Betting on horse and greyhound racing can feel fast, exciting and social — but it’s also one of the riskier forms of gambling due to the speed of events and the structure of betting options.
What makes it risky
- Quick turnaround – Fast races and short gaps between events lead to repeated bets.
- Complex bets – Quinellas, trifectas and multi-race bets increase potential losses.
- Promotions and incentives – Bonus offers encourage more betting than intended.
- Unpredictability – Conditions like weather and injury impact race outcomes.
Myths about racing
Common myths about winning big on the horses include:
- ‘This horse is due for a win.’
- ‘Well-known horses are more likely to win.’
- ‘Betting more gives me better chances.’
- ‘Studying form guides guarantee success.’
While some of these tactics and thoughts might be helpful, they don’t predict everything and you’re more likely to lose than win over time.
How to reduce risk
- Stick to simple bets and a clear budget.
- Don’t chase losses with multi-race wagers.
- Avoid betting under pressure or while intoxicated.
Learn more about setting limits(opens in a new window) to reduce risks of experiencing gambling harm.
Regulatory oversight
The VGCCC regulates betting on racing, monitors operators, and promotes fairness across the sector.
Support services
- Gambler’s Help(opens in a new window) – Counselling, financial support, peer programs and First Nations support call 1800 858 858.
- Gambling Help Online(opens in a new window) – 24/7 online chat and resources.
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