The first rule of betting on horse races is to preserve your bankroll at all costs. Without your bankroll you're out of the game and cannot make any money. That seems so obvious, but many people would tell you that their first objective is to make money. While profit is the key to paying the bills and increasing your wealth, it won't happen unless you realize the risk in horse racing betting and handicapping.
It is one of the most difficult ways to make a living and one I don't recommend as your first source of revenue. There are easier ways to make money, but for those of us who love the challenge of wrestling a few bucks from the race tracks, it is the challenge that makes it worthwhile. If it was only the money we'd do other things.
Therefore, if you decide that the challenge and adventure of horse racing handicapping is worth the risk, here are some thoughts on preserving your stake and staying in the game.
First of all, a good money management plan and some really good information are a sound place to start. The information I am writing about is the risk involved and the chances of winning. This can be broken down into the chances of each horse you choose to back as well as your ability to pick winners. If your "strike rate" is 30% then you can figure that you're going to use very little of your overall bankroll for each bet.
We'll use $2 as our base bet and $100 as our bankroll. Naturally, you will adjust this according to how much you actually have to use. If your strike rate is 30% that is only an average and while 3 winners out of 10 races isn't bad, as long as they pay enough to make a profit in the long run, you have to realize that you could experience losing streaks that exceed that 10 race model I just mentioned. You could actually go 30 races without a winner. I know that sounds like a lot, but once in a long while, it happens.
Unless you can replenish your bankroll, it's advisable to keep your bets to no more than $3 to start. As your bankroll and your ability to win increase, you can adjust the units you bet accordingly, but trust me, you need to wait and make sure that a little winning streak doesn't give you too much confidence and convince you to risk too much as once.
The best way to handle this situation is to keep very good and accurate notes of your progress. This may not sound like a lot of fun for those who like action, but note keeping will really help when and if a losing streak occurs. You can refer to your notes for confidence building (reading about your past successes may help you to regain your confidence) and also to point out changes that have occurred at the track or in your method.
It is one of the most difficult ways to make a living and one I don't recommend as your first source of revenue. There are easier ways to make money, but for those of us who love the challenge of wrestling a few bucks from the race tracks, it is the challenge that makes it worthwhile. If it was only the money we'd do other things.
Therefore, if you decide that the challenge and adventure of horse racing handicapping is worth the risk, here are some thoughts on preserving your stake and staying in the game.
First of all, a good money management plan and some really good information are a sound place to start. The information I am writing about is the risk involved and the chances of winning. This can be broken down into the chances of each horse you choose to back as well as your ability to pick winners. If your "strike rate" is 30% then you can figure that you're going to use very little of your overall bankroll for each bet.
We'll use $2 as our base bet and $100 as our bankroll. Naturally, you will adjust this according to how much you actually have to use. If your strike rate is 30% that is only an average and while 3 winners out of 10 races isn't bad, as long as they pay enough to make a profit in the long run, you have to realize that you could experience losing streaks that exceed that 10 race model I just mentioned. You could actually go 30 races without a winner. I know that sounds like a lot, but once in a long while, it happens.
Unless you can replenish your bankroll, it's advisable to keep your bets to no more than $3 to start. As your bankroll and your ability to win increase, you can adjust the units you bet accordingly, but trust me, you need to wait and make sure that a little winning streak doesn't give you too much confidence and convince you to risk too much as once.
The best way to handle this situation is to keep very good and accurate notes of your progress. This may not sound like a lot of fun for those who like action, but note keeping will really help when and if a losing streak occurs. You can refer to your notes for confidence building (reading about your past successes may help you to regain your confidence) and also to point out changes that have occurred at the track or in your method.
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