Can You Win Betting Odds-On?
While many gamblers shy away from betting odds-on others consider them a sure-fire winner.
The term: ‘Buying money comes to mind’.
Are you a favourites man?
I must admit, I’ve bet odds on bets infrequently. Although the chance of the given horse winning is statically greater a short price always brings concerns. For example, betting at odds of ½ favourite sees a wager of £100 to win £50. With stake money a return of £150. As they say: ‘Not too much bang for your buck.’
My speciality of betting two-year-old race horses has given a greater insight to the pros and cons of betting at such short odds.
For the everyday punter, there is little point in betting a score to win a cockle (£20 to win £10). So, perhaps, the big bettors only come out to play when they jolly is backed to prohibited odds. If you bet odds on and make money you’re doing something right. If you are losing and chasing your losses, you don’t need me to finish this sentence…
The best thing about betting odds on is that you have the confidence of the market on your side. If you could look at the bookmaker’s book you would see that about 70% of all money bet on the given race is placed on the favourite. However, it doesn’t mean your selection is guaranteed to win. From my studies, when a horse is priced ¼ it is very hard to beat. So it should be if you have bet £8,000 to win £2,000.
It’s all fine and dandy as long as the horse wins.
It’s like taking money from a bookmaker.
The trouble starts when you have a loser. If you have a few quid in the betting bank you may be able to withstand the odd loser. If you’re in the red, you may find you struggle to ever get back in profit.
There is an assumption that if you bet big money (a few grand a time) that all you need to do is bet odds on shots and you are laughing all the way to the bank. This is simply an old wives tale. If you specialise betting odds ons you need to be very selective and have a skill set and knowledge which means you can pick between the good, bad and ugly bets.
With regard to two-year-old betting, you are much more likely to bet an odds on winner second start, while debutantes are often a recipe for disaster. Also, a horse with a string placed efforts is a worrying sign for odds on backers.
I’d leave well alone.
If it seems a good idea to make easy money you are in for a shock.
As ex-professional gambler Dave Nevison said: ‘There’s no easy money.’
Those words are most fotting for those who love to bet odds on.