Betting on horse races is extremely risky. If you’ve been trying to make money betting on horses then you’ve probably already figured that out. The first thing you should do when gambling and taking chances with your money is to set some loss limit rules. Whether investing in stocks, commodities, futures, or horse racing, the first rule is always, protect your bankroll or capital as best you can.
So the first simple rule for making money at horse racing betting is to limit your losses. You do this in several ways. First of all, limits must be applied and you must stick to them no matter what happens. Gambling and taking chances seem to contradict money management and setting limits, but trust me, the small minority of people who actually do make money gambling do so by being excellent money managers. If you have trouble in that area, here are some tips…
1. First of all, set a win-loss limit for the day. I know it sounds strange to set a win limit, but in gambling, whether you’re winning or losing, you have to know when to quit. The number one reason that people lose at gambling is because they don’t quit when they’re ahead or stop when they’re getting too far behind. The limits you set should be based on reasonable goals. If you take $100 to the race track and set the goal of making $50, that might be reasonable. When you win, go home.
On the other hand, if your total bankroll is $1,000 setting the daily limit of $100 is also reasonable. It means you can play for ten days using the same amount each day. If you’re a good handicapper and money manager, you might be able to make a profit with that kind of time span. Only take as much money with you as you are willing to lose in one day. Never take more. That way you won’t be tempted to break the rules and get into your stash when you’re on a losing streak.
Why is that important? Because a big part of gambling success is having confidence in yourself and knowing you’ll do the right thing and stick to a systematic method. Once you start breaking your own rules and feel yourself losing control, it will affect your decision making and that leads to disaster.
2. Secondly, only bet on horses when you have a strong opinion. If you bet on a horse you should be able to write down why you bet it and why it was a good bet at the odds you got for it. If you can’t make a case for the horse and the odds, then it wasn’t a good bet.
3. Do not expect to play every race. People who play every race at the horse track are not handicappers or horse players. They are thrill seeking gamblers and will lose everything. That’s a fact. I’ve seen it over and over again. They may be pretty good at picking winners and will probably enjoy a win streak for a while, but eventually, all the money and thrills will be gone and they’ll be out trying to raise more money for their next binge.