General

Many horse racing enthusiasts have a drempt of becoming an owner of a thoroughbred. In mind, your horse would be a winner, perhaps the best horse ever to have raced. That’s what dreams are made of.

Personally, I have had similar thoughts.

However, owning a horse is very expensive. Buying a thoroughbred can cost from £1000 to several million. But what about the horse trainer fees and costs of looking after your horse. It is more expensive than you may imagine. In fact, it is probably £25,000 per year. So to purchase of a relatively cheap horse (£5000) and training fees could well cost £30,000.

This wouldn’t be such a bad idea if the UK prize money was better. Compared with many countries (France, USA, Hong Kong, Dubai) UK prize money is poor. An average race is worth about £5,000. And the stable take a percentage and does the jockey so a winning effort amounts to a minimal return. It is a sobering thought to realise that most horses don’t win. Very few horse win enough prize money to cover their costs. That is why racehorse ownership is best viewed as an expensive hobby.

For that reason, horse racing syndicates have become popular. It is a way of negating high costs making ownership more affordable. Syndicates may range from four or five to vast numbers of members. Also, the cost of each syndication can vary from a few hundred per year to tens of thousands if not substantially more.

The good side of being part of a syndicate is that it is more affordable. The negative is that you will potentially win less money and have less access to trainers and often little to no opportunity to visit stables, watch horses on the gallops and have that one-to-one relationship with the trainer or make plans for the season ahead. Most syndicates will have a racing manager who looks after all those things. You may well get a horse owners badge which allows you access to restricted parts of the racecourse including the paddock. You may well be rubbing shoulders with the great and good of racing.

I have been part of a horse racing syndicate with Newmarket trainer Julia Feilden. Their syndicate is called Newmarket Equine Tours. It was very affordable and great experience, to enjoy a day at the races with lovely people. It costs just £200 per year. You don’t receive any prize money if your horse wins. However, the syndicate has four horses which entitles you to go racing on a regular basis for free (with your owners and trainers badge). If you have plenty of time on your hands, love going to the races, meeting like-minded people, it is as cheap as chips.

In truth, syndicates are the lifeblood of the horse racing world. There are many well-known names including Middleham Park Racing, Inittowinit, Opulence Thoroughbreds to mention just a few. There are hundreds to choose from, many run by horse trainers themselves.

If you are very rich then owning a race horse (or horses) is a luxury you may be able to afford. However, for many a syndicate gives you a real opportunity to enjoy horse racing as an owner for a fraction of the cost.

The quick answer is yes.

Mordin has always been well regarded for his analytical approach to horse racing and ultimately making his betting pay. This once advertising copy writer followed his passion into horse racing journalism which saw him write for Odds On magazine and Sporting Life’s Weekender. In 1992 he wrote his best selling book: Betting For A Living, published by Aesculus Press Limited. Mordin had so much faith in his book that he used it to make £1000 a month betting at weekends and public holidays.

Being in the public eye didn’t always sit well with Mordin, especially the negative aspects, and the opportunity to enjoyed his anonymity led him to becoming a professional gambler for the 1993/94 season. He decided to bet on the horses rather than write about them. That winter season, following National Hunt racing, he won about £3,000 a month.

However, the enjoyments of gambling for a living wasn’t all he expected with endless travelling up and down the motorway, going to three or four race meeting a week. Also, he found that everyone at the course from bookmakers, trainers to other professional gamblers were so focused on their work that there was no time for idle chitchat.

Being a professional gambler became a chore.

If professional gambling did anything for him, it reignited his passion for writing and it led to his next publication The Winning Look, published in 1994 by Aesculus Press Limited. In fact, this book was very much part of his gambling success. This publication detailed how intelligently observing horses in the paddock can help find winners and stay away from potential losers. Mordin’s book was another step forward for punters being informed. The insight gained from learning these vital skills from Betting For A Living and The Winning Look could put your average punter ahead of the game and be part of that elite 5% who had the skill and knowledge to pick a winning horse while attending the races.

Mordin went on to write two more publications:

Mordin On Time, published by Rowton Press in 1996. Where he went about finding the answer to a fundamental question: ‘Which horse is the fastest?’

Winning Without Thinking: A Guide to Horse Racing Betting Systems, published by Aesculus Press Limited 2002 was the next offering. This book used over 30,000 hours of research and endeavoured to uncover the rules that govern the betting market and racing results.

Nick Mordin is probably the most influential horse racing researcher and author of noted publications in the UK. Unlike many professional gambler books, which detail stories and talk about money over how to make money gambling, he has given punters true enlightenment and insight to make their betting pay.

