If you are a fan of horse racing then betting professionally and making a living studying the “sport of kings” probably holds plenty of appeal.
Is betting on horse racing for a living realistic anymore?
In today’s article, we are going to take a look at an example of one man that has done exactly that. Alongside the factors you need to consider if you plan to bet professionally.
Betting On Horse Racing For A Living – Is It Possible?
One of the most successful horse racing bettors of modern times is Patrick Veitch.
Veitch is estimated to have won over £10 million in profit betting on the sport of horse racing. Studying mathematics at Cambridge University. Veitch transferred these skills to the world of horse racing betting.
In his book “Enemy Number One” Veitch didn’t give a huge amount away. Stating that he didn’t want to inform bookmakers of his methods and lose his edge. However, he did give away a few pieces of information that can improve your horse racing betting.
- Bigger meetings tend to be more efficient, therefore it is harder to find big value.
- Veitch would spend up to around 80 hours a week studying horse racing.
- He employed a large number of runners (people to bet for him) to get his bets on due to being banned from all bookmakers.
Patrick Veitch is an example of someone that has done very well betting on horse racing for a living. However, he is not the only man that has accomplished this.
Another notable horse racing bettor is Zeljko Ranogajec. Who has also reportedly made millions from betting on horse racing in Australia.
These two men are at the top of their field when it comes to professional horse racing bettors. There are many more that make smaller amounts and are able to make living betting horses.
What You Need To Make A Living Betting Horse Racing!
1. You need an edge!
The most important thing that you need to be able to make a living from betting on horse racing is an edge. An edge is something that enables you to consistently beat the bookmakers or the exchanges.
There are multiple ways to find an edge:
- Inside Information
- Understanding a bias in the market
- Each way sniping
- Taking advantage of extra places
- Sectional timing
- Value betting
- Weather conditions
- Draw Bias
Are a few examples of approaches you could use.
It could be a combination of factors that allow you to find an edge or sometimes one single piece of information can enable you to beat the market.
2. The Ability To Get Money Down
The second biggest factor to make a living from horse racing betting is the ability to actually get your bets down. We noted earlier how Patrick Veitch had to use “runners” (other people to place bets) due to the fact that bookmakers close winning bettors accounts.
Whilst you might be able to make good money beating up the bookmakers on their early prices. It is unlikely that they will allow you to keep doing that once they see that you are a consistent winner.
If you can make a profit betting horses on the exchanges closer to race time. Then you have a much more sustainable edge over the long term. Which could allow you to make a living betting on horse racing.
In 2023 it is still possible to make a living from betting on horse racing.
One of the most sustainable ways to do this long-term is by learning to trade effectively on Betfair.