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Intro to Horse Racing 202
Waiting tables at Pizza Hut and going to college kept me busy into the homestretch of the 60’s decade. I had money burning a hole in my pocket and reliable wheels in the form of a VW bug and a full sense of adventure gnawing away inside my gut.
Business was slow that early spring evening when a conversation developed between another employee, myself and an interesting stranger at the other side of the 4 stooled bar. Yes, Pizza Huts back then actually had a 4 stool bar for patrons who were waiting on their order, or eating by themselves, or just plain thirsty for a cold brew.
I overheard the other two talking about going to the horse track in Omaha, and I couldn’t believe my ears. This wasn’t a carnival game they were talking about, but instead, the real thing with live horses and real money! And maybe there would be Tim Tam and Seabiscuit too! I was just a bit naive.
So we drove the 3 hours to get there and get our seat in the grandstand and I am on overload…. what is this? A newspaper to play the game and a program and a pencil and more numbers and facts and names than my Dad’s Wall Street Journal, oh my! But it’s pre-simulcasting and there’s only one race track and one race to bet and the track is so nice that they give us a half an hour to figure out who we think is going to pay off. So it’s race time and I think I know who might win without bothering my concentrated friends too much. Now I need to figure out how to bet that decision… wow… this here “show bet” is a real deal cause they’ll pay me if the horse comes in 1-2 or 3, you can’t beat that, right? Wrong! My $2 paid me $2.20 and that was about as exciting as kissing your sister.
As the day grew on I noticed that our stranger friend had the same answer when asked, “Who’d ya take?” And that was, “I didn’t bet this one”. This went on for about 5or 6 races and come to find out that he was willing to sit there till the 8th race and then walk up to the $50 window and plunk down a hundred dollar bill on one horse to win. To him it wasn’t a game it was life or death, he was serious, so serious as to drive a total of 6 hours, to place a large bet on one horse. That was his style and just a bit too serious for me.
I was serious to, don’t get me wrong, but I was having too much fun getting in on every single race. And having a horse to yell at down the stretch. By the way, our strange friend placed his $100 Win bet and proceeded to watch his horse lose by a half a length at the finish and he was ready to go home. What a party pooper.
I did learn a few important lessons that day:
-When going to the track take more than $30…. by the time I bought a grandstand ticket, a program, a Racing Form, a beer, a hot dog and lost $6 by walking away from the window to quickly after placing a couple bets …. I had little left to wager.
-Show bets don’t pay squat.
-Don’t sit next to a talker when you’re trying to figure out the next race.
-Never wear white pants….. Racing Form ink travels.
-Always count your change and check your ticket after placing your bet.
-Bet quickly cause the big guy behind you might not like getting shut out.
-Horses are numbers not names at the betting window.
-Tickets on the floor are 99.999% pure worthless tickets… there are no winners on the floor!
-Don’t talk to anyone who is already talking to nobody before they meet you.
-And the most important thing I learned that day was… I love horse racing!
To Be Continued…….
Intro to Horse Racing 101
It was a hot summer evening in the 50’s somewhere in my small town America. The carnival was in town and that was a call for a family outing. As we strolled through the midway, the colors, the people, the sounds and the smells were from another world. Strange strangers were beckoning for us to join in the fun at their booth. My brother and I tried to knock down the milk bottles we later figured out must have been glued to the shelf. We even tried to pop some balloons with darts but the darts must have been dull or the balloons made of triple latex.
Finally, we came across the most amazing game we had ever seen in our young lives. A row of pinball machines all alike and a track with tiny toy horses (similar to the photo above). We froze in our tracks and watched as people worked the plungers to shoot the balls into holes which powered their horse on the track with the same number and name. Over on the side was a lanky man with a cane and a straw hat who just didn’t sit and watch… he called the race. It went something like: “And they’re off and running, with Tim Tam taking the lead and Whirlaway right behind. And here comes Nashua and Citation up to challenge for the lead with Seabiscuit now making his move……. .” Who were these horses? And those unusual names seemed to roll off the barkers tongue with confidence and respect and I later found out why. They were all names of the Derby, Preakness and Belmont winners of that time. I can remember not wanting to leave that booth until it was definitely the last call to go.
I don’t remember if I won anything and I don’t think I even cared but that’s why horse racing is so awesome, the fun is in the interactivity of the bet and the event and the rush of excitement competing with others involved. Needless to say that was start of my life long love affair with horse racing. It was many years later as a college student that I heard about a horse track in a neighboring state and knew that I had to go there.
To Be Continued …..
Thoroughbred Race Track Theorems
-by The Track Philosopher
Theorem #1
Only place a serious wager on pre-calculated decisions for maximum profit.
That calculation may be made personally or by an outside contractor or source.
Theorem #2
The law of risk/return must be followed. The higher the risk, the higher the return and the lower the risk, the lower the return.
Amendment: When the potential reward rises above the Morning Line risk figures, this is called an overlay and should be noted.
Theorem #3
For profit purposes the serious wager is recommended to be the Win bet only.
In order to hedge that win bet, the bet to Place is also recommended. Only use the hedge bet or place bet if the odds are higher than 3-1. Otherwise, your rate of return will not be worth the risk.
Theorem #4
Start your day at the track or at the off track betting parlor or web site with a
designated amount, also called a bank. This amount is to be non-negotiable, in
other words, do NOT veer from this figure as your limit. For example, $200 cash
with the decision to allow an additional $100 or $200 depending on your personal status.
The total amount should NEVER exceed 10% of your immediate savings.
Theorem #5
Betting is like running a horse race. Start out slow, pace yourself and finish strong.
Start out slow: Because most early races are run by maidens and lightly raced claimers, they are harder to calculate so don’t bet heavy.
