Want to learn to bet? Betting 101 is the place to start.
The Successful Punter
Just like the bookmaker has his opinion, serious punters also have their own. And they’ll express that in the same way – by framing their own market:
The key for any successful punter is that his reading of each horse’s chances is more accurate than the bookmaker’s.
As you can see above, the punter has marked Phar Lap a $1.80 chance. The bookmaker has it available at $2.50.
Provided the punter’s rating is accurate, this creates a value betting proposition.
If the horse is truly a $1.80 chance then, as the odds indicate, it’s a 55% chance of winning. Or, it’ll win 55 times out of 100.
Re-run our betting from above again: A $10 bet in each of one hundred races (at $2.50 with the bookie) will cost you $1,000. But the 55 collects of $25 gets you back $1,375.
You’ve made a profit of $375.
That’s the key to profitable betting. All of your bets won’t be at the same odds, but it doesn’t matter. It works all up and down the odds.
It also doesn’t matter how many winners you get. As long as you’re betting to value, you’ll finish in front.