This is a simple guide to betting on horses to find profitable bets. It is not meant to be a complete tutorial on how to handicap and win money on horse racing. That is a complicated subject and if you want to go into it in more depth, I suggest you start with a good system that will point you in the right direction.
However, if you want to handicap horse races for profit, here is how to start. Realize that the probability of a horse winning a race determines what a profitable bet may be. For instance, if the horse’s chances of winning are one out of three, or 3-1, then betting on the horse at lesser odds than 5-2 is financial suicide. You may as well just go dump your money into a slot machine or toss it down the gutter.
If a horse wins 1 out of 3 then it must pay over $ 6 in order for you to make a profit. That means odds of 5-2 are profitable and anything less is not. Therefore, your job as a horse racing handicapper is to figure out each horse’s probability of winning. There are several ways to do that. One way, and incidentally, the way I recommend for long term profits, is to buy a good horse racing system, learn how to use it and adapt it to suit your needs, then you will be able to find value.
Another way is to read the morning line odds and then look at the actual odds on the board just before the race goes off. If a horse is at much higher odds, it means one of two things, either the public bettors have underestimated the horse, or the handicapper who wrote the morning line over estimated the horse’s odds of winning. Read all the comments that the handicappers have made about the horse and find out why they like it.
Write down their reasons for liking the horse and then see what happens. After a while you will know when the handicappers have a legitimate reason for picking a horse and you will also know when the crowd under estimates a horses chances and why. People make mistakes and that is what you make a living on betting on horses. It doesn’t matter if it is the public handicapper or the public, as long as you can spot one of their mistakes.
The nice thing about this horse racing system is that they will keep making the same mistakes over and over again. Once you learn to spot those mistakes and keep a record of them, you will have a way to make a profit betting on horses.
If you want to learn how a horse owner and insider handicaps just go to http://williewins.homestead.com/truecb.html and get the truth. Bill Peterson is a former horse race owner and professional handicapper. To see all Bill’s horse racing material go to Horse Racing Handicapping, Bill’s handicapping store.