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Betting on Horse Racing
2nd Edition
by Richard Eng
Betting on Horse Racing For Dummies 2nd Edition®
Published by: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, www.wiley.com
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Library of Congress Control Number: 2022948310
ISBN 978-1-119-90892-0 (pbk); ISBN 978-1-119-90893-7 (ebk); ISBN 978-1-119-90915-6 (ebk)
CHAPTER 7: Riders up: The Importance of a Jockey
Part 3: Gaining a
Part 4: Risky Business: Tackling More Advanced Bets
16: Getting Into Sophisticated Handicapping
CHAPTER 17: Handicapping Tournaments
CHAPTER 18: The Race for the Triple Crown
Part 5: Playing Different Ponies and Different Venues
CHAPTER 19: Harness Racing: It Will Drive
CHAPTER 20: American Quarter Horse Racing: Don’t Blink, or You’ll Miss
CHAPTER 21: Visiting
CHAPTER 22: Betting
CHAPTER 23: Viva Las Vegas
Power Pages
Seabiscuit (2003)
The Horse Whisperer (1998)
The Pope of Greenwich Village (1984)
War Horse (2011)
APPENDIX: A GLOSSARY OF
Introduction
No sport parallels the history of our country like horse racing, which started with horses racing in Europe and Asia centuries before discoverers found the New World. When settlers came to America, they brought horses with them. And, of course, Native Americans already used horses in their daily lives. Horses were used primarily for farming and transportation. But it didn’t take long for one horse owner to say to another, “My horse is faster than your horse.”
In Betting on Horse Racing For Dummies, 2nd Edition, I cover the great sport of horse racing from every angle I can think of. If you bought and read the first edition, you’ll find mostly new material in this edition.
I wrote the first edition in 2004 and this second edition in 2022. In the intervening 18 years, a lot has changed, though a lot is still the same.
I’d love to hear from you when you finish this book. The first book made me a lot of new horse-racing friends, and I hope the second edition does the same thing.
About This Book
I’ve been involved with horse racing since 1979. The sport has been very good to me in many ways. Maybe the most important reason is all the wonderful people I’ve met along the way.
I hope the original Betting on Horse Racing for Dummies book (and now this second edition) will create thousands more new horse-racing fans.
In 2004, horse racing was riding the crest of Triple Crown tries by Funny Cide and Smarty Jones, leading to the first Betting on Horse Racing For Dummies book. Turn the clock forward to today, and we’ve had not one but two Triple Crown champions since the first edition:
» American Pharoah won the Triple Crown (which consists of the Kentucky Derby, Preakness, and Belmont Stakes) in 2015.
» Three years later, Justify won it, destroying the “curse of Apollo” in the process. In 1882, Apollo became the first — and until Justify — the only unraced 2-year-old horse to win the Kentucky Derby. Scores of unraced 2-year-olds tried to win the Kentucky Derby as a 3-year-old, but all failed. The “curse of Apollo” was 136 years in the making until Justify became the second unraced 2-year-old to win the Kentucky Derby in 2018.
Another factor that led to this book has nothing to do with horse racing. In May 2018, the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA), which prohibited states from offering legalized sports betting. PASPA had exceptions, though, including the state of Nevada, where I’ve lived since 1998. Nevada legalized sports betting in 1949 and had a monopoly on that industry in America for many decades.
I’ve seen the correlation between sports bettors and horseplayers. So, like the old marketing theory that a rising tide raises all boats, I believe horse racing can piggyback on the growing popularity of sports betting.
Horse-race betting can be hard to learn, but this book aims to simplify the complex. I break down each subject, piece by piece. Even if you’re not a complete novice, you’ll likely find subjects here that are either new or that will serve as a refresher course.
Foolish Assumptions
Before writing word one in this book, I made a few ironclad assumptions about you:
» First, you have zero base knowledge of horse racing and betting, which is why I started from square one. Now, if your starting point isn’t zero, that’s okay; you can skip some parts. Even if you’re a seasoned handicapper and horseplayer, this book is full of useful ideas.
» My second assumption is that you have a $100 betting bankroll for the day. I’ve always discouraged the use of ATM at racetracks or casinos. Chasing losses is something that I’ve learned isn’t good. Also, if you become a regular horseplayer, you should keep the money you bet with separate from your household account. As I was told when I started in horse racing, “You can eat your betting money, but never bet your eating money.”
» My third assumption is that you have at least a slight interest in finding out how and why certain things work in horse racing. Commenting on blinker changes on a horse and their effect on your handicapping is one thing, but I’ll assume you want to know how and why blinkers work on a horse. (If you don’t know what blinkers are, I get into that topic in Chapter 10.)
