There are a lot of misconceptions when it comes to betting on the horses. Some people believe that it’s impossible to profit in horse racing. Some believe that all you need to do is bet the favorites. Still, others believe that the only way to make money is to bet the huge long shots and pray for a miracle. All of these thoughts are false. You can make money betting on horses, and you don’t need to pick favorites all the time or bet on miracle finishes often.

Here is a juicy piece of information for you. The favorite wins the race (thoroughbred racing) about 33% of the time. Therefore, if you simply bet the favorite, you will be losing 67% of the time. Since favorites don’t always pay too well, you would end up losing over the long run. Still, money can be made betting on favorites. Each race is different. In some races, the favorite might be an even money favorite. In others, the favorite might be a 3-1 favorite.

How you bet is just as important as how much you bet. A common bet is called across the board. When you make this wager, you are betting on the horse to win, place and show. If the horse comes in first, you win all three bets. The show bet is the most conservative wager in horse racing, and it pays like it. It’s common to be paid only 20 cents on the dollar for a show bet. Many inexperience bettors place a show bet “to be safe,” but it’s a money sink.

Unless the horse is going off at a good price (odds), making a show bet is a losing proposition. The best way to wager on a good horse is win and possibly place—never show. Think about it this way, if I told you I had a proposition that you might win 33% of the time, and it will pay 1-5, which means you bet $5 and win $1, would you jump on it? Of course you wouldn’t. This is kind of what it’s like to make a show bet on a good horse.

At the end of the day, how you wager can up accounting for half or more of your success potential. Bettors that don’t figure this out wonder why their bankroll is not larger after their “winning” day. Place your bets properly and you will be halfway home to being a successful horse racing bettor. Money can be and is, made in horse racing every single day. On busy days, there are more than one hundred betting opportunities to take advantage of. One last piece of advice. If a race is not favorable to you—odds wise—move along. There will be plenty more races to bet on.