Beating the Vig is the secret to making money with horse racing betting

Vig, short for vigorish, is the amount of money that is taken out of the pools on the track before the winners are paid out. For example, if bettors bet a total of $ 10,000 to win on a race, there is a total of $ 10,000 in the payout pot. However, when the race ends and the winners are paid, $ 10,000 is not the amount that is distributed to the winners. It is much less because the track has to take out a certain amount that is determined by the state. That’s the vig.

Part of the money that is taken out is paid to the state and the rest is part of the track. So let’s say the vig is 18% and there is $ 10,000 in the bottom. After the race, you would expect $ 8,200 to be distributed to the winners, right? Sorry, it’s not that easy. You see, there are also breaks. What breaks and why do you have to pay for it? Why doesn’t the clumsy jerk who dropped it or sat on it and broke it not pay for it?

No no, breakage doesn’t mean something actually broke, it means racetracks pay in nickels and dimes, not pennies, so they can round a bet to the nearest nickel or dime . For example, if a bet would normally pay $ 6.55, the racetrack keeps the nickel and you get $ 6.50. Talk about being nickel and dimed!

That break may not sound like much, but if you bet $ 100 and receive $ 4.05 for every two dollars wagered, but instead receive $ 4.00, you just donated $ 2.50 to the track so your tellers don’t have to negotiate. with handling pennies. That is also another 2.5% of your earnings. That $ 2.50 can really add up after a while, especially if you’re trying to make a living betting on horse racing.

As if getting past the vigil wasn’t bad enough, there are other expenses involved in horse racing betting. On the last day of January I decided to go to the horse races. I wasn’t interested in racing at Santa Anita, so I decided to play the simulcasts from Golden Gate Fields. I thought I would go to Hollywood Park since they don’t have live races there and I thought it would be a lot less crowded.

However, what I didn’t take into account was the fact that it was dollar day in Santa Anita so I could have gotten in for $ 1. When I got to Hollywood they charged me $ 7 just for the privilege of walking in, watching and gambling in simulcast races. Seven bucks off the top before you even place a bet or buy a hot dog.

It is at times like these that I wonder why I am not going to gamble at a casino where I can park and enter for free and also get a free meal after playing for a few hours. $ 7 to bet on simulcast races? So they have the nerve to complain that race attendance is declining. Wow, I can’t understand why, can I? The last time I went to Santa Anita, I had to pay to park, pay to get in, pay for a race form. When I finished, I had invested a small fortune and had not even made a bet.

With all the ways out there to gamble or entertain now, you’d think the tracks would get a hint and start helping us horse players. As the money gets tighter, and it is, the tracks will really have to start getting creative. Horse players can now sit in their own homes and play the races over the Internet. While some of those services do charge you for depositing money, another touchy subject for me, at least you are at home and not paying to enter a racetrack that doesn’t even offer live racing.

Enough ranting and raving, I think you get the idea and I hope racetracks do too. I would hate to see the races fade away more than they already have, but if it does, it will be because management dived into the ground. They have an exciting live drama, in which people can bet and participate as players. It’s a great product, but they can ruin it if they don’t start trying to offer players more.

Back to vig. My expenses for the day were the gas that I put in my car to get to the track, the $ 7 that I paid for the privilege of entering the track, the past performances that I bought to be able to damage the races, the food that I bought while I was in track. When I finished, my expenses were $ 20. Add that to the break and the vig and you can see that I would have to make some very good bets that paid well for a profit that made a day of handicap and travel worthwhile.

That’s what you’re up against if you’re trying to make a profit betting on horse racing, so here are some tips. Reduce your costs as much as you can. Get offers online for past performances. Place your bets through anywhere that is legally available to you and watch all those incidental expenses that eat up your winnings.

It is possible to make money betting on horse racing, but there will always be people who are trying to take as much money from you as possible and the first in line are the tracks themselves.

Enjoy your days at the races.