It’s arguable that horse racing has more variables to consider than any other form of sports wagering. The jockey, trainer, distance, weights, weather and a myriad of other different aspects must be considered before deciding whether a horse has a good chance to win. It’s somehow complex, yet simple at the same time.
Of course, a lot of racing tipsters will also say “don’t overcomplicate it.” Exotic bets, exactas, trifectas, and so on can raise the odds, but it adds even more variables to the race. Nice if you win, but it’s a tougher ask than simply backing a winner.
Which brings us to a new evolution in horse racing – horse racing bet builders. The nomenclature can vary, but what we are talking about is a multi-leg bet within the same race. It could be something like Horse X to win by Y lengths, with horse Z finishing second, and the winning time to be in the range of 2 minutes 5 seconds to 2 minutes 10 seconds. It’s basically the same concept as an SGP (same-game parlay) in basketball or football.
Sportsbook operators are evolving
Racing bet builders are being promoted by several major sports betting brands, though it’s not yet clear if it will catch on. Arguably, it’s part of a broader push by the betting industry to diversify products. We have seen brands move into everything from prediction markets to lottery tickets online; it’s an era of change, especially as the US market opens up to the online sports betting sector.
The marketing aspect of this type of betting is that the bettor can personalize their choice. Typically, the number of possible combinations from a horse race would number in the 1000s, perhaps more in a major market. The ‘science’ part comes from algorithmic pricing, combining all the odds to give tailored odds. Some of the sportsbooks behind the idea claim that odds can reach up to 100,000/1 on a single race. The attraction is plain to see.
Racing bet builders should be kept simple
Conversely, the problem is the same one that comes with basketball, football, and soccer SGPs. Namely, that they are fine if the bet is logical and rooted in statistics, but the issues arise when they become so complicated that their likelihood of success comes down to pure chance. As an aside, another issue is that with SGP-style bets, it can be difficult to understand if you are truly getting value for your wager or not.
One of the dangers of this type of bet is that the punter will often add an extra leg – “just one more” – in order to beef up the odds. It’s an underrated itch that feels like it needs scratching as you build the bet and watch the odds being compiled as you add legs. The risk is that you will add a “this will do” leg to your bet, moving away from your initial stats-based strategy.
In the end, this type of betting is neither good nor bad; it’s all about how you approach it. Racing sportsbooks are not going to give money away, and they will be well aware that this style of betting is an easy way for the inexperienced to become overelaborate in their multi-leg bets. Still, if you stick to your strategy, keep the legs simple, and use real data, it can be an interesting way to approach horse racing.
