Sports gambling is a popular pursuit because everyone understands the basics of how teams win and lose and why. Horses, meanwhile, are an entirely different animal”no pun intended. It is a complex discipline unto itself, and a sound background in handicapping sports doesn’t insure success, or even mediocrity in handicapping the ponies. In fact, the history of sports betting is replete with successful gamblers that had a weakness for horse betting, with an emphasis on the word weakness. Most notable, perhaps, is the former resident handicapper at CBS, Jimmy The Greek Snyder. The story goes that The Greek was a first rate sports handicapper, but he couldn’t pick the winner of a one horse race when playing the ponies. The bad news for The Greek is that he enjoyed playing the ponies nonetheless, and often frittered away the money he won at the other end of the sportsbook.
Were not going to suggest that the information here even scratches the surface of what you need to know to become a serious horse handicapper. There are countless books, DVDs and other media that you should check out if this is your goal. If you’re interested in simply knowing the basics so that you can enjoy a day at the track, here are some basic concepts of horse handicapping:
Reading in Fundamental: The first thing you should do when you arrive at the horse track is to purchase a track program and a copy of the Daily Racing Form. The Daily Racing Form (or DRF for short) is the Wall Street Journal of the horse handicapping set. The track program will offer much of the same information about the specific track, but is frequently in a more user friendly format than the often arcane DRF. The basic stats you’ll find in these publications are the names of the horses, jockeys and trainers, the morning line odds, and the types of bets available for each race. You’ll also have past performance charts, which are the bread and butter of serious horse handicappers. These charts reveal a lot about a horse and what they’ve done on the racetrack, including its record, where it ran, the quality of competition it ran against, and what position the horse was in at various points in the race. Most tracks have customer service types that are helpful in clearing up anything you don’t understand. While asking the personnel in a sports book who they like isn’t a wise idea, its OK at the track for a reason well now discuss”you’re not playing against them.
The House Doesn’t Care Who Wins: One thing that is important for the sports bettor to remember when playing the horses is that its a parimutuel situation. In other words, you’re not playing against the house, you’re playing against the other bettors. The track just facilitates the betting and acts as a middleman, handling the money for a fee (15 to 25 percent of the parimutuel pool). Another difference is that the track odds are determined by how much money is bet on each horse. If everyone bets on one horse”whether it is the best horse, or just has the catchiest name”it will go off as the favorite. Long odds on a horse doesn’t necessarily indicate a bad horse, but just one that the wagering public isn’t investing in. Sometimes this can be one and the same, but not always.
The odds in the newspaper are known as the ‘morning odds’ and are essentially educated opinions. They’re not much different than ‘overnight lines’ in sports betting. They can serve a function for handicapping, but often will not reflect what will transpire when the actual betting begins.
The Basics of Handicapping: Even expert handicappers approach the sport differently and, like his sports gambling counterpart, may place greater emphasis on the importance of certain data than other handicappers. Some handicappers place a great deal of weight on a horses past performances, including the quality of opposition hes run against. Others place greater value on recent workouts, and still others go to the paddock to eyeball the horses and try to determine which ones are ready to run.
Once a bettor reaches a conclusion about what he thinks will happen in a given race, it is still subject to the odds that are available when betting. This is similar to sports gambling, where an underdog may be more attractive due to an excessively high payback potential than he would ordinary, or, conversely, a clear favorite becomes an unattractive wagering proposition due to a prohibitively high price. Its all a matter of the math–if I could speak to the teenagers of America, I’d try to impress upon them the importance of doing well in math for no other reason than its importance in all forms of gambling.
Training and bloodlines: Handicappers often focus on a horse’s breeding lineage, considering the quality of the bloodlines and the racing pedigree of his parents and grandparents. Others put great focus on a horse’s trainers. An ‘A-list’ trainer can often get the most out of a horse much in the same way an elite level NFL coach can cause a team to ‘over perform’.
Jockeys: Jockeys are independent agents, and thus to make the most money they need to win the most races. The more a jockey wins, the better ‘rides’ he gets and the more money he makes. Surprisingly, many serious horse players put minimal importance on the jockey. It’s essentially a case where even the best jockey can’t win with a bad horse. In other words, if a jockey is seen as ‘competent’ there are many other more significant factors for the handicapper to consider.
Dedication and Discipline: There’s not a set formula for successful horse handicapping, so try different things and find what works for you. And, as always, don’t go overboard with the money you wager and particularly until you get a feel for what you’re doing. If you’re interested in learning more, check out the Daily Racing Form website.
Ross Everett is a well known freelance writer specializing in travel, poker and sports handicapping. He is a consulting handicapper for Anatta Sports where he is responsible for providing daily free sports picks. In his spare time he enjoys fine dining, fencing and deep sea diving. He lives in Southern Nevada with four dogs and a pet coyote.
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