Horse Racing Betting Systems
Know Your Odds
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Depending on where you are in the world and the race that's taking place, the expression of odds will come in one of two forms:
Fixed Odds Betting: In the virtual world, the majority of horse racing betting sites use the fixed odds system. With a fixed odds bet, the payout for a winning wager is agreed at the time a bet is placed and will not change.
Parimutuel Betting: In contrast to the fixed odds system, some sites will also offer the Parimutuel odds method. Although less common in Europe than it is in other parts of the world, this style of horse racing betting is controlled by a 'tote' system which takes into account all money in the betting pool and determines the payout odds of winning bets once the house's cut is removed. Essentially, Parimutuel betting differs from fixed odds betting in that the final payout is not set until the betting pool is closed.
The Statistical Lay
To lay a horse in the sports betting arena means you are essentially betting against a runner. To use this system, you first need to find a race that has ten or more runners. Once you've found a suitable race, the key to this system is identifying the three favourites and checking out their odds.
Once you've found the top three prospects in the race, you then need to pick out the runners that have odds of between 3.0 (2/1) and 5.8 (4.8/1) and lay against the one with the lowest odds. Doing this, according to the stats, you should realise a winner around 80% of the time.
The reason this is true is because statistical analysis shows that horses with odds within these ranges (when in the top three picks of a race) only win around 17% of the time. This means a lay bet (i.e. a bet that the horse won't win) on these prospects should realise you a profit 83% of the time. Simple.