Icons Used in This Book
If you’ve ever read a For Dummies book, you know all about icons. They point out bits of information that you should pay particular attention to or that you can skip altogether in the case of the Technical Stuff icon. Following is a brief description of each icon that appears in this book:
This icon marks useful information that can save you time, money or both.
This icon marks important information you want to remember.
This icon marks dangerous scenarios and pitfalls to avoid in the world of horse betting.
If you don’t care much about the technical stuff, you can skip these paragraphs without missing much. If technical stuff is your thing, you may find these sections fascinating.
Beyond the Book
You can find an online Cheat Sheet for this book at www.dummies.com. The Cheat Sheet covers
» Betting tools and advice for placing wagers
» The different types of competition
» Betting against other bettors
» Placing bets
» Helpful horse race betting facts
Go to www.dummies.com and type this book’s title into the search field to find the Cheat Sheet.
Where to Go from Here
If you’re a novice, I suggest you read this book from start to finish. I know I’ve said that it’s okay to skip chapters, but the sequence of chapters is important for the building blocks of learning.
For recreational handicappers, this book can be an excellent reference tool. Even the most experienced horseplayers need to keep an open mind and seek newer (and possibly better) ways of doing things. In fact, Betting on Horse Racing For Dummies can be a refresher course. As we get older and maybe even jaded, we sometimes take shortcuts and/or get into bad habits. Just rereading the basics can bring us back in line.
By the way, don’t be afraid to take this book to the racetrack with you (or pull up the online Cheat Sheet on your phone). Having this book with you is like having me sit beside you in the grandstand or clubhouse. If I can’t answer your question, seek out a racetrack employee who can help you. The most important thing I can tell you is to have fun and enjoy yourself.
1 And They’re Off! Horse Racing and the Betting Scene
IN THIS PART . . .
Have fun playing the ponies placing win bets
Get the lowdown on the different kinds of horseracing
Understand parimutuel wagering
Learn betting basics
Make your first trip to the track
IN THIS CHAPTER
» Understanding the kinds of horse racing
» Handicapping the races
» Eliminating losers and shaping the race
» Managing your money
» Deciding where to bet
Chapter 1
Playing the Ponies for Pleasure and Profit
Horse racing is the most unique of spectator sports. In the “ball” sports, you spend hundreds, if not thousands, of dollars for good seats to a game. Then you sit and root for your team, which mostly consists of millionaire athletes, many of whom earn more money in one game than most Americans will make in a calendar year.
I’d rather take my $500 to $1,000 to the racetrack and really get my money’s worth. You can go practically anywhere you want at the track, with few exceptions. You decide on your own level of involvement. A $2 bettor is just as welcome as a $1,000 bettor.
In this chapter, I introduce many horseracing elements, such as the types of horse racing, the parimutuel betting system, how to bet, and how racetracks are laid out. A visit to a racetrack can be a full day of enjoyment, so let’s get started.
Differentiating the Types of Horse Racing
Horses have been part of our culture long before America was even a country. Where do you think the automotive term horsepower came from? That’s right: Everybody used to own and ride a horse. So, what better measure of the power of an automobile engine was there than horsepower? Also, before there were tractors, horses pulled the plows on farms.
In this book, I touch on four types of horse racing, each of which has broad appeal to all kinds of horse lovers:
» Thoroughbred racing: By far, this form of racing is the most popular in the United States and throughout the world. When you think of horse racing in America, these Thoroughbred races likely come to mind: the Triple Crown and the Breeders’ Cup. Most of this book focuses on Thoroughbreds.
» Steeplechase racing: For pure majesty, there’s nothing like watching a steeplechase race. The Thoroughbred horses who compete have been trained to jump fences and/or hurdles in long-distance races.
» Standardbred or harness racing: In these styles of racing, a driver sits behind the horse in a cart called a sulky. The driver doesn’t perch atop the horse like a jockey in Thoroughbred racing. Chapter 19 is devoted to harness racing.
» Quarter Horse racing: These horses are known for their breakneck speed out of the starting gate. The distances are typically100–870 yards. Chapter 20 introduces this type of racing.
Before You Bet: Handicapping the Races
Don’t let anyone tell you that betting on horse racing is sheer luck. Sure, betting on your favorite number, name, or color may randomly win you a race, but that result falls into the category of blind luck. When it comes to horseracing handicapping, using your brains will help you win a lot more consistently than randomly sticking a pin into the Daily Racing Form.
