Betting at Belmont Stakes is undoubtedly a game of chance. It's either you win or lose. Even if wagered on the best horse, situations like losing money can happen too. Most seasoned bettors can pull it off, but what about those inexperienced ones?
In this article, we gathered six amateur-like mistakes you want to steer clear of when betting at Belmont Stakes. Avoiding the following bad habits allows you to minimise the blows of your losses and improve your winning chances on your next bet.
Bad Bankroll ManagementA high-risk, big bet makes betting thrilling, but not until you're risking all the money you can't afford to lose. That's why learning how to manage your bankroll is very important, and it should be on the top of this list.
The rule of thumb is to always play within your budget. Hence, to pull it off, separate your betting bankroll from your finances and then stick to it. It can also help you to keep track of your betting history easily. Finally, remember that betting is meant to be fun, but you'll never enjoy it if there's a massive dent in your finances.
Beginners' LuckA common beginner's mistake is basing their bets on the hopes of getting lucky. They sometimes win but avoid staking on long-shot bets without informed decisions. Otherwise, you'll end up in red, at worst. If you willfully do it, make sure it is because of its value.
Often, beginners continue to make long-short bets to win their money back. But then, they lose their cool and get carried away. As a result, they put more money in yet lose much more in the long run. When this happens, always remember not to needlessly throw your money away on an impulse.
Blind BettingIf you're a beginner, you surely need to know how to bet on the belmont stakes first and learn the ins and outs of its betting market. So often, amateurs bet with their hearts rather than their heads, so they tend to bet blindly.
One example of blind betting is having a bias toward whoever is the current favourite. While favourites are mostly good bets, they aren't always the best. So if you want to win a bet, don't back a favourite without making an informed decision.
When placing a wager at the Belmont stakes, understand the actual chance of a horse winning is already predetermined. You can have a hint of this by knowing the combined knowledge of all the bettors in the market. Of course, there's always an element of luck when it comes to betting, but proper research can relatively bring it down.
Gambler's FallacySince most amateurs are usually prone to betting blindly, they usually end up having gamblers' fallacies too. It's the belief that if something takes place more often than usual, it will less likely happen in the future.
For example, it's a gambler's fallacy to mistakenly believe that if the horse's price rises in the betting market, it will eventually revert and shorten again later. Another example is thinking that a horse will surely win the third game in a three-game series because it lost the first two games.
Gambler's fallacies are biases that compromise your decision-making. Instead of betting based on gut instincts, it's better to do your research on all horses before wagering and be aware of the perceptions of all the bettors in the betting market.
Hot-hand FallacyIf you did your research and thought that you'd surely chalk out a win if you bet on horses with a winning streak, you're wrong. This situation is called the hot-hand fallacy, the opposite of the gambler's fallacy.
What's the difference between the two? A gambler's fallacy has the idea that a losing streak improves your chances of winning. Conversely, a hot-hand fallacy has the idea that a winning streak increases your chances of winning. Their only similarity is that you need to avoid them at all costs.
Betting has an independent nature. In other words, streaks are of little importance when betting. Sure, you can certainly be guided by the results from the past.
However, make sure not to be led too much by statistics and gut feeling.
Extensive Focus on HorsesNow that you've learned about fallacies, you want to avoid betting blindly and start doing your homework. In doing so, don't just focus on the horses and their speed. Pay attention to the jockeys too. They're not props on top of the horses. Their experiences matter, including the track condition and the weather during their past and recent races.
Final ThoughtsDon't get lofty, unrealistic expectations. There's no way you'll get rich overnight after experiencing a winning streak. You have to at least win for around 50% to break even. However, one thing is for sure. You can boost your chances of winning and maximise profitability by avoiding making unnecessary betting mistakes.