks like. This should greatly improve your chances of eventually betting on a winner.

2. Pay attention to the jockey and trainer

If you think the outcome of the race has everything to do with the horses, think again. Trainers and jockeys play a significant role in how well their horses do, and everything from the jockey’s experience or the trainer’s reputation will give you a few clues as to how the horse is going to compete. Jockeys and trainers with a good track record of winning races (or losing them) are another good indicator of whether placing a wager will be worth it or not.

3. Understand the odds and betting markets

Make sure you know how the Australian horse racing betting markets and odds work well. When you step into the betting world, you don’t want just to place blind bets. You want to consider the bettering market and choose the kind of bet that would produce the most ideal results for you. Considering the odds will also help you strategise correctly to ensure you make an informed bet.

4. Don’t blow your budget

The golden rule of betting is “don’t spend money you’re not willing to lose”. One way to help you not overspend is to set a budget based on what you’d be willing to lose in order to gain. A key characteristic of betting responsibly is showing self-control and knowing when you can’t afford to continue betting. Should you feel the temptation rising to break your budget, have someone you can be accountable to to help you stick to the plan.

5. Learn from the masters

One thing you’ll learn with horse racing is that some things can only be learned through experience. Finding someone who knows what they’re talking about when it comes to betting on the horse races will definitely give you the upper hand in the early days.

6. Always study the form guide

Every season, a form guide is released that contains all of the information regarding how horses and their riders are performing, as well as their previous performances. Trust us, this isn’t just interesting information; it’s an asset that will help you determine a potential winner in the upcoming races. Use the information to make informed bets, and your chances of success might increase.

7. Don’t bet with emotion

Have you ever watched those movies that show a person betting on a hunch? Yeah, well, don’t do that; it doesn’t work. Betting on emotions is playing the game of chance, and betting on horse racing is about so much more than taking chances – it’s analysing the odds, the jockey, the horse, the track conditions, and so much more.

Final Thoughts

Eventually, you’ll learn to pick up on a winning bet. But everyone has to start somewhere, and you’re bound to lose a few before you start really catching on. With these tips, you’ll be en route to making calculated bets that will help you win.