Backing a long shot can yield huge profits. However, any experienced horse bettor would tell you,that trying to cash tickets on longshots is extremely risky.

Long priced horses are usually favored by gamblers who want to make huge profits. Although they can rake in a lot of moolah, they have low chances of winning and a high risk. Thus most handicappers stick to the more consistent racers.

While betting on horse races, you must think of each bet as an investment and carefully determine whether the return compares favorably with the risk involved. Here are 3 situations when you should consider longshots.

1. The Phony Phavorite. If your handicapping indicates that the favorite is not worthy of winning then the other contenders should be considered. You should then be looking at horses who have fairly low odds placed on them because they are potential winners. These types are not long shots.

If you eliminate those horses then you need to turn your attention to the longshots. Try to find a longshot who has actually won at the level and distance that particular race requires. Sometimes it does happen that the only horse who has ever done what is required is a long shot. This is not known to many seasoned horse racing bettors.

2. Familiar trainer moves often produce big winners. Each trainer has his or her own favorite moves for winning. Familiarize yourself with trainer moves and look for moves particular to the longshots.

3. Equipment changes can greatly impact the racer's performance in a big way. It is always a good idea to check the mutual pools for inside money.

One of the best situations to identify is an event with a phony phavorite and find a horse who meets the requirements mentioned previously.

Do remember that you should only move towards the longshot, if the favorite is a phony. Check the handicaps thoroughly to determine if a longshot is actually the best bet.