Horse race betting is one of the most popular betting markets for both experienced bettors and casual punters. The thrill of fast-paced horse racing makes it the perfect sport to place bets. However, there are different strategies that bettors can incorporate to ensure that the most is being made from the horse racing betting experience. One of these strategies is to search for value bets and back them in hopes of making a valuable return. Whilst this is not similar to matched betting, as value bets are not guaranteed to make a return, they are still an essential tool bettors can use to increase their chances of a return. Here at OddsMonkey, we will look through what value betting is in horse racing, how to identify these value bets and the different strategies that bettors can use with these value bets.
Value Betting In Horse Racing
The basics of value betting in horse racing depend on finding bets which are more likely to happen compared to how the odds are placed. This means a value bet will be fairly likely to come true, providing a decent return to bettors. This approach to betting is not just about making quick returns but is a long-term strategy which should hopefully see bettors make a profit over a long period of time. Value betting does not guarantee a return, yet bettors will have to look out for different value bets that are worth placing, as the balance of risk versus reward is uneven.
Value betting is all about judgement, meaning bettors will have to use their knowledge of the sport to assess if the value bet is more likely to happen compared to what the odds state from the bookmakers. As horse racing brings a large crowd of bettors, it is important for you to understand different horse racing tips and brush up on your horse racing knowledge. Understanding how different horses perform on different tracks, the form of specific jockeys and other factors can be essential to value betting. If bettors are looking for more horse racing betting tips, check out our extensive horse racing guide.
How To Identify Horse Racing Value Bets
In the world of horse racing and other sports, a value bet is when the bookmakers place odds that do not accurately resemble the likelihood of the event happening. This basically means that the bet is more likely to come true compared to the odds placed by the bookmaker, making it a valuable selection for bettors.
One of the best ways to find out the true value of a bet is to use the implied probability formula, which makes it much simpler for bettors to understand how likely the bookmaker believes the event will happen.
To work out implied probability, simply divide the value of 1 by the decimal odds to determine how likely the event is according to the bookmakers. If users are unsure how to use decimal odds, use OddsMonkey’s odds converter to change the odds into the format you use. For example, if the bookmaker has placed a selection at 3/1, then this would be 4 in the form of decimal odds. If you divide 1 by 4, you get 0.25. This means the bookmaker believes that this specific selection has a 25% chance of happening. If a player is more confident in the bet being successful, then this could be considered a value bet.
As you can see, value betting relies on judgement from the player, meaning patience and knowledge of the sport is essential to ensure the value bet is worth it.
Different Value Bet Strategies In Horse Racing
Using a systematic approach whilst value betting is one of the best value betting strategies on the market. Bettors should be invested in researching different betting selections, with details such as jockeys, horses, trainers and ground conditions being especially essential when it comes to horse racing. For example, if a certain horse performs better in good to soft conditions, it might be worth placing a bet on it as the horse could gain a better result than expected. OddsMonkey is the place to be when it comes to horse racing tips and tricks, which can be found in our sport-specific guides and our matched betting blog.
Another brilliant tip for bettors is to maintain a record of the different value bets that you have placed. Not only does it allow users to keep track of which bets have made returns and which ones have lost, but it also allows bettors to refine and update their strategy. You should also aim to remain patient as much as you can, as this ensures that bettors are not placing several bets and rushing into poor value decisions.
Value Betting Compared To Matched Betting
As previously stated, the value betting strategy does not guarantee returns every time, meaning it is possible to be unsuccessful when value betting. However, by following the different tips and guides at OddsMonkey, you can give yourself the best chance to make the most of your value betting experience!
