It is not for nothing betting houses and online betting platforms are one of the most lucrative enterprises in the world. There are more ways for a newbie bettor to toss his money down the drain than there are sands on the seashore. I am yet to see a punter who does not like to see a bit of extra money in his pocket as a result of accurately forecasting a winning horse.

There is nothing more exhilarating than the adrenaline rush you feel coursing through your veins as the horses are let out of the gate. But such feelings of excitement can quickly spiral down to despair and financial ruin if you don’t hold your horses while placing your bets.

Lack of Knowledge in the Sport.

Horse racing is a sport. A competitive sport. There are different categories of horse racing that take place across the globe. There is the Preakness Stakes in Baltimore Maryland. The Royal Ascot in England – a British tradition since the early beginning of the 18th century. The Horse Race in the Desert, also known as the Dubai World Cup. And each racing event has multiple categories in its program of events.

There are unique challenges which makes a favorite in one event, the most unlikely to succeed in another. Horse punters, just like any other punter in the world, are susceptible to backing the wrong horse as a result of silly rookie mistakes such as not having adequate in-depth knowledge about horse racing. So keep yourself abreast of current developments in the sport. It definitely would come in handy someday.

Understanding the lingo

There are terminologies in each and every sports betting, and horse racing isn’t any different. Veteran bettors who have spent years in the sport know these terms like the back of their hand. But not you.

So it’s advisable to put the more popular terms to heart such as ‘Handicap’ where horses are allowed to carry different weights from each other, leading to an even race, or ‘Trifecta’ when a bettor accurately predicts the top three finishers in correct order. ‘Distance’ usually refers to the length of a race or the amount of ground covered by a horse, and when a horse is ‘on the drift’, it’s price increases due to a lack of support. To make your foray into horse betting easier, pick up a glossary and learn the terms.

All that Glitters is usually Fool’s gold

Placing a bet on the favourite – irrespective of the price, is a rite of passage for the inexperienced in horse betting. I’m not saying favourites do not win. They do. But just not 70% of the time. It is more often than not, the unknown horse who crosses the finish line first. A bettor has to be shrewd in placing bets.

You have to be objective and conservative – selecting a horse not out of emotions, but based on the price on offer in the market.

Inconsistent Betting Strategy

There is a deluge of information on the strategies to implement when betting the horses and each of them may make a case for its argument. But one thing should be made clear; there is no 100% guaranteed strategy to win every time.

If there was, every Tom Dick and Harry would be betting the horses and smiling to the bank. It is important to have a strategy, but more important to stick to that strategy whether you win or lose. Horse betting is an art. That is why it’s important to perfect your craft.

The More the Merrier

Many naïve bettors are in the habit of betting on every single event in the hope of getting a jackpot like they were playing the national lottery. You will not win at every race. So consider that for a moment before you throw your money at the bookmaker.