Handicapping is the art and science of picking winners. There are many ways to do it, but whereas some people flip coins, throw darts, or rub a rabbit’s foot, I prefer a more cerebral method.
Information is power in this sport. Unsurprisingly, the harder you work, the luckier you get. The most popular handicapping tool is the Daily Racing Form (DRF) — the industry’s daily newspaper, known mostly for listing the past performances of
the horses racing that day. The DRF also provides independent editorial copy and lots of free handicapping. Most horseplayers buy the DRF the night before the races to do their handicapping, so when they get to the track, they’re prepared and ready to go.
Handicapping is complex and something you can’t pick up fast. If you’re new to the game, head to Chapters 11 and 12 for some basics. After you get comfortable, you can try the more-advanced methods discussed in Chapter 16.
Eliminating losers and developing the race shape
When I begin handicapping in the DRF, the first thing I don’t do is go through the races and try to pick winners. Instead, I go through the races and eliminate the losers. The losers are those horses I think are too slow, overmatched classwise, or out of physical form to win that day’s race. I’m probably right about those slowpokes about 95 percent of the time. Eliminating losers creates a smaller pool of horses I consider the primary contenders to win the race.
It’s essential to visualize what I call the race shape. I start by breaking down the pace of the race, which means identifying each horse’s running style. I divide running styles into three categories:
» Speedballs: Speedballs go right to the lead at the start of a race. This is where the often-used term frontrunner comes from — to be in front early.
» Pace horses: Pace horses have what I categorize as tactical speed. They’re not fast enough to fight for the early lead, but they don’t really want to either. Instead, the pace horse’s jockey settles into a stalking position a few lengths behind the early leaders, waiting to overtake the leader(s).
» Dead-late closers: Dead-late closers have no early speed at all; they fall to the back half of the field and make their move at the end of the race.
With this knowledge, you can determine the race shape — your projection of how a race will run. Multiple speedballs usually mean the early pace will be fast and contested, which could create opportunities for the pace horses and dead-late closers. Betting on a lone speedball in a race is among the best bets in horse racing.
Another key factor to take into account is the class of each horse. Class is something a horse has in its head and heart; you’ll know it when you see it. A clearer class distinction can be identified by looking at how the horse has been racing lately. A cheaper claiming horse won’t have the same class as an allowance horse or a stakes horse. (I cover the class and classification of horse races in Chapter 2.)
Taking all factors into account
Winning a horse race is a team effort. Granted, the horse does nearly all the work, but when you handicap a horse, you need to consider the humans behind the animal: the owner, trainer, jockey, groom, exercise rider, and so on. (For more information on these people, see chapters 7 and 8.)
Publications like the DRF, racetrack programs, and websites such as DRF (https:// www.drf.com) and Equibase (https://www.equibase.com) provide invaluable statistics for your handicapping, as well as interesting statistical breakdowns on the jockeys and trainers. Equipment changes are noted, such as blinkers on/off, with/without Lasix, and front bandages on/off. When a trainer makes a change, they’re trying to improve a horse’s performance; thus, you can view a change as a positive move. (Chapter 10 covers all kinds of equipment changes.)
In addition, you’ll see the distances and track conditions (dirt, grass, or synthetic) in a horse’s past races. For example, some horses run well only on dirt, while others run well only on grass. Some horses run well on all three surfaces. (See Chapter 9 for more on track surfaces and conditions.)
Betting with success
Horse-race betting is a lot different from sports betting. The most common sports bet is on the outcome of a single game, and the most common odds on a single game are 11/10, which means you bet $11 to profit $10. If your sports bet wins, you collect $21.
In horse racing, that sports bet is comparable to a win bet on a horse. In horse racing, your odds can be a lot higher than 11/10. Suppose you bet $10 to win on a horse with 4/1 win odds. If your horse wins, you will collect $50. Horse racing offers more opportunities to “bet a little to win a lot” than sports betting.
One term you’ll repeatedly hear in horse racing — overlays — refers to one of the simplest and most profitable ways to win in the long run. An overlay is a horse whose win odds are higher than its real odds of winning the race. Over the long run, betting on overlays versus the race favorite will give you a better chance of showing a profit.
The morning line is an odds prediction of how the public will bet the race. For example, if the track’s morning line on a horse is 4/1 odds and the real-time betting odds are 8/1, placing a win bet on that horse may be worthwhile. If your local track has a competent morning-line maker, use it as a gauge. I trust the ones at the major U.S. racetracks.
