There are many ways to bet on horse racing but the most commonly one used is backing a horse of your choice to win the race. This method I do not particularly like, and is only ideal if you are an amazing horse racing expert.
Below are a few techniques you could possibly try, and what I think are the best ways to bet on horse racing:
Backing more than 1
Perhaps you are little knowledgeable but certainly no expert. Lets say there is a 8 horse race, and after doing your homework you are torn between 3 horses. Instead of the usual just picking 1 and losing when it runs badly, just back all 3 that you fancy to win. Sure it will cost a little more to win the amount you want, but you do have 3 selections all working in your favour.
I regularly select 3-4 runners and bet like this, at the of the day it is not about picking that 16/1 shot accurately and winning all the time, as it is just not going to happen. Research and see what horses you think are in with a good shout, and back them all.
Lets imagine you pick your winners in regular race, more times than not the one you selected comes 2nd or 3rd, and occasionally wins the race.
If this was the case the place market could be ideal for you to try out. The odds are smaller, however you are winning if the horse you select places 1st, 2nd or 3rd (in smaller races 2 places, and in larger races 4 places).
Laying 1 horse
The beautiful thing about laying a horse to win a race is that you have all other horses in your favour. Laying is basically the opposite of backing, you are picking a horse not to win.
The only drawback to laying is that the liability is more expensive, as you have much less risk. So if you do lay a horse to win and it does win, the loss will be greater.
However if you are pretty good at selecting winners, or close winners, then nothing is stopping you selecting a horse that you think has no chance of winning. It is wise not to go for complete outsiders, as even though they will not win most of the time, the hit when one does will crush your balance. Look for horses who have a chance and respectable odds, but ones you feel still have no chance.
Confirm your selections
After you have researched what horses you wish to bet on, have a read at a website such as at the races. In all UK horse racing they give a tip on who they think you should watch out for, and who they think will win. Of course they are not always correct, however they do give a nice little summary of what to expect and from what horses. At this stage all useful information is helpful.
How do you bet on horse racing? Share your comments below.