How to Win the $1 Million Breeders' Cup Betting Challenge

The Breeders' Cup has been known to be end of year showcase of the best of the best that horse racing has to offer. This holds true for contest handicappers as well. The Breeders' Cup Betting Challenge (BCBC) is known in many circles as the true test of contest chops and the unofficial real money handicapping championship. 

Anyone with $10,000 and a dream of contest glory can compete. The $10,000 buy-in includes a $7,500 bankroll that you bet with and you keep what you win. The other $2,500 goes to the prize pool. The only rules are that you must bet $600 on five races Friday and $900 on five races Saturday. Eligible bets include win, place, show, exacta and trifectas. No multi-race or superfecta wagering is allowed. 

I am competing in my 4th BCBC, looking to better my 3rd place finish in 2013 where I was fortunate to pick up just over $100,000. This year, tournament organizers are anticipating a record 400 participants which would create an astonishing $1 million worth of prize money. As in prior years, participants can play from Santa Anita or a satellite locations including Gulfstream, Aqueduct, and Churchill Downs. For the first time in tournament history, the option to play on-line at Twinspires.com is a new wrinkle that is certainly going to attract those looking to play from the comfort of home.

Additionally, the other significant change is allowing entrants to play two entries. 

The tournament has grown substantially from 2010, where 95 individuals competed. However, despite the growth, the average final bankroll of the top 10 has plateaued at 40-50k even after a four-time increase in the number of players.  

Armed with two entries, I plan on shooting for 5x my initial bankroll, or roughly $40k. As you can see below, 5x is a good benchmark when it comes to a top 10 finish.

For those competing in their first BCBC or considering jumping in from home, my advice would be as follows: 

• Don’t worry about where you finish day 1, while they have daily prize money, the real prizes are awarded after day 2. 

• Limit scoreboard watching as you can only control what you are betting with $1 million in prize money, payouts will be all the way down to 15th place.

• Be flexible, be willing to alter your strategy if a series of races don’t go your way. For example, continuing to play low priced horses won’t allow you to gain ground quickly.  

• Get minimums out of the way, and feel free to be creative in doing so. I’ve been in tournaments where I have bet $500 to show on horses to free up later action. However, that can be a double edge sword as I once lost $1,000 at a live money tournament betting on The Pizza Man to show! 

• Be willing to go all in.  Despite the REAL money nature of the game, if you want to be successful you must be willing to throw it all away if your ideas don’t pan out. 

Don’t hedge. If you like a 10-1 shot, bet $900 to win instead of $300 win/place/show.  If you hit, assuming you cash in the tournament, you effectively were getting much better than 10-1 odds. 

Good luck!  

-- By Garett Skiba, winner of over $100,000 at the BCBC