In Turdle racing you get three bets a day at any time you want. You just click to go the the Betting Page, pick your Turdle, place your bet, and if you want you can feed your Turdle a food item.
The game is mostly chance, but there are a few theories that have worked for me in the past.* For example, since you can place your three bets one right after the other, first pick a Turdle you want to bet on that day. For your first bet, just place a small bet, maybe 10 or 15 NP. Now either your Turdle will lose (which is generally the case) or it will win, in which case you do get at least a small prize.
However, if your Turdle loses, when you place your second bet choose the same Turdle, because these chance games they don’t generally have the same Turdle win multiple times in a row. This way, you have (most likely) eliminated the winning Turdle from your first round, which makes your same Turdle more likely to win in the 2nd round. With this idea, you can raise your NP bet a little more in the 2nd and 3rd rounds because by eliminating the previous round’s winner from the competition, your Turdle has a better chance of winning. Just remember to stay consistent!
Also, if you plan on betting with Turdle races every day, you may want to stock up on cheap food rather than wasting your hard-earned, more expensive items. Just drop by the shop wizard and search for something like a Box of Wheat Flakes, Ummagines, or some of the (edible) fish from underwater fishing. Since these items are high in supply and low in demand they are usually around 5 NP on shop wizard. This way you don’t waste your good items!
* Please note that this guide is NOT foolproof; games of chance are not always set it stone, but that is just life. 🙂
Hope this helps!