One of the reasons that the popularity of sports gambling has skyrocketed in recent years is its accessibility. It’s easy to bet on most major sports because everyone understands the basics, which teams are good and why they win. Horse handicapping, on the other hand, is a completely different and somewhat arcane discipline. Where there are some shared concepts, success at sports betting doesn’t guarantee the same playing the ponies. Legendary sports handicapper Jimmy ‘The Greek’ Snyder was famous for killing the books with his sports plays–and giving it all back with his inept horse bets.
Below are some very basic concepts that you need to know to enjoy a day at the horse track. This information doesn’t even scratch the surface of what you’ll need to know if your goal is to become a serious horse betting devotee. If that is the case, you’re best advised to check out one of the many theoretical books devoted to the subject.
Do your reading: When you arrive at the horse track you should purchase a copy of the Daily Racing Form (DRF for short) and the track program. The DRF is basically the ‘bible’ of horse race handicapping, and offers morning line odds, horse, trainer, jockey statistics and information on each race at every major track across the country. The track program offers similar information for that individual venue, often in more ‘user friendly’ form.
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You’re not playing against the house: One thing to keep in mind when playing the horses that is drastically different from sports betting is that you’re not playing against ‘the house’, you’re playing against other betters. The track just accepts and pays bets, taking out a cut (called the ‘takeout’) for their services. The track odds are determined by the money bet on each horse. Long odds on a horse doesn’t necessarily indicate a ‘bad horse’ but just one that for whatever reason isn’t attracting bettor interest.
The odds in the newspaper are known as the ‘morning odds’ and are essentially educated opinions. They’re not much different than ‘overnight lines’ in sports betting. They can serve a function for handicapping, but often will not reflect what will transpire when the actual betting begins.
Handicapping basics: There are so many different approaches to handicapping horse races that its difficult to even know where to start. Some handicappers emphasize past performance data. Others factor in the results of recent workouts, while others prefer a visual examination of the horses in the paddock.
Once the handicapper starts to work out what he thinks will transpire in a race, he has to weigh that against the prices available on each horse. A likely winner might not be a good bet if his price is too high. Conversely, a long shot could be an overlay if his odds–and potential payback–is high enough. It’s all a matter of doing the math–its importance in gambling alone justifies a greater emphasis on the subject in American high schools.
Horses and Trainers: Some handicappers place a great deal of importance on the horses breeding lineage”the quality of his parents and grandparents “as an indication to his performance potential. This may be particularly important early in a horses career, but after a half dozen or so races what hes done on the track becomes more important than his pedigree. Trainers, like Bob Baffertt, can also be an important consideration much in the same way that coaching can play an important role in sports wagering.
The horse’s jockey: Jockeys are free agents, meaning that they get paid on their performance. In theory, this means that they’ll do their utmost to win in every given race. While there are a few exceptions, many serious horse handicappers downplay the importance of the jockey. Assuming the horse’s ‘mount’ is competent, there are much more salient factors to consider when handicapping a race than the jockey.
Find your own style, and maintain discipline: Basically, there’s not a ‘right’ or ‘wrong’ way to handicap a horse race. Figure out what works for you, and develop and refine your own methodology. As in any form of gambling, don’t bet more than you can afford to lose and in particular when you’re starting out there’s no reason to be making big wagers. If you want to learn more, there’s a number of good internet resources including the Daily Racing Form website.
Ross Everett is a experienced freelance writer who covers travel, poker and sports handicapping. He is a consulting handicapper for Anatta Sports where he is responsible for providing daily free sports picks. In his spare time he enjoys fine dining, fencing and scuba diving. He lives in Las Vegas with four dogs and a pet coyote.
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