Unfortunately for us, the bookmakers only pay out on winning bets.
I say unfortunately, because it can often seem as if it’s a lot easier to pick a loser.
Because of this, a lot of people wrongly assume that in order to make money betting, you have to focus on finding the winners.
Which is why most people tend to back favourites when they are betting.
You only have to take a look at any race on the Betfair Exchange, and you will see just how much more money is traded on the race favourite, compared to the other horses in the race.
Which proves that most people waste their time and money, by make the mistake of trying to back the winner.
In order to make a profit from your betting, you have to be taking value.
Which means you need to betting on horses who’s chances of winning a race are greater than the odds being offered suggests.
I know, I know…
Easier said than done.
Becoming good enough at approximating a horses true chance of winning is a skill that takes a lot of time and effort to develop.
That time and effort can be slightly reduced by limiting the races you analyze to a specific niche of racing. But it will still take time.
It is however, a very rewarding skill to develop. Both mentally and financially. And I’d encourage anyone with an interest in horse racing to develop that skill over time and paper trade until they are profitable.
(i.e. record the results of the bets you would place, but don’t actually stake any money)
But if you’re not yet at the stage where you can pick your own value selections, you can still make money from your betting by following a profitable tipster.
You can see the tipsters that I recommend, and follow with my own money here:
http://WinnersOdds.com/Tipster-Portfolio
Until next time,
Kenny Turnbull
