The prestigious Kentucky Derby, a highly anticipated event among avid horse race bettors, is once again, just around the corner.
Many enthusiasts watch the Kentucky Derby not just for fun, but also for profit. Now, how can you exactly do that this year? Simple. By betting smart.
If you don’t consider yourself a smart bettor, you should start to become one by following these tips below. If you get it right, you’ll increase your chances of winning in the first jewel of the Triple Crown.
Take Time to Prepare
Preparation should always be your first step when betting on any horse race, more so in the Kentucky Derby. And since it’s only a few weeks away from the event, you should start preparing now.
It has been noted that bettors who don’t prepare usually fail to win on race day. How you prepare for the upcoming Kentucky Derby depends on what approach is suitable for you.
The daily racing form is enough for some bettors, while others conduct extensive research through the internet to gather more in-depth knowledge about the derby contenders. You can check out the past performances of the horses and their race replays. These are good sources of information that will help you with the next tip.
Create A Strategy
Once you gather all the helpful information from your preparation, it’s time to create the ideal strategy to help you succeed. The Kentucky Derby offers various betting types that you can choose from. The best strategy you can use is to spread out your wager on various betting types.
Start looking into the Kentucky Derby odds on Fanduel as soon as possible to see which contenders can give you higher chances of winning and who can provide you with the highest return. You can even check out https://www.fanduel.com/kentucky-derby-betting to stay updated.
Doing so will help you increase your chances of profiting, whether or not your favorite horse will finish first. You don’t need to bet on the winner in horse racing to profit. You need a smart strategy to help you acquire a considerable return.
Establish A Smart Money Management Plan
You will never be considered an intelligent bettor if you don’t have a good money management plan. Learning to manage your money correctly is vital to becoming an intelligent bettor. The key to establishing a smart money management plan is to have a strict bankroll.
A bankroll is a money you solely allocate for your betting activities, including betting on the Kentucky Derby race. It’s your primary lifeline in betting, so you better find ways to prolong the life of your bankroll.
To do this, you follow these tips below:
- Create a budget
- Stick with your budget
- Proper bet sizing
- Don’t bet on every single race
- Create your rules of engagements
- Record all your bets
Avoid Chasing Losses
One mistake many bettors make when betting on the Kentucky Derby is that they will try to chase their losses in the previous races they bet on. It happens not only at Kentucky Derby but all horse racing events.
If you want to bet smarter, you should avoid doing this. You must focus on the present, plan for the future, and let the past go.
Demand Value
If you want to profit, you must demand value. Understanding the concept of value is what separates winning bettors from losing bettors. A good value is when a thoroughbred’s market price is higher than its actual chance to win.
A poor value is when the thoroughbred’s market price is lower than its actual chance to win. A good rule to follow is to bet a horse that is offered at least 3-1. If you follow this betting approach, you will only need to be right one out of three times to break even. However, choosing higher odds, such as 5-1 or better, is also ideal.
Place A Bet to Win
If you want to bet smarter, you should avoid action betting at all costs. You must aim for every bet you make to win and nothing else. Action betting is a sure way of losing your hard-earned money.
Some bettors place bets for the sake of betting and not for winning. Their reason is that they can’t enjoy a horse racing event if they don’t put money into it. Huge mistake. If you want to profit, you must aim to win.
So, if you want to bet smart on the Kentucky Derby, you must have an informed opinion about the race and not just bet to make the event more exciting to you. Fortunately, Kentucky Derby is one of the races worth betting on.
Learn How to Identify Weak Favorites
Lastly, identifying weak favorites will help you find the best value for your bet. There are two types of weak favorites: vulnerable favorites and overbet favorites.
The overbet favorites are the horses that appear to be the horse to beat. It is the horse that most of the bettors put their money into, and it will appear to be the right choice. However, the horse doesn’t have a significant advantage.
On the other hand, the vulnerable favorites are also overbet, but he will appear as a questionable favorite. When you see a vulnerable favorite, you will have a feeling of double whether he will pull it through or not.
You must avoid these types of weak favorites in the Kentucky Derby 2024 at all costs, as it can cost you your hard-earned money.
In Conclusion
There are many ways you can do to ensure that you are betting intelligently on the upcoming 149th running of the Kentucky Derby. Use our tips to start a new betting approach and increase your likelihood of winning.
