The Cheapskate's Guide to Horse Racing Handicapping Profit
Do you like a good bargain? Do you mind shopping around a little to get a good deal? If you don't mind doing a little shopping and you like to save money, you may be able to make a profit betting on horses. Don't get me wrong, playing the ponies is always a risky way to make money and it often doesn't work, but one thing that will increase your chances is being a good money manager.
If all you want to do is have some fun and wagering on the races is simple entertainment, then you may not find this horse racing article of much help, but if you get sick of losing and you'd like to be able to say you beat the races, even if only for a little bit, read on.
First of all, it costs money to handicap horse races and to wager on them. It starts with information. If you are going to try to assess each runner's chances, you'll need programs or past performances or tip sheets. They all have their place in a handicapper's life. If you're willing to shop around online you'll find ways to get the information for free.
Some ADW's (advanced deposit wagering services) offer free past performances and other useful sheets for free if you make a minimum wager using their service. Saving money is one way to have more money to wager and to cut your overhead. Why pay for information when you can get it for free? A few programs at $2-3 apiece and then a few tips sheets and the next thing you know, you've spent over $10 just to get a look at the lines for the horses that are running. That is money out of your bankroll and also out of your profit.
Save $10-$20 on information and you're still even, but if you spend that money, you're down before you've even started handicapping the races.
The next way to get ahead is by finding one of those ADW's that will give you a bonus if you deposit. Let's say they are willing to give you $100 if you deposit $100. You've just doubled your bankroll and you've gotten free past performances, too. You're actually still even because you've invested $100 and gotten $100. The only investment so far is the time it takes you to handicap the races.
The savings shouldn't stop there. It costs money to make a bet. There is money taken out of every dollar you wager, known as the vig. It varies from race track to race track, state to state and pool to pool. While the straight win bet is usually the best bargain, there are some race tracks that have started offering special deals on certain exotic bets like pick fours and other multiple race wagers. Every time you bet they take that vig out.
If the vig for a win bet is 19%, then every time you bet, your dollar is demised by that amount. So the first bet looks like this $1.00 x 81% = $.81. You're actually only getting the benefit of an 81 cent bet even though you spent a dollar. Now if you lose you have 81 cents. Make another bet and it looks like this,.81 x.81 =.655 (rounded off to 65 cents). In two bets your dollar is reduced to 65 cents. One more bet and you get.81 x.65 =.52. In just three bets almost half your money is gone. That's called "churn," in the gambling business.
Let's say you find a state that offers a lower takeout. Suppose instead of paying 19% for the privilege of betting you pay a 15% takeout. Here is what happens in just two bets. First bet of $1 x.85 = $.85. Then the next bet,.85 x.85 =.722 (rounded to 72 cents). By the time the third bet rolls around it looks like this,.85 x.61. Would you rather have 52 cents in your pocket or 61 cents? Convert these paltry figures to dollars and you can see that just playing the right tracks and taking advantage of offers can dramatically increase your chances of actually making a profit betting on horses.
It's never easy to make money gambling, so why make it harder on yourself than it has to be? Start by paying nothing or far less than you would usually pay to wager. Think of it as the cost of doing business and all good business managers know that one of the first ways to increase profits is by cutting expenses. The effort you spend doing a little research will help you to get off to a good start.
Do you like a good bargain? Do you mind shopping around a little to get a good deal? If you don't mind doing a little shopping and you like to save money, you may be able to make a profit betting on horses. Don't get me wrong, playing the ponies is always a risky way to make money and it often doesn't work, but one thing that will increase your chances is being a good money manager.
If all you want to do is have some fun and wagering on the races is simple entertainment, then you may not find this horse racing article of much help, but if you get sick of losing and you'd like to be able to say you beat the races, even if only for a little bit, read on.
First of all, it costs money to handicap horse races and to wager on them. It starts with information. If you are going to try to assess each runner's chances, you'll need programs or past performances or tip sheets. They all have their place in a handicapper's life. If you're willing to shop around online you'll find ways to get the information for free.
Some ADW's (advanced deposit wagering services) offer free past performances and other useful sheets for free if you make a minimum wager using their service. Saving money is one way to have more money to wager and to cut your overhead. Why pay for information when you can get it for free? A few programs at $2-3 apiece and then a few tips sheets and the next thing you know, you've spent over $10 just to get a look at the lines for the horses that are running. That is money out of your bankroll and also out of your profit.
Save $10-$20 on information and you're still even, but if you spend that money, you're down before you've even started handicapping the races.
The next way to get ahead is by finding one of those ADW's that will give you a bonus if you deposit. Let's say they are willing to give you $100 if you deposit $100. You've just doubled your bankroll and you've gotten free past performances, too. You're actually still even because you've invested $100 and gotten $100. The only investment so far is the time it takes you to handicap the races.
The savings shouldn't stop there. It costs money to make a bet. There is money taken out of every dollar you wager, known as the vig. It varies from race track to race track, state to state and pool to pool. While the straight win bet is usually the best bargain, there are some race tracks that have started offering special deals on certain exotic bets like pick fours and other multiple race wagers. Every time you bet they take that vig out.
If the vig for a win bet is 19%, then every time you bet, your dollar is demised by that amount. So the first bet looks like this $1.00 x 81% = $.81. You're actually only getting the benefit of an 81 cent bet even though you spent a dollar. Now if you lose you have 81 cents. Make another bet and it looks like this,.81 x.81 =.655 (rounded off to 65 cents). In two bets your dollar is reduced to 65 cents. One more bet and you get.81 x.65 =.52. In just three bets almost half your money is gone. That's called "churn," in the gambling business.
Let's say you find a state that offers a lower takeout. Suppose instead of paying 19% for the privilege of betting you pay a 15% takeout. Here is what happens in just two bets. First bet of $1 x.85 = $.85. Then the next bet,.85 x.85 =.722 (rounded to 72 cents). By the time the third bet rolls around it looks like this,.85 x.61. Would you rather have 52 cents in your pocket or 61 cents? Convert these paltry figures to dollars and you can see that just playing the right tracks and taking advantage of offers can dramatically increase your chances of actually making a profit betting on horses.
It's never easy to make money gambling, so why make it harder on yourself than it has to be? Start by paying nothing or far less than you would usually pay to wager. Think of it as the cost of doing business and all good business managers know that one of the first ways to increase profits is by cutting expenses. The effort you spend doing a little research will help you to get off to a good start.
