Where to Bet

Types of Bet
 
 

Which Races to Bet on

The computer program generates ratings for all races. Some types of race, however, have been more profitable than others in the past. By selecting which races to bet on carefully it should be possible to make a profit in the long run.

I don't use any hard and fast rules when selecting which races to bet on (like only bet in races with less than 12 runners), but I have a number of guidelines. There are so many variables in horse racing (like distance, class, weight, going, draw ...) that it is generally possible to think of many reasons why a particular selection may or may not be a 'good bet'.

General

• Only back favourites if you can convince yourself that the horse has an outstanding chance. In general, non-favourites produce the best returns in the long run.

• Form from previous seasons is not as trustworthy as form from the current season. So, think twice before betting when many of the horses in the race have not run in the current season.

• The draw is much more important than most people think. A good draw is a great help. (If the computer program thinks a horse has a good draw, a . (dot) is placed next to the draw number on the ratings page).

• The weight carried by a horse does not make a lot of difference in Flat racing. Compared with National Hunt racing, the weights are low, the distances are short and there are no obstacles to jump over. If a horse is running well, a bit more weight is unlikely to stop it.

• When the going is Soft or Heavy, results are less predictable.

• Small races (less than 8 runners) often produce strange results. These races are often run tactically at a false pace. Good horses often get boxed in during small races. Big races are generally better betting propositions because they are generally run 'flat out' so the horses with the best form stand a better chance.

• Horses which have run in the last 6 days are generally worth following.

• Don't be afraid to back a horse which finished out of the first 3 in its most recent race. These horses may not win as often as those which have just finished 'in the frame', but they are likely to be available at big prices making this type of bet more profitable in the long run.

• Don't just bet on high class (high prize money) races. High class horses do not run very often and there are often foreign horses in high class races (foreign form is difficult to assess). Low class races are much more rewarding. The horses run often so there are plenty of betting opportunities and there is plenty of  form to analyse. My favourite races are Selling Handicaps. These contain a collection of low class horses, most of them are so bad that they couldn't win a race in a million years.

• Horses stepping down in distance are generally worth following.

National Hunt Racing

• The first thing to realise about National Hunt racing is that it is not as competitive as Flat racing. Compared to Flat racing, more races are won by favourites and second favourites and the odds tend to be less. This is because there is a greater range of abilities of horses competing in National Hunt racing. In most races it is obvious which horses have the best chances. This actually makes it harder to make a profit betting on National Hunt racing than Flat racing. This is because everybody knows which the best horses are - these horses are only available at short odds.

• The weight carried by a horse makes a lot of difference in National Hunt racing. Compared with Flat racing, the weights are high, the distances are long and there are obstacles to jump over. Horses with low weights often beat better horses in handicaps.

• Horses which have run in the last 6 days are generally worth following.

• Don't be afraid to back a horse which finished out of the first 3 in its most recent race (even horses which fell). These horses may not win as often as those which have just finished 'in the frame', but they are likely to be available at big prices making this type of bet more profitable in the long run.

Where to Bet

With the rise of the internet, it has never been easier to place a bet. However, the terms differ depending on where you place

In my opinion, the racecourse is still the best place to bet. There are generally a lot of bookmakers competing for business offering a range of prices. By looking around, it is often possible to get a better price than is ever offered off course. From a racecourse, it is possible to place bets on races at other racecourses.

If you are reading this you should already have access to the internet. There are many internet bookmakers to choose from. Some are based in the UK, some overseas. Competition between internet bookmakers is fierce and there are plenty of 'special offers' to be had. You will have to make you own mind up about whether you are happy dealing with an internet site which may be based on some distant island.

Recently, several 'person to person' betting sites have appeared (www.betfair.com, www.betdaq.co.uk and www.sportingoptions.com are examples). These allow punters to bet against each other. So, you can back a horse at a price set by another punter or you can put up prices yourself. The site takes a small percentage from all winning bets. I am a big fan of this type of betting. I have found it easier to win using these sites than with 'normal' internet bookmakers.

Most towns in the UK have a choice of betting shops. Most are run by one of a handful of companies (Ladbrokes, William Hill etc.). Betting shops have live television coverage of all UK horse races. 
 

There are many companies offering telephone accounts. These can be either deposit accounts (where you must deposit the money before you bet) and credit accounts (where you settle up every 2 weeks).
 

There are many types of bet available apart from just betting in a particular horse to win a race.

This is the most common type of bet. You select one horse to win a race. If the horse wins the race, you win. The amount you win depends on the odds. The odds may be set when you place the bet (if you 'take a price') or may be dependent on the 'starting price' (which is the odds available at the racecourse when the race starts).

Most of my bets are simple win bets. Generally, this is the 'best value' bet, which gives the punter the best chance of making a profit.

An each way bet is actually 2 separate bets. Half the stake is a win bet and half the stake is a place bet. 
The place part of the bet wins if the horse is 'placed'. In races with 5-7 runners, a horse is placed if it finishes 1st or 2nd. If there are 8 or more runners, a horse is placed if it finishes 1st or 2nd or 3rd. In handicap races with 16 or more runners, a horse is placed if it finishes 1st or 2nd or 3rd or 4th.

There are times when an each way bet should be preferred to a win bet. Generally this is in races with 8 or more runners when your selected horse is not the favourite. This is particularly the case if the favourite is a very 'hot' favourite or the race is a handicap with more than 16 runners.

A multiple bet consists of predicting the result of more than one race. For example, a 'double' is a bet on the result of 2 races while a 'treble' is a bet on the result of 3 races. You only win if you predict all of the races correctly. There are many types of combination multiple bets - these require you to make selections in many races with lots of bets as doubles, trebles etc involving combinations of the selections.

My favourite multiple bet is the 'lucky 15'. This requires selections in 4 different races. Only one of the selections has to win for there to be some pay-out.

A forecast consists of predicting the 1st and 2nd horses in a race (a straight forecast) or even the 1st, 2nd and 3rd horses in a race (a tricast). 

In general, forecast betting should be avoided. The formula used to calculate winnings was actually devised by the off-course bookmakers. It is a very 'bookmaker friendly' formula which makes winning very difficult in the long run.