Have you ever wondered why bookmakers are so rich? It’s because people are literally throwing their money at them with little chance of getting it back. When a horse is rated at 20/1, that’s because the bookmaker considers the horse would have to run this race twenty times in order to have a chance of winning. So if you think you know better, then you’re more than likely wrong.

Today, I’ll look at the most common mistakes gamblers make when betting on horses – and what they can do to stop making these basic errors.

1) They stick with the same bookmaker

There’s so much to be made from bookmaker promotions these days that only a fool stays with one bookmaker. Horse racing betting odds vary so much, that it pays to open accounts with several bookmakers and use best odds services to discover which one is paying out the most. You can select bookmakers according to their free bets, and you can even find some who offer a free bet no deposit required, allowing you to play with 10 free of charge.

2) They ignore the going

One of the most important considerations in horse racing is the going. In winter, when jump racing is most common, horses can be divided into several categories, from ‘mudlark’ (i.e. a horse that loves running on soft ground) to horses that prefer harder ground. The ‘going’, in other words, the conditions of the course on the day, is perhaps the most important consideration. If you find a horse who loves soft going, on a rainy day, then you might have a winner.

3) The believe a run will last forever

This card, from the BBC, is imaginary. However, reading a race card correctly is important. When a gambler sees the numbers 111 next to a horse’s name, he believes that there will be another 1 next to it. If you’ve missed the boat, don’t jump into the water to catch it! All runs come to an end, unless the horse is absolutely exceptional (see Sea The Stars a couple of years ago as an example). Most of the time, though, if you have seen a winning streak, you will probably have seen it end. So study that card carefully!

4) They bet too often

A fool goes to a racecourse and believes he can bet on every race and make money. A sensible gambler will, however, pick not just a race, but a meeting at which he believes there is a horse with a good chance. Some people call this their NAP – it’s their selection of the day, and very often, the only bet they will place. Some people only bet once a YEAR – yes, once a year. However, they win every time, and they win big. So the fool keeps on betting in the hope that he will get lucky – the sensible punter will find the right bet at the right time – because he is patient.

5) They ignore racecourse form

Look back at a horse’s form and have a look at where his or her victories came. Often, a horse will prefer a track because it bears left or right, or because he doesn’t have to travel far from his stable. Understand that, and you’ll start to pick out horses who don’t travel well, or don’t like a certain racecourse. All the data is there – it just takes an analytical approach to where a horse has done well or badly.

So – it’s up to you now. If you like horse racing, and betting on it, then be patient, be sensible, and be clever with your bookie accounts.