Watch the Odds

There is a huge difference between smart money and public money when it comes to pari-mutuel betting.

During the many years I have wagered on greyhound dogs and horses, I have noticed that difference and believe me, it appears in many different ways.

Most major casinos have a sportsbook. The regulars hang around the sportsbook nursing a drink, usually non-alcoholic, and some of them keep track of the odds.

They are looking for a change in betting patterns that will indicate to them that smart money is being placed on one of the entrants.

Let's analyze that.

The average person who visits a race track doesn't have any connections that will give him tips on which horses or dogs are geared up to win that race. Your average bettor only has a racing form or program to read and bets in a predictable way.

I watch the odds on the tote board. If the favorite is listed at 5/2 and the odds stay that way until post time, that doesn't mean very much to me.

But if a 5-1 entrant suddenly dips to 5;2 and then climbs back up to 4/1 or 5/1, that is like going deep dea fishing and having a big fish nibble at your hook.

The general public doesn't bet like that. The average person doesn't make a big bet on a horse or a dog, but an owner or trainer does.

Sometimes the owners or trainers make their bets early, and on other occasions they will wager late. But regardless of when they make their bets, the action will be recorded on the tote board.

A person who keeps a careful watch on the odds does himself and his bankroll a favor. I keep a notebook where I record any change in the odds. For example there may be a horse listed at 7/2 odds that looks good to me in the paddock. I make a mental note that if that horse drops in odds to 5'2 or lower that it will be worth a bet. I have caught many winners that way.

What is really exciting is to have such an entrant fall in odds early in the betting and then climb in odds until they are 8 or 10 to one at post time. This is when you can really 'clean up' with a big win at the track.

The nicest part about tracking the odds is that it's relaxing. It's just you, your notebook, pen and the tote board. You are the captain of your fate. Good luck.

Author: Geno Lawrenzi Jr.

(Geno Lawrenzi Jr. is an international journalist, magazine author and ghostwriter and poker player who lives in Phoenx, AZ. He has published 2,000 articles in 50 magazines and 125 newspapers. If you want to share a gambling story or book idea with him, send an email to glawrenzi@gmail.com ).