As I write this article the newspapers and TV are full of stories about the credit crunch and rising prices.
Fuel, energy and food prices are all rising and everyone is looking for ways to save money if only to meet these rising costs. In other words at the moment everyone is looking for value for money. However, when it comes to horse racing how many punters look for real value?
Of course it is not easy to assess value in betting. If you go to the supermarket you have a pretty good idea what a loaf of bread or a bottle of milk is worth but how do you assess the value in terms of odds for a racehorse?
The odds for any horse in a race are a reflection of the amount of money wagered on that horse. But of course there are many factors that can effect the weight of money wagered on a horse. If it has one of the top trainers or is ridden by a popular jockey this can have a major effect on its price. This is often the case with 2 year olds who are racing for the first time. Even though they may have never been on a race course before a horse from a top yard with a leading jockey on board can often start at very low odds. Can any horse running its first race represent value at odds on? Of course not but you stand in any bookies shop and watch the money pile on.
That is not to say that some odds on bets do not represent very good value. I am quite happy to back a horse at short odds if it has shown recent superior form to that of its rivals. Equally I am happy to lay them if I consider their price does not match anything they have shown on the racecourse.
Having made your selection you should look to get the best price that you can. This could involve shopping around for the best price available. It is also worth having a Betfair account as the odds can be 20% or higher than bookmakers prices. You have to remember though that you will be paying up to 5% commission on any winnings so you have to factor this into your sums.
Many of the bigger bookmakers such as William Hill and Ladbrooks will hold their overnight prices until around 10.00am in their shops and this can give you a chance to grab the early prices. Pricewise in the Racing Post is regarded as one of the best newspaper tipsters and many follow his tips, especially on a Saturday and as a result any horse he mentions in his articles come down markedly in price. If you can get into the bookmakers before 10 o'clock it is possible to snap up the bigger price. If the horse continues to drop in price as they often do it is possible to Lay the bet on Betfair and get your self into a no lose situation. Recently I backed a Pricewise horse at 9/1 in William Hills and later laid it for the same amount at 5.6 on Betfair. The stake was £10 which meant that if the selection won I got £90 from Wlliam Hills and paid out £46 on Betfair giving me a £44 profit. If it lost I would loss £10 at William Hill and win £10 on Betfair, therefore breaking even. (Actually I would have lost 50p because of the Betfair commission but in fact it won so I came away with my £44.
Fuel, energy and food prices are all rising and everyone is looking for ways to save money if only to meet these rising costs. In other words at the moment everyone is looking for value for money. However, when it comes to horse racing how many punters look for real value?
Of course it is not easy to assess value in betting. If you go to the supermarket you have a pretty good idea what a loaf of bread or a bottle of milk is worth but how do you assess the value in terms of odds for a racehorse?
The odds for any horse in a race are a reflection of the amount of money wagered on that horse. But of course there are many factors that can effect the weight of money wagered on a horse. If it has one of the top trainers or is ridden by a popular jockey this can have a major effect on its price. This is often the case with 2 year olds who are racing for the first time. Even though they may have never been on a race course before a horse from a top yard with a leading jockey on board can often start at very low odds. Can any horse running its first race represent value at odds on? Of course not but you stand in any bookies shop and watch the money pile on.
That is not to say that some odds on bets do not represent very good value. I am quite happy to back a horse at short odds if it has shown recent superior form to that of its rivals. Equally I am happy to lay them if I consider their price does not match anything they have shown on the racecourse.
Having made your selection you should look to get the best price that you can. This could involve shopping around for the best price available. It is also worth having a Betfair account as the odds can be 20% or higher than bookmakers prices. You have to remember though that you will be paying up to 5% commission on any winnings so you have to factor this into your sums.
Many of the bigger bookmakers such as William Hill and Ladbrooks will hold their overnight prices until around 10.00am in their shops and this can give you a chance to grab the early prices. Pricewise in the Racing Post is regarded as one of the best newspaper tipsters and many follow his tips, especially on a Saturday and as a result any horse he mentions in his articles come down markedly in price. If you can get into the bookmakers before 10 o'clock it is possible to snap up the bigger price. If the horse continues to drop in price as they often do it is possible to Lay the bet on Betfair and get your self into a no lose situation. Recently I backed a Pricewise horse at 9/1 in William Hills and later laid it for the same amount at 5.6 on Betfair. The stake was £10 which meant that if the selection won I got £90 from Wlliam Hills and paid out £46 on Betfair giving me a £44 profit. If it lost I would loss £10 at William Hill and win £10 on Betfair, therefore breaking even. (Actually I would have lost 50p because of the Betfair commission but in fact it won so I came away with my £44.
