8 Myths in Horse Racing Betting

A myth is something that many people believe but it is not necessarily true. Here are 8 horse racing myths that have been around for some time now. We are here to disperse a few of these and tell you the real truth. 

Horse Racing Myth #1 Horse Racing is Luck; Its true that a given bet might lose due to a bad jockey or unforeseen bad luck, but if you are betting on horses that have winning patterns and trends there is no reason you cannot show profits long term. Just like poker you might have a bad day but your ultimate success or failure is based on skill.

Horse Racing Myth #2 You should throw out horses that have been away 6 months or longer; Take a close look at these horses before doing that. If they are taking a Sharpe drop in class, have raced very well before layoff, taking on a weaker field or shipped from a better track. You will be surprised on the horses that put a great showing on at a great price.

Horse racing Myth #3 Never bet on a horse that is trying something new; This is very untrue change is a good thing and you will not raise your profits by consistently betting 6 – 5 horses. Look for horses that are trying a new distance after 2 or 3 sprints. Horses stepping up or down in class, trying Lasix or a new trainer all deserve a close look at. Sometimes a small change is just what the horse needed.

Horse racing Myth #4 You can beat a race, but can’t beat the races; This is probably the most often and oldest quoted phrase. This basically says you might get lucky every now and then but the more you go to the horse racing track the better chance you will lose.  There is a little truth to this but it should say “You can’t beat a race, but you can beat the races.” The public create the odds at the horse track that you are trying to beat. Horse racing is a competition among bettors. If you are able to find the public wrong at times because you are a better handicapper you can win.

Horse Racing Myth #5 They want certain horses, such as the favorites to win; This is a myth because the race tracks don’t have a vested interest in the outcome of any race. The race track gets the same amount of money either way regardless of where the favorite finishes. The best day at the racetrack in regarding results would be mostly favorites with a few long shots mixed in. If a long shot won every race as the day progressed the general public would have less money. If favorites win every race then more people continue to have money  but the low payoffs turn players off. So a good mixture is perfect for the race track.

Horse Racing Myth #6 Scared money never wins;
This suggest that if you are betting with money that should be used for other

things (bills etc) you will not win. It suggests that you will not win because of the added pressure of playing with money you cannot afford to lose. The truth lies somewhere in the middle. There are millionaires who come to the track and the money does not mean much to them and they lose alot. On the contrary bettors who cannot afford to lose have a desire to win at the races. So they make more educated decisions and take their time. The best case scenario is to approach each bet as if it was your last dollar and do you research betting wisely.

Horse Racing Myth #7 You must bet overlays to win or related phrase You can’t win betting the favorite;
The first part is true but the second part is definitely false. There are some confusion when it comes to these terms overlay and underlay. If you have a horse that is 3-5 and someone says I would never bet a horse that is 3-5. He may be assuming this is an underlay but, if you feel after your research that the horse has a better than 60% chance of winning the race then its a overlay. Remember that the morning odds are just one persons opinion of what the horse will do. Do your research to figure out whether its an overlay or underlay. If you are betting the favorite every race overtime you could endure a long term loss. If you strike at the right opportunities favorite betting can be very profitable if your research sways it to being an overlay. Point being do not be turned off if the horse you like is the favorite.

Horse Racing Myth #8 Always back up long shots with a place bet;
If you every hear that a horse for example is 15-1 shot to win that you should also back the horse up with a place bet. The reasoning behind this is if you are partially correct and it does not finish 1st you will still be good if you back it up with a place or show. A big thing to keep in mind is that if your horse finishes 2nd to a horse that is heavily favored your payoff will be much lower than finishing second to another long shot. The other downfall is the general public tends to over bet long shots to place or show and also under-bet favorites to place and show. If you are not very confident of a straight win bet it would be wise to place this long shot in an exacta to increase your chances and nice payout opportunity.

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  • By Anonymous, June 28, 2011 @ 3:44 am

    that was a great tip you have said, this could really give people ideas on the time they will bet on a horse

  • By admin, January 19, 2012 @ 7:41 am

    Yes timing is everything and sometimes the only thing in horse racing

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