One of the biggest industries in the world right now is the sports betting industry, and is worth around $203 billion globally. Within the sports betting industry is the horse betting industry, which is by far one of the most popular, currently worth about $116 billion. If you are an avid horse bettor and you are trying to make some money while betting, as well as attempting to lose less, here are a few mistakes that you should avoid when horse betting online.
Betting without a budget
One of the biggest differences between betting at the tracks and betting online is the difference in time. This means that when you are betting at the tracks, you have to wait for a race to finish before betting on the next one, so time itself becomes a very good budget. The same cannot be said when betting online, as you have the ability to bet at multiple sites for many different races. Of course the choice of so many betting options brings its own issues like choosing who to bet with, we recommend you bet with a reputable horse racing betting provider like Betfred.
This means that not having a budget when betting online is a big mistake, and could mean that you inadvertently spend much more money than you initially planned to. A good way to create a budget for betting is setting aside an amount of money that you would spend when going out for the evening, and split that across the month, depending on how often you would go out.
Betting without information
A big mistake that many bettors make quite often, whether it be because they are new to betting, overcome with excitement, or have an unshakeable feeling that they will be winning, is betting without information. It is absolutely vital to make sure that you have all the information that you possibly can get, both on the horse you are betting on, the competitors, and the race itself.
There are many horse betting sites available that give you all the information that you will need, including the latest odds, which race tracks are the most promising, and general tips. Also make sure that you research the horse you plan on betting on; relevant information could be the horse’s health, previous experience, track record, and more.
Betting without keeping score
This tip is very similar to keeping a budget, and its something that you should do when creating a budget; keep score while you are betting. Betting without keeping score is a big mistake, and one of the fastest ways to burn through all of your money. When you go to the tracks, its easy to take actual cash with you that you can keep track of, and the feeling of parting with it has bigger psychological effects.
When betting online, its easy to lose track of how many bets you have made, and how much money you have spent, since you aren’t physically handing the cash over. To help you keep score, you can either use the notepad on a laptop or computer, or have a physical ledger to see how much you spend throughout the month.
Not using bonuses or free bets
Another mistake that bettors often make is ignoring the bonuses or free bets that sites provide to them, which at the end of the day, reduces the amount of your own money that you are spending. Some of these bonuses include sign in bonuses that give you a certain amount to spend on bets on the site, whereas other bonuses might require to bet on certain horses or tracks.
While these bonuses might be very helpful and while you could be making money, and not using any of your own, that doesn’t mean you should stray too far from your strategy just to get free money, as this is a quick way to lose a lot of it.
A final tip that could save you a lot of money, is to make sure that you are always paying attention when betting, especially online, when placing multiple bets at different sites. It can be very easy to slip into a comfortable state while at home and in a safe place, but it is still your money that you are spending, so actively being in the moment while betting can help you to avoid making terrible mistakes.