Even if horse racing is often referred to as the sport of kings, a bad bet will make you look like a jester, especially if you’ve already lost a huge amount of money. This feeling is unpleasant, whether you’re sitting on the stands or at the sportsbook grasping a handful of losing tickets. Still, losing is a part of horse betting; one way or another, a person’s winning streak may eventually come to an end. (2)
However, with the upcoming Melbourne Cup, it’s best if you tip the scales in your favor. This way, you’ll get to enjoy this much-awaited event as you’ll be earning money, too.
The Melbourne Cup 2021
With a total prize pool of around AUD$7,750,000, The VRC (Victoria Racing Club) Melbourne Cup is considered Australia’s most famous horse racing event. Often called the ‘race that stops a nation,’ the Melbourne Cup is held at the Flemington Racecourse, with a track that runs up to 3,200 meters.
The event is scheduled on the first Tuesday of November, annually. This 2021, the Melbourne Cup race will start at 3 PM on November 2. The Cup is also a great opportunity to support the winning jockey. By doing so, and you place your hard-earned money on them, you’ll have bragging rights over your family, friends, and workmates. (1)
Horse betting tips
Now that you know the brief background on the Melbourne Cup, it’s now time to know the following ways to bet on the right horse. By betting on the right pony, not only will you make the VRC Melbourne Cup memorable this 2021, but you’ll also be bringing home some serious cash or winning horserace drinking games with your mates.
Without further ado, here are five horse betting tips you should consider from the get-go:
- Check the racing forms
Many people will bet thousands, if not millions, of dollars on horse races every year. Unfortunately, only a few percentages of these bettors will conduct prior research before placing their bets. What they don’t know is that even a glance or quick analysis at the racing program will significantly increase their chances of winning.
As a start, you can look at racing forms, which is also called form guides, as it gives you the needed information regarding the race, as well as the horses. But take note that the racing form won’t explicitly tell you which horse will win. Still, it’ll provide the relevant information so you can have a betting decision that’s not based on hunches. (4)
- Assess the jockey’s condition
In addition to the racing form, you must also assess the jockey’s form. The jockey’s form, in this context, doesn’t have to rely on what’s being reflected on a sheet of paper solely. But you can also check how well they’re doing in the past years or races. Similar to athletes in popular sports, like basketball or football, jockeys, too, will have a streak of bad or good luck.
For instance, if the horse is in good condition yet the jockey isn’t having a great year is against someone whose showing great luck, then be doubtful placing your money on this horse. On the other hand, if the jockey is showing great luck in their past performances, then you may consider placing your bets on this rider, allowing you to ride the one with the hot hand. (2)
Conveniently, you can check the jockey’s stats through various sources found on the Internet or in your local racetrack.
- Budget wisely
Budgeting is generally the most difficult aspect of gambling. This is especially true when it comes to horse racing since bettors want to have a few bucks placed on each race, keeping the excitement burning.
Indeed, passing on a single race takes discipline, but if you want to make it through to the end of the event with cash on hand, it’s best if you budget your bets wisely. One way of doing this is to place the majority of your bet to two or three runners. This means that a huge portion of your budget will revolve around the horses which you think have a huge chance of winning.
Still, if you want to spend your entire day at the Flemington Racecourse, you can bet a few bucks on a couple of races. Just be sure not to get too carried away and bet a huge amount on a horse that you don’t feel strongly about. (3)
- Don’t bet solely with your emotions
When it comes to gambling, always base your bets on logic. Despite hearing stories about a man who won millions of dollars just because the horse and her daughter have the same name, it doesn’t mean that you should also look for these often-unrelated coincidences. Even if you won with this method in the past, relying on it isn’t a good betting strategy in the long term. Knowing how to bet, like having a fool-proof plan, has a huge chance of generating money than your emotions. (2)
- Check where the horse is stabled
Suppose you take a car ride that takes 10 or 12 hours, and then you’re asked to go for a run. Surely, you’ll feel too tired to perform optimally. To recuperate from the stress that traveling brings, you need at least two to three days to settle.
With that said, horses, even if they’re high-performing ‘athletes,’ who need to travel long distances then race the following day, may no longer perform well on the racetrack. So, even if the horse performs well in their local racetrack, it doesn’t mean that they’re going to have the same performance once they participate in the Melbourne Cup. (2)
With the clacking of the hooves, dirt flying about, and the momentous last-second photo finish, horse racing is indeed a great sport to watch, especially if you place your money on a couple of races.
To truly enjoy the sport, keep these betting tips in mind, as it’ll allow you to focus on the horse, not your feelings. As mentioned earlier, you’ll have more chances if you base your bets on empirical data rather than your emotions. Regardless, with the Melbourne Cup scheduled every year, you’ll eventually figure out your own betting strategy and even rituals.
(1) “Melbourne Cup 2021”, Source: https://www.racenet.com.au/melbourne-cup
(2) “The 10 Best Tips for Betting on Horse Races”, Source: https://www.gamblingsites.org/blog/10-best-tips-betting-horse-races/
(3) “Making Smarter Bets: Eight Horse Racing Lessons Learned”, Source: https://www.americasbestracing.net/gambling/2020-making-smarter-bets-eight-horse-racing-lessons-learned
(4) “Taking Your Horse Race Betting to the Next Level”, Source: https://www.thesportsgeek.com/sports-betting/horse-racing/tips/