Original Article by Racing and Sports
Despite often being seen as a 'mug's game' horse racing is one of few gambling pursuits where the punter can possibly have the odds in their favour.
Racing is more than tips and trackwork updates - if you are serious about how you play then you'd already be using RewardBet and we hope this article provides some more food for thought for the smart punter.
A majority of punters get into the game with the goal of making a profit.
This goal is achieved not by finding winners but by finding good bets.
There is a difference, which is what we will look at that briefly in this article.
Due to the fact that the true odds of the outcomes are unknown, it is theoretically possible to have the odds in your favour as a punter at the races, which makes it fairly distinct from most other gambling pursuits.
Just about all other forms of gambling start with one certainty. That the odds are locked in favour of the 'house'.
The law of averages will apply to racing in the long term, even money shots will win closer and closer to their true probability (50%) with more and more occurrences, but in the short term, results are essentially random.
“The randomness of racing in the short term essentially means that we mustn’t look at the form like it is a mathematical equation as there is no one answer.”
The randomness of racing in the short term essentially means that we mustn't look at the form like it is a mathematical equation as there is no one answer.
We need to look at racing more probabilistically and can't fall into the trap of thinking that among the information available to us sits the answer, a horse 'destined' to win the race.
This line of thinking can be reinforced by retrospect where it all looks so easy.
We have all scrambled for the form guide after the 15/1 winner salutes and thought 'Of course! It was obvious.'
If the horse we bet on wins we feel like we got the race right and if it loses we feel as though we got the race wrong.
This isn't to say that there is nothing to be learned from results – we can and should update and refine our methods as more information comes to hand - but we have to accept that one of the very few certainties in racing is that losing bets will be frequent and that they are not necessarily bad bets due to that fact.
“A losing bet is not necessarily a bad bet.”