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Horse racing betting as a hobby or a business





nickfyoung
I have a friend who spends his Saturday backing race horses. He claims he always picks up a profit of several hundred dollars a week. I was always under the impression that most who back race horses always end up losing. Are there those who back horses as a business and make money. Would that then change the term from gambling to business operation.
amlgoing
nickfyoung wrote:
I have a friend who spends his Saturday backing race horses. He claims he always picks up a profit of several hundred dollars a week. I was always under the impression that most who back race horses always end up losing. Are there those who back horses as a business and make money. Would that then change the term from gambling to business operation.


If too many people backed horses and won then the betting business would stop. The whole point of any gambling operation is to make money. Even professional horse owners lose, in fact most lose. It's good that your friend is able to make money though.

If your friend really wants to make money, he or she should invest in the race track as an owner.
ocalhoun
There are also professional poker players.

In some types of gambling, such as horse betting or poker, it is possible (for someone skilled enough) to consistently come out ahead and make enough money at it to use that as their only income.

Most forms of gambling are purely luck-based, and can't be used this way, but there are a few exceptions, and those skilled enough at those exceptions can become professional gamblers.
nickfyoung
Found a guy online who gives out free tips every Saturday. They come by email on Saturday morning. Actually I tried several free sites but after watching their tips have narrowed it down to just one. He gives you four tips to back for a place only. The first week he got 3 out of the 4. If there are people skilled in horse betting you would think that he could get 4 place getters out of 4 major race meetings. While you don't get huge odds for a place you have three chances to get that place, 1st 2nd or 3rd. I figured if I watch this guys tips for a while and he gets up the four often enough then an all up bet would be worthwhile so that all your bet and winnings carried over to each selection giving you a sizable bet on the last horse and a reasonable return. Does that sound feasible.
nickfyoung
Just an update. My hot tipster only got in one out of four this week. I could do as well as that myself.. I guess it is back to the drawing board. You would think that some one who spends his life tipping race horses could pick four place getters out of four race meetings. That means he only has to pick a horse in four races out of about forty races to choose from. It is not even as if he is trying to pick well priced runners either because the one he got in this week won and was very short.
LxGoodies
hmm I feel there's a difference between game skills and business skills.

When you are an insider, that is a person knowing certain horse breeders, horse owners and people really involved, you can aquire knowledge of the condition of the horse, its state of mind and its relation to the jockey that rides the horse.. get to know the skills of jockeys on certain tracks, or even get aquainted with the villain that bribes them jockeys not to win a race. Now I think that activity will be quite narrow sighted and yield unpredictable results, not suitable to base any solid business upon. Don't get involved I would say, it is throwing away money on the long term.

Why does the horse betting business exist ? Because the real business is the bookmaking, which involves spreading the risk, betting on ALL horses and calculating (from the bet count) the proper win rate. Now THAT is a business and the gamblers (you) are just customers. You consume risk for the excitement you get from it.. and it will cost you. You pay for the fun of betting on horses.. so I think it's a real hobby, not a business.
lostbam
I wouldn't be surprised betting on race horses can make you a lot of money real quick
lkglacier
I find the whole concept of betting rather exhausting. Especially with the horse races, it all just seems such a waste of time. I personally don't see how one can get so enthralled in it all. But to each his own I guess...
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