5 Biggest Mistakes Bettors Do When Betting On Kentucky Derby

The 149th running of the Kentucky Derby, also known as the Run for the Roses, will take place a few weeks from now, and many bettors are now preparing themselves for the event. Part of the preparation you should do as an effective bettor is to identify the mistakes commonly made by punters in the Kentucky Derby race.

By knowing these mistakes, you can avoid them and increase your chance of success. So, without further ado, here are the commonly made mistakes of bettors when they bet for the Kentucky Derby race.

Not Choosing the Best Online Betting Site

Many people are now enjoying the benefits of Kentucky Derby online betting. These benefits include convenience, accessibility, and improved odds. But the popularity of online horse race betting has also enticed criminals to victimize bettors who are new to the online betting scene. Thus, there are so many fake betting sites online today.

Aside from the fake betting sites that plan to rob your hard-earned money, there are also legitimate online horse race betting sites that offer Kentucky Derby with a poor value. So, if you are hunting for a gambling site where you can bet on the Kentucky Derby, you might want to go for a site with the best odds.

You can list all the legitimate betting sites you find and compare the odds they offer.

If you don’t want to go through the hassle of searching for a legitimate betting site that offers the best odds, why not try Kentucky Derby betting on Fanduel? With this platform, you can ensure that you are in good hands.

Neglect the Importance of Money Management

Managing your money isn’t only useful for your business or personal finances. It can also be a huge factor in your success as a bettor. Before you begin your journey to the Kentucky Derby betting, you must ensure you know how to manage your money correctly.

The first thing that you must do is to create a bankroll. Set a betting limit and strictly stick to it. Ensure you set a realistic limit for your bankroll without going beyond what you can afford to lose.

Next is to set your goals. Determine how much money you want to win and be realistic with the figures you set. Are you up for doubling or tripling your investment? Or are you happy even if you earn 50% of what you are willing to invest?

After you set your goals, you should only deposit the amount of your established bankroll, and that’s it. Avoid adding some more, no matter what happens. Stick to your plan, and don’t be pressured by your peers. Focus on what you have so you don’t lose more than what you think is necessary should the worst come to be.

Not Paying Attention to the Jockey

When choosing a Kentucky Derby Winner, most bettors only look at the horse, the trainer, and its bloodline. Many have forgotten how vital the role of a jockey is in winning the race. You need to know that the ability of a thoroughbred to win a race lies heavily on the jockey.

The jockey is the one controlling the horse, like setting the pace and controlling how fast the horse exits the gate, and he is the one who knows how to effectively conserve the energy of the horse for a late push.

The skill of a horse won’t matter much without a suitable jockey. No matter the breed and training, his chances of winning could still decrease without the right rider. So, in the upcoming 2023 Kentucky Derby race, you must also take time to do your research about the jockey who will ride your favorite horse.

Going All-in With the Favorite

Most bettors thought that betting on their favorite horse would guarantee their winning. Horse racing, including the Kentucky Derby, is an unpredictable sport. There is no certainty in this event; going all-in on one horse just because he is the favorite is a huge mistake.

You have to consider that many factors could affect the outcome of the race, like the weather, the contender’s current condition, and many more. So, it’s recommended that you mustn’t go with the flow and instead do your due diligence. Research and use your acquired data to decide which horse to bet on.

Not Strategizing

Successful bettors of the Kentucky Derby use strategy to profit. If you want to become a professional horse racing bettor and succeed, you need to have a strategy. Before you put your money into a race, you must plan ahead.

An effective horse race betting strategy will help you decide better when placing your wager. Knowing that you are doing the right thing will also increase the fun you’ll be experiencing during the race. To create an effective strategy, always do this: Research. Research. Research.

Bottomline

Mistakes are inevitable, but we can learn from them. Much better if we learn from others’ mistakes. And since you are now familiar with the common mistakes made by bettors before you, you can avoid them and make better choices.