Steamers and drifters in horse racing explained

What are steamers and drifters?

A steamer is a horse whose price shortens sharply as money comes for it. A drifter is a horse whose price lengthens as the market cools on it or as money goes elsewhere.

The terms come from the betting ring, where a horse whose price is being cut again and again is said to be steaming in. A drifter is said to be on the drift or weak in the market. Both describe what the market did, not why. A drift can be bad news about the horse, or simply the result of heavy support for a rival, because the prices in a race are linked.

How is a market move measured from early price to starting price?

A move is measured from an early price, such as the first show or the morning price, to the starting price at the off. Converting both prices into implied chances shows the true size of the move.

Fractions hide how big a move is. A horse cut from 10/1 to 5/1 has seen its implied chance roughly double, from about 9 per cent to about 17 per cent. A horse cut from 2/1 to 6/4 has moved less than it sounds, from about 33 per cent to 40 per cent. Measuring in implied chance lets moves at different prices be compared on the same footing.

Why do horse racing prices move before the off?

Prices move because money arrives unevenly and bookmakers adjust to balance their books and match rivals. News about the going, a jockey booking, a non-runner or a horse's condition can also move a market.

Early prices are set by odds compilers before much money has been staked. As bets arrive, prices are cut on horses that are being supported and eased on others. Bookmakers also copy each other: when one firm cuts a horse, others often follow within minutes. Near the off, on-course and exchange markets carry the biggest volumes, and prices settle into the starting price.

• Money for the horse from informed or public punters
• Money for a rival pushing the horse's price out
• Going changes that suit or hurt the horse
• Jockey bookings and non-runners
• Bookmakers matching each other's prices

Do morning moves and late moves mean the same thing?

Morning moves often reflect bookmakers correcting early prices to match one another, while late moves near the off reflect the main weight of money. The late move usually carries more information.

A horse that shortens at 9am and then drifts back out by the off has often seen an early correction reversed by bigger money elsewhere. A horse that holds a morning move and shortens again late has support that has lasted all day. Watching the whole path of a price tells you more than the first and last prices alone.

Exchange prices add another layer. Because exchange markets carry a small margin, a horse shortening on the exchange as well as with bookmakers is a clearer signal than a cut by bookmakers alone. A horse whose bookmaker price is cut while its exchange price stays put may simply be a firm protecting itself on a horse it does not want to lay.

How do you separate steamers, gambles and market noise?

Noise is small moves of a point or two that come and go. A steamer is a sustained shortening across many bookmakers. A gamble is a sudden, heavy collapse in price driven by concentrated money.

Three questions help: how big is the move in implied chance, how many bookmakers have cut the price, and how quickly did it happen. A cut by one bookmaker is often noise; the same cut across most of the market is a genuine move. A price that halves within minutes across the board is a gamble. The gamble guide covers those in detail.

Are market moves more telling in handicaps or in maidens?

Market moves in maidens can reflect home reputation for unraced or lightly raced horses, where public form is thin. In handicaps form is widely known, so moves more often reflect ground, trip or tactics.

A newcomer from a big yard that shortens sharply is telling you something the form book cannot, because nobody outside the yard has seen it race. A well-exposed handicapper that steams is more likely to be supported for a reason anyone can see, such as a drop in the weights or its favoured ground. Either way, a move is information to weigh, not a verdict.

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