Understanding Horse Race Betting
The Kentucky Derby is fast approaching and with it will come a number of newcomers to horserace betting. The race is the US’ third most popular sporting event after the Super Bowl and March Madness. For those new to betting on horses, it is good to understand the differences between betting on horses and sports.There are a few differences which punters need to be aware of. Most importantly it is important to understand that sports betting is conducted on a ‘fixed price’ basis while horse racing betting is done with a pari-mutuel pool.
Fixed price betting means that as soon as you place a bet the odds are fixed and you will know your potential payout.
With pari-mutuel pool betting the final odds and payouts won’t be known until after the race.
It is also important to understand that when it comes to horse betting it is virtually impossible to find useful statistics on all horses. Over 30,000 new thoroughbred race horses enter the sport every year which means that there is an overwhelming amount of information out there.
This differs starkly with sports betting where there is a relatively small amount of information that a punter needs to place a fully informed bet.