Is there a definitive How To Bet On Horse Racing ‘bible’ that Australian punters can refer to that will ensure profitable punting?
There is no such book, unfortunately. There are many and varied opinions from “experts.” Some opinions are very helpful, but most range from simplistic and naïve to downright misleading.
But before we dwell more on the betting strategies for horse racing, let’s have a quick overview of the different betting types. When many new punters ask how to bet on Horse Racing in Australia, they are not sure of the betting types available to them.
Most have just a basic knowledge of bet types but quite often have doomed-to-lose horse racing betting strategies – such as boxing a number of horses in a trifecta – handed down by some influential but not-so-wise punters over the years.
If you want to bet on horses profitably, here’s a checklist of what you need to know:
- Understand the different bet types
- Stick to the plan
- Set aside a real bank
- Have profitable base selections
- Have a strategy
- Record every bet
- Get the best of the odds
What are the different horse racing bet types?
Simply means to back a horse to win the race. Also known as Straight Out betting or on the nose.
You are betting that the horse will finish first, second or third. With three chances of a collect, the odds are at best a quarter of the win odds. In fields of less than eight starters, the payout is only on first or second place. You would need to be sure of a very high place strike rate at good average place dividend before you ventured into place betting.
When most punters start out they bet eachway. That means an equal bet for the WIN and for the Place.
If the horse wins, you collect on the win bet and the place bet. If it finishes second or third you collect only on the place bet.
A common fallacy is that you should bet eachway if the win odds are at 4/1 ($5.00) or better. That is based on the fact that ¼ odds for the place will return the win bet and the place bet if the horse is beaten into second or third place. ¼ of 4/1 is even money which converts to $2 return for $1 invested for the place.
Eachway betting on horses at less than 4/1 can be profitable with strong selections and the common practice of labelling a horse at ‘eachway odds’ because it is 4/1 or better is ridiculous.
A very quick filter that members can easily apply to Elite Racing’s Member Results Master Database shows 8% net profit on turnover betting level stakes for the place on top- rated tips that are less than 4/1 in Handicap races (2017-2019). 68% placegetters at $1.59 average place div.
Not a recommended strategy for sure but it supports the case for less than 4/1 place betting.
Exotic Bet Types
You simply need to nominate the first and second placegetters in any order to complete a successful quinella.
For the Exacta, you are required to nominate first and second in correct finishing order. The winning dividends are nearly always better than the quinella. This can be a solid earner for a punter with strong selections and reliable ratings. Do not fall into the trap of simply boxing a number of runners or taking the favourite with a number of runners and expect a viable dividend. That is mug punting.
You must be confident of finding the winner with the least possible number of picks, like two or maybe three. Then, including the chosen horses to win the race, ADD others to fill that second spot. With very strong selections, a system like 2 x 7 (two horses to WIN the race then five extra added to those two to come second) can make very good money.
The cost of an Exacta is calculated by multiplying the number of selections you have nominate to win the race by the number of selections to come second MINUS one.
The 2 x 7 would therefore cost $12.00 for a 100% bet.
The Exotic bet cost can be reduced with Flexi-Bet. You can take the same bet system or combo but simply nominate a percentage of the full bet amount. Any return is paid out at that same reduced percentage.
Nominate the winner, second placegetter and third placegetter in the correct order.
The dividends are much bigger on average than the Exacta due to the greater degree of difficulty. Elite Racing punters have made big money over the years with this form of betting. However, with the advent of Flexi Betting the dividends have declined because more and more smaller punters are able to go wider and share in those hard to get Trifectas.
Again, do not fall into the ‘boxing’ trap. Don’t simply box say 5 horses and hope that a) the winner and two placegetters are included and b) the dividend will be enough to cover the bet. It has never been a way to profit from Trifectas and is certainly not the best way of going towards 2020.
Just like the Exacta, take a low number of horses to win the race then load up more for second and third.
The cost of a Trifecta is calculated by multiplying the number of selections you have nominated to win the race by the number of selections to come second MINUS 1 x the number of selections to come third MINUS 2.
The 2 x 7 x 9 would therefore cost $84.00 for a 100% bet. 2 x (7-1) x (9-2) = $84
If you make sure that you bet in races where your 2 or three WIN horses are at reasonable value, you will harvest some really worthwhile Trifectas. Elite Racing punters have this work done for them and just last week snared a$1,200 trifecta at Flemington.
Nominate the winner, second placegetter, third placegetter and fourth placegetter in the correct order.
Of course, the dividends are much better on average than the Trifecta.
Exactly the same warnings as for the Trifectas. A 2 x 7 x 9 x 12 is infinitely more likely to make greater long term profits than boxing many contenders and hoping for the best.
The cost of a First 4 is calculated by multiplying the number of selections you have nominated to win the race by the number of selections to come second MINUS 1 x the number of selections to come the third MINUS 2x the number of selections to come fourth MINUS 3.
