Horse Racing Betting Picks & Tips For Today

Horse Racing Betting Guide: A Quick Introduction

Horse racing is one of the world’s oldest sports and has been around for thousands of years. In the United States today, horse racing remains a popular and thrilling pastime, attracting millions of fans and bettors from all over the country to both live racetracks and online racebooks.

So, whether you’re new to the sport or just looking to sharpen your skills, this guide will cover everything you need to know about betting on the races.

This includes the different types of wagers, basic strategies, and tips, a list of U.S. states where you can legally bet on horse racing, and much more!

Where Is Horse Racing Betting Legal?

Looking for betting sites or apps to bet on horse racing? You are in luck. They are widely available in the United States today! In the image below, you’ll find a map of all the U.S. states where it is currently legal to bet on horse racing online:

As you can see, there are just eight states where online betting on horse racing events is not yet available: Alaska, Georgia, Hawaii, Mississippi, Nevada, South Carolina, Texas, and Utah. 

In addition, it’s worth noting that online racebooks are legal in North Carolina, but the market has yet to launch.

Understanding the Basics of Horse Race Betting

First things first, it’s important that you understand the basics! Here are some key terms to know as well as a quick overview of how horse racing betting differs from traditional sports betting:

Key Terms To Know

• Odds: The likelihood of a horse winning a race, expressed as a ratio or fraction (e.g., 7:1 or 7/1).
• Payout: The amount of money you receive if your bet is successful, based on the odds and the amount wagered.
• Scratch: When a horse is withdrawn from a race before it starts, usually due to injury or other issues.
• Favorite: The horse with the lowest odds is considered most likely to win based on factors such as past performance and expert opinion.
• Longshot: A horse with very high odds of winning, typically considered unlikely to win but can result in significant payouts if successful.

Pari-Mutuel Wagering 

Pari-mutuel wagering is the system used at most horse racing tracks and online racebooks where all bets are pooled together, and the odds are determined by the total amount wagered on each horse. The track takes a percentage of the pool as its commission, and the rest is divided among the winning bettors. 

This system differs from fixed-odds betting, where the odds are set at the time of placing the bet and remain fixed regardless of the betting activity. In pari-mutuel wagering, the odds can fluctuate up until the race begins based on the way that the public is betting.

For example, let’s say you place a bet on a horse with odds of 10-to-1 in a pari-mutuel betting system. If a surge of bets comes in on that horse, its odds might shoot down to 5-to-1 by the time the race starts.

As a result, you’d receive a payout based on the 5-to-1 odds at the moment the race begins, not the original 10-to-1 odds at which you placed your bet.

Types of Bets in Horse Racing

Next, let’s go ahead and take a closer look at the different types of wagers you’ll be able to place at a live racecourse or on a horse race betting site! This way, you can better understand your options and start figuring out a betting strategy that works for you.

Straight Bets (Win, Place, & Show)

• Win Bet: A bet on a horse to finish first. This is the simplest and most common type of bet.
• Place Bet: A bet on a horse to finish either first or second. The payout is lower than a win bet but offers a higher chance of winning.
• Show Bet: A bet on a horse to finish first, second, or third. This bet has the highest chance of winning but with the lowest payout among these three types.

Exotic Bets

• Exacta: In an Exacta bet, you predict the first two horses to finish the race in the exact order. This bet offers higher payouts than Win, Place, or Show bets but requires a higher level of accuracy and, therefore, carries more risk.
• Trifecta: Similar to Exacta, Trifecta requires you to predict the first three horses to finish the race in the exact order. It offers even larger payouts but is also more challenging to win.
• Quinella: Quinella is a bet on two horses to finish in the top two positions, regardless of the order. As long as your chosen horses finish first and second, you win the bet. Quinella bets offer more flexibility compared to Exacta but typically come with lower payouts.
• Superfecta: Superfecta takes the challenge a step further by requiring you to predict the first four horses to finish the race in the exact order. This bet offers the potential for huge payouts but can be extremely difficult to win.
• Boxed Bets: This strategy can be applied to many exotic bets (exacta, trifecta, superfecta, etc.). A boxed bet covers all possible combinations of your selected horses. For example, an exacta box with horses #1, #2, and #3 will win if any of these horses finish first and second in any order.
• Daily Double: The Daily Double is a type of bet where you must select the winners of two consecutive races. It usually involves the first two races of the day and can offer higher payouts due to the increased difficulty of predicting two winners in a row.
• Pick 3, Pick 4, Pick 5, etc.: These bets involve picking the winners of three or more consecutive races. The difficulty increases with the number of races, but so do the potential winnings.

