Everyone makes mistakes when they start out in horse racing betting. But if you know what to avoid, you’ll stay in control of your bankroll, make smarter wagers, and enjoy the thrill of the track with fewer regrets. Whether you’re betting online with MyWinners.com or at a live venue, here are the most common rookie errors and how to dodge them.
Chasing Losses
It’s easy to get caught in the loop of trying to win back what you’ve lost. But horse racing is fast-paced, and one rushed bet can turn a bad day into a worse one. Stick to a budget and bet with a clear head.
Ignoring the Racing Form
If you’re just picking names or lucky numbers, you’re missing valuable insights. Past performances, speed figures, trainer/jockey stats, and track conditions all matter. Even five minutes reading the form gives you a massive edge over casual bettors.
Misunderstanding Bet Types
Win, Place, Show might sound simple, but once you start boxing Exactas or playing Pick 4s, it’s easy to get confused. Always double-check what you’re betting, how much it costs, and what outcomes will pay.
Overbetting Favorites
Favorites only win about one-third of the time. Putting all your money on the top pick might feel safe, but it’s rarely profitable long term. Look for value, not just popularity.
Underestimating Exotic Wager Costs
Boxing three horses in a Trifecta? That’s six combinations. Add more horses, and your ticket cost can skyrocket. Many bettors overspend by not calculating combinations properly.
Ignoring the Tote Board
The tote board gives you live information on odds, pool sizes, and sharp betting moves. Odds can shift dramatically in the final seconds—so what looks like a good bet at 5/1 might close at 2/1.
Forgetting About Track Bias
Some tracks favour early speed, others favour closers. Some horses perform better on turf vs. dirt. Always check recent trends at that venue before locking in your bets.
Skipping Bankroll Management
Betting randomly with no plan is a fast way to lose money. Decide how much you’ll bet per race and stick to it. Many successful bettors never risk more than 2–5% of their bankroll per wager.
💡 Did You Know? A 2022 survey found that over 60% of losing bets on major US tracks came from players who bet without reading the form or understanding the race conditions. Strategy matters.
Frequently Asked Questions
Why is betting without reading the racing form a mistake?
Why is betting without reading the racing form a mistake?
Because the form includes vital performance data like speed, class, and recent finishes. Ignoring it means you’re betting blind and missing obvious red flags.
How can I avoid spending too much on exotic wagers?
How can I avoid spending too much on exotic wagers?
Use a bet calculator to understand how many combinations your Trifecta or Superfecta requires. Always check total cost before placing the bet.
Is it bad to bet on the favorite in every race?
Is it bad to bet on the favorite in every race?
Yes, long term. Favorites win only about 33% of the time, and payouts are often too low to be profitable unless you’re combining them in more complex strategies.
What’s the danger in chasing losses at the track?
What’s the danger in chasing losses at the track?
It can quickly spiral into poor decisions and overspending. Stick to your limits and treat every race as a separate opportunity, not a way to recover.
Why do tote board odds change so much right before the race?
Why do tote board odds change so much right before the race?
Because all bets placed just before post time are added to the pool, which can dramatically shift payouts — especially in smaller pools or when sharp money hits.