Photo courtesy of fdecomite.
The quest for the Secret Formula to Profitable Betting on Horses started when the first bet was made on a horse race. Over the years hundreds of “betting systems” have come and gone, none of which solved the mystery, that is until today. I have found the Secret Formula and I am going to share it with you but before I do that I want to discuss the betting systems that do not work.
The first “betting system” most horseplayers are introduced to are Tout Sheets. Basically these are the selections from a self-proclaimed expert offered for a couple of dollars. On any given day a Tout Sheet might produce a profit but long-term they will not.
Many Tout Sheets claim to be money-making machines but that is because they take credit for winners even if they did not pick the horses in the correct order. If their second or third choice wins they take credit for the win. How many people bet two or three horses to win? Not many and no one I know does.
In a similar vein many Tout Sheets take credit for giving out an Exacta when their second and third choices run one-two or a Daily Double if any of their three selections win two consecutive races. I do not know about you but I never go 3 x 3 in a Daily Double .
One last point must be mentioned regarding Tout Sheets. I am not sure if this still happens but in the past Tout Sheets were edited or printed after the first couple of races were run and not surprisingly they correctly selected one or more winners in the early races. This level of deceit should not be permitted and maybe it does not happen any longer but it was a common practice in the past.
The bottom line is do not waste money on Tout Sheets. The people producing them are not experts and your money is better spent at the windows on your own selections.
There are hundreds of betting systems on the market ranging from blindly following so-called experts selections to computer programs that generate selections based on the criteria entered by the user. They may all produce positive results over short periods of time but none of them produces long-term profits. If they did everyone would be using them and the odds of winners would plummet to unbettable levels.
Do not waste money on expensive betting hot-lines, computer programs or subscriptions to a so-called experts selections. None of them can produce guaranteed long-term profits and I would never advise someone to pay for someone else’s selections.
Over the years I have accumulated dozens of betting angles and many of them are legit. Horses that showed speed in a route cutting back in distance are good bets. Horses moving from turf to dirt often improve. Two sprints to a route, third start off a layoff, maiden special weight to maiden claimer, I could go on and on.
Many betting angles have some merit and many will produce winners but none are full-proof. Betting blindly on a horse because it fits the profile of a one of your betting angles will result in long-term losses. Use betting angles but remember none of them is the magic bullet that will always come through.
Now that you know what does not work let’s discuss what does then I will reveal the Secret Formula to Long Term Profits when Betting on Horses.
Document and Follow Your Handicapping Process
As I mentioned in my post “One Step to Improve Your Results at the Track in Under 5 Minutes ” documenting and following your handicapping process will result in consistent success at the betting windows. Knowing the process that results in selecting winners is required to make money when betting on horses.
Record Keeping is vitally important to all successful horseplayers. Knowing which types of races and which types of bets produce the best results and which produce the worst will provide a framework for successful betting.
Record Keeping will allow you to focus your time and money on the situations that consistently produce profits and avoid the situations that consistently deplete your bankroll.
As a result of good Record Keeping you can target those situations that are most likely to produce positive results for you. The race track adage “You can beat a race but you can’t beat the races” is true. Betting every race will deplete your bankroll and sooner rather than later lead to tapping out.
A weakness of many horseplayers is knowing how much to bet on a race. It is easy to bet the standard $2 Exacta box or $1 Trifecta box but it takes skill to know when to bet more or less on a particular situation.
It goes without saying that you should bet more on the situations you excel in and when your confidence level is at its highest. This is a skill that takes time to master but is worth the time and effort because in the long run you will be much more successful.
Survival of the fittest applies to horseplayers just as it does to all species on this planet. Embracing new technology and streams of information is a must if you want to stay ahead of the competition.
Evolution has a funny way of weeding out the weak so you must adapt to the ever changing landscape of betting on horses. The days of betting against long layoff horses or horses with no published works are gone. Similarly ignoring the vast amount of information available through various publications and websites will be detrimental to most horseplayers.
Photo courtesy of Bob Rosenbaum.
The Secret Formula to Profitable Betting on Horses
So now you know what does not work and what does work when it comes to betting on horses. If you made it this far you are probably eager to hear what the Secret Formula is, if you skimmed down to this section I encourage you to scroll back to the top and read all of the preceding information.
I will not waste anymore of your time, the Secret Formula to Profitable Betting on Horses is…. sorry to burst your bubble but there is no Secret Formula. If there was someone would have found it by now. Many smarter people then myself have searched for it only to come up empty handed.
To be successful at betting on horses takes hard work, dedication and extreme patience. There is no easy button or computer program that will spit out the winner of every race.
Betting on horses is challenging, it involves a great deal of thinking and a little bit of luck. If mindless gambling is what you desire stick to slot machines. If on the other hand you enjoy an intellectual challenge then horse racing is for you. Just know that less then 10% of horseplayers make a profit each year. Yes it is that hard but it is also extremely rewarding.
Watching your horse cross the finish line first, cashing your first “signer” and looking back on a successful year at the betting windows is very fulfilling. This game can be beat but there is no easy way of doing it. Hard work, dedication and patience are the trademarks of a winning horseplayer. If that describes you then welcome to the greatest sport on the planet, if it does not then do not waste your time and more importantly your money.
No one in the horse racing industry will say that but I thought you should know what you are getting yourself into because if you know the road that lays ahead you will be more likely to stay the course.
So the question is are you willing to put in more time then the guy or gal sitting next to you? Are you willing to pass race after race until the perfect situation presents itself? Are you ready for the most difficult intellectual challenge you will likely ever face or are you going to take your ball and go home?
Halfhearted efforts will result in failure so think long and hard before you decide to bet a single dollar on a horse race. Sure it can be a couple-a-time-a-year-hobby but if you want to make real money or if you ever dream of doing this full-time then put everything you have into it.
I will see you at the betting windows or will I?