Analyzing Horse Races Before Betting

Before placing your bets, it’s always a good idea to do some research and analysis to make sure you’re making decisions based on the most relevant information. 

Here are two key aspects to consider when analyzing horse races before betting:

Studying the Racing Form

Racing forms, also commonly known as form guides, are commonly sold at racetracks and available online as well. These provide key information about each horse’s recent performances, including details such as finishing positions, times, and conditions of previous races. Here’s what to look for:

1. Recent Performances: Look at how the horse did in its last few races. Check if it usually finishes strong or fades out. Consistency is key; a horse that does well most of the time is a safer bet.
2. Class of Race: Notice the level of competition the horse has been facing. If it’s been running against tough opponents, it might have an edge when racing against easier ones.
3. Distance and Surface: Make sure the horse has a good track record at the same distance and surface (dirt, turf, etc.) as the upcoming race. Some horses have a favorite distance or surface they excel on.
4. Jockey and Trainer Stats: Look at the success rate of the jockey and trainer, especially with this particular horse. A good team can make a big difference.
5. Recent Workouts: Check out the horse’s recent training sessions. Consistent and strong workouts are a good sign that the horse is in top shape.

Understanding the Race Conditions

Race conditions refer to a handful of important factors that can seriously impact the outcome of a horse race. Here are a few things you should consider:

1. Track Conditions: The condition of the track (fast, good, sloppy, etc.) can greatly affect a horse’s performance. Some horses perform better on a dry, firm track, while others excel in muddy or wet conditions.
2. Post Position: The starting gate position can impact a horse’s race. Inside positions can be advantageous in shorter races, while outside positions might be better for horses that prefer to stay clear of traffic.
3. Race Distance: Make sure the horse is suited to the race distance. Some horses are sprinters (good at short distances), while others are stayers (better at longer distances). A horse’s past performance at similar distances will give you a clue about what to expect.
4. Weight Carried: In some races, horses carry different weights. The assigned weight can impact a horse’s speed and endurance. Lighter weights can be advantageous, especially for younger or less experienced horses.
5. Field Size and Competition: Look at the number of horses in the race and how tough the competition is. More horses and stronger competition can make a race more unpredictable.

Horse Betting Advice & Basic Strategies for Beginners

Are you looking for some advice on how to increase your chances of success when betting on horse racing? We’ve got you covered! Here are basic strategies and tips to help you get started and make informed bets:

Study the Horses & Jockeys

Before placing a bet, take some time to study the horses and jockeys participating in the race. Look at past performance records, recent form, and how they perform on different types of tracks. Pay attention to the weight each horse will carry, as it can affect performance. Jockeys’ experience and skill levels also play a crucial role in the outcome of the race.

Research Horse Performance & Pedigree

Look at each horse’s past performance, paying special attention to its recent races. Check the horse’s pedigree to see if its lineage has a history of success in similar races or track conditions. Analyze the horse’s finishing times, particularly in races of the same distance and on similar surfaces. This information can give insights into how the horse might perform on race day.

Avoid Betting on the Favorite Blindly

While favorites often have a good chance of winning, the odds offered on them are typically lower, resulting in smaller payouts. It’s important to conduct thorough research and consider other factors besides the odds. Sometimes, less favored horses with good form and favorable conditions can offer better value.

Learn From Each Bet

Keep a record of your bets, noting what worked and what didn’t. Over time, you’ll be able to identify patterns and improve your betting strategy. Reflecting on your wins and losses can provide valuable insights into how you can tweak your approach to betting and potentially be more profitable over the long run.

Set a Budget & Stick to It

Decide how much money you are willing to risk before you start wagering. Horse race betting can be unpredictable, and it’s easy to get carried away in the excitement of the races. As a result, you should always stick to your budget to avoid losing more than you can afford. Also, it’s always a good idea to consider each bet an expense for entertainment rather than a guaranteed way to make money.

Horse Race Betting FAQ