The 2 x 7 x 9 x 12 would therefore cost $756 for a 100% bet. 2 x (7-1) x (9-2) x (12-3) = $756.
Elite Racing had a successful 3 x 9 x 9 x 12 first four in Race 9 at Flemington last week and it paid $23,898 for a full unit. A 10% flexi bet on that first 4 cost $151 and returned $2,389.
You simply need good selections that frequently nominate the winner in the top-2 or top-3, combined with a net that is spread wide enough to catch the long-priced placegetters.
Most punters are addicted to this form of betting. You must pick the winners of four nominated races, usually the last four on the card. You can take as many runners to win each leg as you like. The Flexi bet is available for quaddie betting.
Every blue moon each punter will snare a big one and that’s just the validation needed to continue throwing money at it.
Multi Bets and Parlay Betting
If you have access to reliable selections with solid strike rates a multi bet can provide great leverage. It simply means betting on one selection and playing up the return into other selection/s in a different race. Most bookies facilitate this form of betting and have specific instructions on their sites.
There’s plenty of room at the top.
Less than 2% of punters know how to bet on horses racing to make long-term profits so there is a huge pool of mug money ready for the taking.
Many new types of bets are constantly being introduced and understanding the betting possibilities is a start but the main thing to keep in mind is to NOT DO what the 98% that lose all the timed O.
For most punters that requires a finding a proven winning racing service that has profitable selections, precise strategies and professional guidance all in one package. It is an extremely rare jewel but it’s out there in plain sight.
When actually betting on horse races
Going back to the right betting strategies for horse racing, there is a set of simple guidelines that, if followed at all times, will give a dedicated punter a real chance of consistent, long-term profits from racing.
Non-negotiable before you start betting
The following assumes the question was from a punter who wants to WIN at punting, not one of the hundreds of thousands who simply want to have a bet for the sake of it.
Unwavering commitment to stick to the plan
No punter can hope to succeed if they haven’t completely committed to the end goal of long-term, enduring success. There are hundreds of ‘traps’ that you will have to negotiate along the way, all designed to wear you down mentally, especially when you are starting out.
Set aside a REAL Bank
Every punter who knows how to win at horse racing knows that a hugely important basic fundamental of winning punting is to have a physical bank in place before you start. It must be money that you have on hand and that can be set aside explicitly for betting.
EVERY successful punter has a bank and bets very small percentages of it on each play.
Investing in the stock market nearly always requires a full up-front investment. Your ‘bank’ is set and there is no pressure to find extra funds from somewhere along the way.
Having a horse racing betting bank gets you through losing streaks with the minimum of mental pressure. It is amazing how a bad day at the track feels so insignificant when that real bank is in place.
The bank has committed a strategy and must never be ‘dipped-into’ for bets outside that chosen strategy. Even your fun or ‘mug’ bets must be funded with a proper bank.
Profitable base selections
It goes without saying that you must have access to long-term proven selections that are profitable at the most basic level-stakes level. If the source of your strategy isn’t profitable then any strategy based on it is under the pump before you start.
For example, eliteracing.com.autop-rated tips make solid net profit year after year with a simple level-stakes bet on each one. The more-than 1100 top-rated tips from Jan 2017 to Aug 2019 are showing 11% net profit on turnover.
Of course, it is known in advance which ones are suited and which ones a high-risk. Take out their ‘danger’ races and that profit rate jumps from 11% to 25% – and the number of top-rated tips is only reduced to 850. So Elite punters know that any strategy developed using the base top-rated selections would at worst make 25% profit on turnover.
So, you’ve made up your mind to do everything necessary to win at horse race betting. You have set aside that REAL bank and you have found a proven, profitable selection service that has been around for years with an unblemished reputation for results and service. Definitely, one that does NOT affiliate with bookies to get a commission from losing members.
You are already a LONG way ahead of nearly every other punter in Australia!
But, a punter without logical horse racing betting strategies to take full advantage is giving up massive potential future income. Make sure your service has long-term auditable results of EVERY selection. The raceday selection data must have been uploaded BEFORE the races with the actual results added after the event.
Record EVERY Bet
May not sound very important but one thing every professional insists on is keeping meticulous records of every bet. You must be able to analyse past data to keep improving methods and keep abreast of what is working best.
Know/expectruns of outs
The one thing that wipes most ordinary punters out is that run of outs. It is not a matter of if, but when that bad run will come along.
The bank may be in place but as soon as it comes under threat, most find they haven’t really committed like they thought they had.
Get the best of the odds
This one should sound obvious to all punters, but it’s amazing how many still take tote odds, starting price or otherwise lower odds than Top-Fluctuations or Best of The Best.
The long term difference a couple of percent better odds makes would surprise most punters. Today’s markets are tighter than ever. We have greedy Governments and greedy corporate bookies. It’s a sad mix so don’t give away an edge that you can control to some degree.