In recent years, Mordin seems to have vanished off the radar. Perhaps his anonymity is more important than being in the public eye. Who knows, it could be the case he is back on course as a professional gambler. I have little doubt he has the knowledge and wisdom to make his betting pay.

A true academic of the horse racing world and sadly missed.

The betting world was transformed with the innovation of Betfair betting exchange that was founded in 2000.

Personally, I say: ‘Thank the Lord for betting exchanges.’

Any gambler who is a winner knows traditional bookmakers are impossible to bet. In fact, you have more chance of your account being restricted or closed. I’m pretty sure most are restricted as they don’t want to be seen for closing account.

It just isn’t playing the game.

When you hear the words turf accountant you are best to consider the latter of the two words.

There aren’t enough negative words to detail my thoughts about bookmakers.

So, we are looking at betting exchanges.

I have to betting exchange accounts: Betfair & Betdaq.

I haven’t used Betdaq although I do have money in the account. So Betfair is my go-to exchange and it has been a blessing. Saying that, I have had the odd problem when updating my account and one time it vanishing off the face of the Earth. However, it popped back up when I sent proof of identity and all that stuff.

I guess that’s the world we live in.

In essence, the betting exchanges make the perfect market. They do a job which once was the haven of odds compilers.

But how do we bet use the betting exchanges to make money as a backer rather than a layer? Those horses at the top of the market are often similar to the bookmakers. There will be slight variations and any price difference will be picked off. However, it is a changing market so there will always be peaks and troughs. The best angle for backers on exchanges come from betting on outsiders. If you have a fancy that’s 33/1 with bookmakers it could well be double or treble the odds on the exchanges. It’s such a marked difference that it simple cannot be ignored. Also, it is worth remembering that there are many traders on the exchanges. They have many and varied ways of working. Often they back a horse being backed and lay and horse being laid. It makes sense as this technique almost guarantees a profit unless you are caught by the extremes. This can be good news for backers if they fancy an outsider as they can be pushed to the limit. Often this may indicate a horse with less chance of winning (as if someone knows it won’t be tasting victory) but it doesn’t mean these horses cannot win as they often do.

In my opinion, betting exchanges offer a much more value and less problems than traditional bookmakers who are simply not interested in giving punters a fair deal. If they have the slightest thought you can win money they will restrict or close your account. It becomes a problem you don’t need.

Horse racing makes a fun day out.

Who knows, you may even win a few quid.

Happy days.

But here’s the question: ‘Should I study the form?’

As the maxim goes: ‘Knowledge is power.’

It’s true for horse racing. Perhaps you rely on good, old-fashioned luck. It only goes so far!

Now, you wouldn’t expect to beat a seasoned pro with an ounce of luck. It doesn’t make sense. And part of your understanding of horse racing should be that the layer (the bookie who takes your bet) thinks they know a little more than you.

Perhaps they do, perhaps they don’t.

It’s one reason why you should increase your knowledge and expertise.

The best aspect of gambling on horse racing is the fact it’s skill based. Unlike playing roulette, slot machines or many and varied games that are fixed odds. If you play those long enough you are, sadly, guaranteed to lose.

Not skill-based games.

But how do you study the form?

I remember someone asking: ‘Why do you only bet on two-year-old horse racing?’

I answered: ‘Because there isn’t enough time to do everything.’

You don’t need to know everything about everything. It’s pointless and unwarranted. You simply need to know a little bit more than most. Know your subject better than Joe Bloggs and you will be ahead of the game. In betting terms, that means you have the layers on the ropes. No, you don’t need to bet on boxing.

It is important to remember that most punters don’t like hard work. It sounds a cruel statement but, for most, it’s a fact. The world and his wife are looking for the get-rich-quick scheme. Search Google and it’s called The Secret Sauce!

Here are my thoughts about studying the form to its best.

• Firstly, pick your niche. It could be anything. It many be a certain age group of horse, trainer, owners or breeding line. The important part is to make sure you study this subject with a passion. It will be the key to your success.

• Study your subject matter by digging a little deeper than most. Watch race reviews, collect your own data, understand what makes both a winner and loser. Each are trying to tell you the answer to a question. Listen!

• Your journey will follow a long and winding path. Don’t settle for a quick fix, cutting corners, feeling there must be an easier way to success. That’s what losers think. You have to go above and beyond the starting line. It is only by working hard you will appreciate the next questions to be answered. These answers bring you closer to riches.

• At the end of each year, review your performance (yes, like a horse). Learn from your experiences.

• You have what is takes if you are willing to learn.

Horse racing is a fascinating subject but it takes time to achieve a standard of competence.