Pace yourself: Always keep your powder dry with enough funds to increase the bet when opportunity knocks.
Finish strong: The object is to be betting with the track’s money as you leave the building.
Theorem #6
The Bettor has 3 main goals:
1) Always FINISH the day with a profit. Try to make this an unwritten law!
2) Win BIG without signing your name to any papers. (See Theorem #7)
3) Have FUN! It’s a business but it’s one you should enjoy.
Theorem #7
Big trifectas are fun to win but can be a very rare occurrence and a costly one too. For example, if you win an amount over $600 on a $1 bet or more and if you only take the standard deduction on your tax return form, then you not only have to claim the winnings as income but you cannot deduct gambling losses to offset the winnings since you are getting the standard deduction. And that extra income can often times change the tax bracket which can change your tax rate!
Theorem #8
Simulcasting: (Limit Your Focus)
Fifty years ago, race goers attended a day at the races at the physical track and participated in each of the day’s 10 or so races. There was a half an hour between races to take a break, get something to eat or drink, walk around the paddock area, hang out at the rail, talk to a stranger or two, check out the people or horses, read the form and the program, watch the parade of horses to the starting gate and place your bet.
Today, there is all that, and 4 to 8 other tracks showing on monitors in every corner and above every concession stand, and behind the bars and at tables everywhere.
The Disadvantages:
So many tracks at once can be confusing. Other races going on while you’re concentrating is distracting. There is a tendency to make hurried bets that are not smart bets. Trying to get in on every race can deplete your bank during a losing streak quickly. Many times you find yourself missing the running of the race because you’re head is in the form.
The Advantages:
The wonderful ability to throw out non-betable races which before would put you out of the action for a half hour to an hour and a half with no wager. “When in Doubt, Throw it Out!” All maiden races can be discarded if so desired and races that only have a handful of horses with the favorite at 1-9. In addition, you can focus on the major tracks that you feel comfortable with.
Theorem #9
Never, ever, never, ever change your bet! If you place your bet and on your way back to your seat find out your ticket is wrong, buy another one. If you bet a race at the wrong track, buy another one. If you change your mind on which horse will win the race, buy another one.
Once you change your bet it will surely blow up in your face!
Theorem #10
The Omen Bet or Fun Bet:
Any horse with your name or the name of a relative or the name of an old boy/girl friend or the name of your cat or dog…. Bet it, especially if the odds are high.
Any horse with a funny or unusually clever name…. bet it. Names like Baddabing Baddabam, Hold the Beans, Rusty Knuckles, Kakalaki, Bingobangobongo, well, you get the picture.
These are FUN bets and should be only $2 win, place bets.
Theorem #11
The Show Bet:
This bet should only be bet in 3 circumstances.
1) In an Across The Board Bet which is a Win, Place and Show bet rolled into one.
2) In “The Show Parlay” This betting system is a parlay in which the bettor starts with a small amount and bets a horse to show. The proceeds from the payoff is then placed on a horse to show on the next race. This is repeated several times until the amount accumulates to the level that the bettor wishes to stop and cash in or start over.
3) A “Bridge Jumper” if there is a huge favorite to build up the show pool – If he finishes out of the money the payoff is huge on your show ticket.
More theorems will be listed at a later date……..
The Win Bet
In the classic handicappers “how to guide book” written back in the 60’s, Tom Ainslie’s, Complete Guide to Thoroughbred Racing he stresses a very important rule in thoroughbred wagering and that is, “Bet to Win”! Yes, you have the option to bet Place and Show but the most logical and rewarding bet is the “WIN” bet.
Here are a few reasons for this strategy:
– Betting to win is the biggest bang for your investment. A somewhat typical pay out on, for example, a 4-1 shot is:
Win $10.00 Place $4.40 Show $3.40
When measuring risk/reward you have to ask yourself “If I’m risking $2, am I willing to only be rewarded $1.40?” Sure, the horse has a better chance to pay off but what if he finishes 4th or 7th or 12th? I get nothing.
A place bet is not much better and in many cases it’s a double. Typically the place bet is doubling your money. But is that a good risk/reward? At most it’s fair.
The win bet, however, takes your reward from two times the initial bet into the 3X, 5X, 10X and into some real nice returns. In this instance a $2 bet to win would pay $10. Now that is a handsome return.
– I don’t have to be right so often. If I hit only 1 race out of 5 win bets and it pays like the example above then I break even. I bet five races for two dollars each, it’s $10 and one pay out of $10 makes my day a wash… even. But with the place bets you can only be wrong about half of the time. And show bets, well you need to be right most of the time. I like to use the place bet as a hedge against losing my win bet.
A side note: When betting to win I have found that a common variable is that some other horse, many times a longshot, comes out of nowhere to beat my horse. In order to hedge that result I will bet to win and bet an equal amount to place which pays for the win bet if that, in fact, is the case.
– Keeping it simple! A good rule of thumb is to keep your bet simple. Too many bets spoil your results. In para mutuel racing you are betting against other betters so don’t make yourself one of those other betters. Don’t bet against yourself. Concentrate on your desicion and put your money on that choice. It also makes it easier to cheer for your outcome.
– Exotic bets are called that for a reason. The term “exotic” is used for exactas, trifectas, pick 3’s, daily doubles, etc. etc. If it is so hard to pick a winner in horse racing then what makes you think that you can pick 3 or 6 in a row? Or, if picking a winner is such a challenge then why do you think you can pick the correct order of finish for 2 or 5 horses. I’m not saying to not bet them but these are fun bets and you shouldn’t use up too much of your time or your serious betting capital.
You’ll see what I mean when you collect on your first “$20 to Win” bet on a 10-1 shot!