Betting Basics

I came across this blog researching parimutuel betting. Basically, Im trying to get good at playing the horses. I am just starting to get into it lately due to my brother who is a friggin gamble-holic and he makes me go every weekend. Wed are from Philadelphia and we just drive down to Delaware Park (www.delawarepark.com) and spend all Saturday or Sunday playing the horses. I love the excitement of it, but I don't think I have the patience to learn all the ins-and-outs of parimutuel betting. Is there a happy medium somehow? What is the best way to bet for someone like me?

An anonymous commenter presented the query above, and honestly if any readers out there have some sound advice I'd be more than willing to post it in response.

Handicapping and betting are two different facets of the game. Handicapping is figuring out who will win. Betting is deciding on the best way to make money off of that assessment. This space in particular is more devoted to the art of handicapping. Very little attention is given to the best methods of betting on the opinions expressed. Because betting to me is more of a personal taste issue. Whereas handicapping is universally useful. Everyone wants to figure out who the winner will be. But as for actually placing money on it that all depends on what your goals are and how you are emotionally wired.

I personally am not a gambler, I enjoy trying to solve the puzzle that each race presents but the academic achievement is a big enough thrill for me. Laying actual money on the line isn't necessary for me to derive enjoyment. Perhaps because that's what I do every day in the stock market (and with much larger amounts). Seeing pace develop, or a favorite fail just as I've prognosticated is every bit as thrilling for me as collecting $8.60.

I never think that being a "gamble-holic" is a good thing and I do hope you make every effort to avoid falling into that mindset.

There are many different ways to handicap and still many more ways to actually invest your money based on your opinions, but if you say you don't have the patience to learn the game that way then you're really saying that you don't have the desire to do it. There is nothing wrong with that. Horse racing can be extremely fun, if you find that copious studying detracts from that then by all means avoid it. The great thing about racing is that on any given day the wackiest method of selecting winners can outperform the best system in the nation. Knowing tons about handicapping gives you an edge over the long run, its not really an advantage at all in the short term. Simply betting all the grays when its raining may just be the key to success on a Sunday at Delaware.

If you're into having fun at the racetrack then there are only a few things I'd suggest. The first is to set a budget before you go. Your first priority is just to have a good time so there is no need to put down your life savings. Identify how much money you're willing to lose then only spend that. Believe me, the one thing that will ruin your day is getting caught up in the excitement and leaving more money there than you intended to. For a base level player $2 per race is likely sufficient. You get all the thrill of rooting home a winner but at the end of the day even if you do terribly you've still witnessed a sporting event for $20, which is cheaper than a hockey game. Imagine that your wagers are like the admission money. Is just watching racing worth $20 to you? $50 maybe? Whatever your level is just reconcile in your mind that this is the cost of the event, then any money you get back feels like a bonus. I've never been to a hockey game where part of my ticket price has been refunded. Horse racing really is the best deal in town.

Another thing I would do is bet every race. Betting every race is a terrible thing to do if you are in the game to make money. But if you're in it to have fun there isn't anything better. If you are a person who really likes to have the winner then bet all the favorites. You'll average 3 winners a day, you will likely always lose money but you will rarely get blanked. And hey if you were willing to pay $20 to get in then paying just $6 or $7 seems even better. If you're more of a lottery ticket kind of guy then go for the longshots or exotics. You wont win as often but you'll feel like a king when it works.

Basically I think it just requires a few minutes thought. Identify what you're really looking for, set your goals then establish a plan that will best help you achieve those goals. It could just as simple as putting $2 down on each race and hoping your horse comes in. Above all, just enjoy yourself, horse racing is as exciting as sport can be. Too many people ruin it by gambling without boundaries. True freedom only exists within limits.


Some sound advice from a regular reader Gerry, you could just read it in the comments section of this post but I think its good to have all the advice in one spot. If any other have comments feel free to add.

noting the difference between handicapping and betting is useful to a person in anonymous situation/ if and when anonymous has the desire to learn the in and outs of parimutual betting and handicapping , then the advice is a bit different/ ie. at some point he or she would need to be able to understand information like the information set forth in the daily racing form, brisnet, etc.// i especially agree with KC that anonymous should set bankroll limits and stick with it/ he/she should not chase lost money/ i agree that betting many races at is desirable/ hopefully these would be #2.00 win or place bets in the beginning/ i hate advice which tells a new better to make practice bets on paper first / you have to risk money to really learn parimutual betting and handicapping/ for most part, in my opinion, after seeking advice and much, study there is a lot of trial and error (pain) in pari- mutual betting and handicapping/ this is how you learn although it is quite an inefficient way to learn/ actually, without much trouble, anonymous should get a daily racing form and ask why a particular horse may have won a particular race, what made this horse different than all the others based on the information he/she is looking at/ the best advice KC gave to anonymous was, most of all have fun!! //and oh yes, i almost forgot/ run....run as fast and as far away from your 'gambleholic ' brother as you can get.../ otherwise in my humble opinion, anonymous is headed for disaster/

chicago gerry