by Terry Thurman
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 youre 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 theyve 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 dont 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.
You're playing against other bettors, not the racetrack: A big difference between sports wagering and horse betting is the function of 'the house'. In horse racing, you're not playing against the track--instead, you're betting against the other patrons. The track simply serves as a 'banker', accepting money and paying bets. For this service, they take a percentage of the money bet on each race (called the 'takeout'). The odds on a horse aren't set by the track, but rather by the amount of money bet on each entry.
So where do odds in the newspaper or program originate? These are known as the 'morning odds' or 'morning line' and is basically an educated guess as to where the betting will go. They can be helpful as a handicapping tool, but may or may not reflect what will happen in the actual betting.
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 handicapper gets an idea what will happen in the race, he has to factor the available odds into the proposition. A favorite may be an unattractive wagering prospect due to a prohibitively high price, while a long shot may be a good wagering value based on a high potential payback. It all boils down to wagering value, which is simply a matter of doing a math. Teaching the youth of America solid math skills is crucial for no other reason than to help them gamble effectively and profitably.
Horses and Trainers: Some handicappers place a great deal of importance on the horses breeding lineage"the quality of his parents and grandparents "as an indication to his performance potential. This may be particularly important early in a horses career, but after a half dozen or so races what hes done on the track becomes more important than his pedigree. Trainers, like Bob Baffertt, can also be an important consideration much in the same way that coaching can play an important role in sports wagering.
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.
About the Author:
Ross Everett is a consulting handicapper for a number of offshore sportsbooks and an authority on
horse race betting . He's a well known and widely published expert sports handicapping theory, as well as stock market investing. He contributes to a number of online media outlets providing insight on how to
bet on UFC, MMA and boxing.
Posted under Horses
This post was written by Jason Meadows on July 6, 2009
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