3 Horse Betting Myths That Make You Lose Money

Pexels.com

Non-bettors might call people who actively place sports bets “Crazy”, because it is foreign to them the concept of taking your own money, and placing it behind the results of sporting matches or events.  Those folks need to buy an imagination and learn to understand that horse betting can both be fun and rewarding.

The list of myths that have made bettors lose money for decades is hilarious and crazy, but more importantly, too long to name them all.  Instead, we are going to narrow it down to 3 horse betting myths that make you lose money.  We hope that reading these myths will help you find the humor that they exist and are believed, and keep you from losing your shorts in the process.  The focus of this article will be about the myths that Horses cannot have 4 White feet, always bet on “Favorites”, and that Horse Betting is “Fixed”.  

4 White Feet Means Defeat!

There is no actual logical reason for the false faith in a myth that a horse with four white feet is guaranteed to lose the race.  Many horse racing fans and bettors alike believe that horses that have a single white foot are born with some sort of “winning” gene.

“One sock – buy him, two socks – try him, three socks – doubt him, four socks – do without him.”  This is the friendlier version of a poem that many jockeys have uttered and influenced bettors away from placing money on horses with “socks”.  The term “socks” describes horses with 4 white feet.  

There is no scientific evidence to support the myth and there are far more examples of horses who were quite successful with “socks” on.  

One of the winningest horses in recent history, California Chrome, won the Kentucky Derby, and the Preakness Stakes in 2014, narrowly missing out on a bid for the fabled Triple Crown.  Check out the other races won by CC.

Chrome won the 2013 Graduation Stakes, 4 other races in 2014 in addition to the Kentucky and Preakness, and 5 races in 2016.  No special training secrets, no magical formulas, Chrome won with four white feet, but she was certainly not the only champ with “socks”.  

Bentley Biscuit is the name of a horse very familiar to Australian horse racing fans.  Bentley Biscuit was a horse that won its first eight races.  In fact, Bentley Biscuit went on to have a very rewarding and successful career. Biscuit won 23 races and totalled almost $1.5 million in prize money just from racing in Australia.  

Always Bet On Favorites

Factually there is more than one thing that makes betting on favorites a bad gambling move.  For starters, the bettor’s favorite wins only a third of the races.  Some quick math shows that you will lose 66% of the time if you only bet on favorites. To make winnings count, you should always look out for the best bookmaker in Canada or wherever you are currently located. 

Another unknown or ignored fact about favorites is that odds make a horse the favorite simply because it receives the most bets for that race.  How the horse runs on certain tracks, and weather conditions, are two examples of factors that should influence where you place your bets.  

Actual odds change minute by minute based on how much money is bet on each horse. Professional oddsmakers and successful bettors emphasize how important it is to identify legitimate contenders instead of what is labelled the favorite.  

We now live in an era where technology controls the world.  There are multiple sites that explore all sorts of factors on your behalf and present their findings for free online.

Horses can show the ability to contend even against the proverbial favorites based on previous races, and at high odds, bettors are possibly looking at a huge financial windfall.  

Horse Racing Is Fixed!

The myth that all horse races are fixed has a couple of layers that need to be peeled back.  There is a notion among fans and bettors that there are secret groups or people who control everything in sports, specifically horse racing.  

Of course, the claims that a race or the outcome of a race was predetermined are usually made by the people who have lost a lot of money.  There is no truth or way for races to be fixed.

Having said that races are not fixed, they can be influenced if the governing bodies are not closely monitoring the situation.  Officials and athletes have been caught making decisions to influence events, but this has been a rare occurrence over the years.  

Special racing commissions oversee all of the activity surrounding horse racing and betting. Movies like “The Godfather” have fooled people into believing that the industry is controlled by the mafia.  This is a Hollywood falsehood that is prevented by the thousands of professional employees and officials who protect the integrity of the horse races.  

The Final Lap!

Truthfully there is no magic formula, and even the most successful professional prognosticators are only successful 50% of the time and that is also combined usually with winning based on high odds.  

Horse racing is big business, especially in the U.K. where only Football (Soccer) is a more profitable industry.  Websites and personalities that endorse betting websites are all out to make winning at gambling easy and fun.  Myths exist in the world of horse racing and betting but should only be a minor distraction.  Betting on horse racing should be based on the location of the race, the up to the minute weather conditions of the horse race, the duration of the race, and what type of surface will the race be run on, not on old wives tales and folklore.  

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