In 2014, Forbes published a list of the best sportsbooks, betting on horse racing. The book’s authors noted that the biggest handicappers in the business, including PPL, FH Group, and Westgate, were “almost entirely underdogs” in betting on horse racing.
The odds are even worse now.
At the time of the Forbes article, all of the most well-known sports betting sites were listed as underdogs to be in the best sportsbooks, in terms of win probabilities.
The odds in the 2017 betting industry are even worse:
The odds of taking a long shot betting against horse racing are now over a 1 in 25 trillion. So if you are a long shot and bet against horse racing, don’t just sit back and watch your $100 bet win $6 million in profit just because you think it is worth betting. There is good reason to take the bet. The odds are much more likely to change for your betting behavior.
At a glance, betting for horse racing looks good, at least in terms of win probability.
But the horse racing industry is changing rapidly, and that’s why horse racing still makes the top ten spots on gambling web sites.
It’s not always an over the shoulder situation
It may seem like an instant success to make a bet against horse racing; it can be a profitable bet.
For example, in a recent sportsbook, the “Wagners and Odds” book had $1,400,000 in total wagers. According to the book, their wagers on horse racing were over 99.7% in favor of horse racing. But this number doesn’t tell the whole story.
Their $1,400,000 in wagers would have only been able to make about $10,000 on a $250 bet against horse racing. That’s not a lot of profit, but you have to take things at face value.
The “Wagners and Odds” book has become a well-known sportsbook in the United Kingdom and Australia. And if you go visit their web site, I’m sure there are several bets available there that you can make.
It is possible to be a huge underdog, but it is possible to be a large over the shoulder gambler at the same time. And if you don’t just sit back and watch your $100 bet win, that much money could be lost to a bookmaker because you bet
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