Are Horse Betting Services Worth It?If you have limited experience of backing horses you’ll be surprised at just how many types of services are available to help you win, or so they claim.
Sadly not all services are reputable and it is therefore essential to be very cautious about giving anyone money for their “information”.
Be on your guard about joining betting syndicates. These are the most commonly used methods of crooks looking to scam money from vulnerable prospective horse-players. Their sales pitch will run along the lines that they have access to strong inside information that yields good profits and you can share in this success if you are prepared to give them a few thousand dollars to finance the bets. When it comes to collecting the returns they’ve frequently left town. There are cases of pensioners being robbed of their life’s savings by these crooks that make for very sad reading. Be sure you don’t become one of them.
If you’re approached to join a syndicate, ask them why they need your money, and why they can’t raise any capital of their own. Very often, if they’re prepared to give you their address you can establish whether they rent it or own it. The majority of scams are run from rented premises or motels. Asking a few questions amongst people who should be aware of their business will rarely reveal anything suspicious. This is because they often work in gangs giving one another testimonials. So unless you are absolutely sure of the integrity of someone asking you to join a syndicate, just say no.
At the racetrack villains can work the bars selling tips to vulnerable bettors. They basically work on the premise that you can have their unique information if you place a bet for them using your money. If the tip wins they’ll be at the bar waiting for you to collect their money. If the horse loses they’ll move on to another part of the racecourse looking to find someone else to dupe about another race.
All scams work on the principle that the organisers take no risk, that’s why they have to sucker people into financing them.
That’s not to say that there are no reputable horse betting services and if you decide to subscribe to one there are a few steps you should take.
Reputable subscription services advertise and will answer any questions you may have in writing on request. Don’t send any money until all your questions are answered. These should include establishing how long their service has been running, details of the bets recommended and the stakes, what level of capital they recommend you use for the whole year, their profitability and how many loyal customers they have at any one time. A good service will have a strike rate of over 30% and show profits of over 15% on their total turnover (Profit divided by total stakes). The best services will proof their results to a newspaper in advance, which will confirm them to you on request.
Check the staking of all bets very carefully. You should analyse past recommended bets on a level stake basis, that’s to say treat every bet as though it were for a single dollar or the same stake on each occasion, no fluctuations up or down. The best way to this is by dividing the total amount staked, by the total number of bets placed. Once you’ve done this, establish the “real profit” by reapplying the winning dividends to the calculated level stake and deducting all losses you’ve determined by multiplying the losing bets by the calculated stake. If the difference between the real profit falls below the claimed profit by more than 4% you should be wary. It’s very easy for someone to tell you only part of the story. Unless you get to see the whole story with your own eyes don’t subscribe.
Once you’ve got all the answers to your questions about the services ask yourself two very important questions. Are you in a position to finance the bets without adverse effects on your personal finances and does the cost of the service represent less than 6% of the betting profits? If you cannot set aside a betting bank or you feel the service doesn’t offer value for money then you will be better off looking to develop your handicapping skills by other means.
This is not as hard as it might seem. The Daily Racing Form is rich in information about horses, running in races all over America. The paper contains various analysis, including information about horses running on medication, race histories, speed analysis and form handicapping, trainers and jockey statistics. They also provide details of gallops the horses have in training. Interpretation of this is often on a par with “inside information” when it comes to finding winners, allowing you to spot progressive horses who haven’t shown their best on a racecourse yet. Their weekly Charts are good value.
The volume of information can be overwhelming. So rather than making handicapping a full time job you’ll find it easier to develop expertise if you can specialise in particular types of races and set aside quality time to study.
The races range from those for horses aged two, three, and four-year-olds and upwards. The distances of races vary from four and a half furlongs to a mile and a half. The class of races also vary from $20,000 claimers, maidens for horses yet to win races, handicaps where all the horses carry different weights with the object of finishing the race and graded races, which the best horses compete in. Once you have decided on a medium to develop your expertise you should restrict your betting to your chosen medium. You’ll be surprised at just how much advantage you can give yourself.
There are many services analysing horses performances against the clock, producing their own speed analysis. These services are the main pole of attraction for bettors and subsequently the odds of their selections are suppressed by the weight of support they receive. The Daily Racing Form carries the world famous speed figures of Andrew Bayer which are consequently often overbet. So much so that backing every single selection on a race card is likely to lead to a loss.
If you are going to try to make your betting pay, irrespective of which analysis you use as your main guide you must try to be selective and back horses with good credentials that are underbet.
Remember it’s your horse against the field and you against the crowd.