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A Horse Racing Betting System and Tips to Manage Your Bankroll and Avoid Going Broke
Author: Bill Peterson
The purpose of this article about betting on horses for profit and managing your bankroll is not to fully explain the intricacies of Kelly betting or Stanford Wong's methods. It is, however, meant to point you in that direction and to open your eyes to the possibilities and demands of managing a bankroll as a professional.
If you are betting on horse races, or sports betting, or any other form of gambling, please don't be one of those people who says, "I don't gamble, I invest." I've got news for you, investors gamble so if you invest you gamble and if you gamble you invest. There are many ways to do it and some do it wisely while others do it foolishly. If you don't believe that, please explain credit defaults and why our whole financial system has supposedly just gone through a crisis.
But let's get back to your bankroll and a system for maintaining it and even making it grow. The number one way to protect your bankroll and to give it a chance to grow is going to be a bit of a surprise to many of you, and it is often not mentioned in books about gambling and money management, but here it is.
1. Have another source of income other than gambling and only use your bankroll and gambling to increase your wealth.
If you are trying to make a living from betting on horses and have to take the mortgage payment out of your bankroll at the end of the month, then you are in a tough, high pressure situation. It usually doesn't work. You know the old saying, the rich get richer, well sadly enough, its true. Playing the horses to pay the bills is very tough, not impossible, but there are very few people who manage to do it.
A realistic approach might be something like this, I have a $10,000 bankroll and want to prove to myself that I am good enough to make a profit as a horseplayer over the long run. I also want to have money to invest for my future. I have a job or source of income that pays my bills. I can take the $10,000 and spend or invest it many ways to provide a stream of income that will eventually turn the $10,000 into $20,000. I decide I want to do it via horse racing.
So my goal is to use the $10,000 bankroll to fund my horse betting over the next year and at the end of the year I will take whatever profit I have made and invest it in another form of investment, such as mutuel funds, real estate, stocks, collectibles, etc. With this attitude and the right steps and plan, known as a system, you might achieve your goal.
First you have to learn how to handicap a race so you can spot a good bet when you see one. Next, you have to cut costs to the bone anyway you can. Finally, you must work your tail off. To maximize profits and minimize losses, I recommend Kelly betting or some form of incremental betting that reflects your bankroll size and success rate.
2. Use a method like Kelly betting, perhaps enhanced with the genius of Stanford Wong's advice, to
protect your bankroll as much as possible.
Here is a money management gambling truth that you should never forget...
Good money management will get you through times of bad handicapping better than good handicapping will get you through times of bad money management. That is so important to understand that every gambler and horse player should have it tattooed on the inside of his or her eyelids.
3. Keep meticulous records.
"Hey, I didn't become a horse racing handicapper to turn into an accountant, right?" Wrong. If you don't keep records of your wins, losses, and decisions, you can kiss that bankroll goodbye. Record keeping is the price all us free-spirited gamblers must pay in order to keep being a free spirited gambler. In the words of a popular ad campaign, "Just do it."
If you want to be a successful horse racing handicapper, the three steps outlined above will get you there if you pay attention and master them. If you don't have that bankroll right now, then start working on getting it and as you work toward that goal, keep telling yourself that it is the first step in becoming a successful horse player. If you can't work toward that goal and manage and save money now, how are you going to do it when you start betting?
About the Author
The most consistent horse racing systems have to have the basics and a handicapper must understand the basics. I have been around horse racing for 50 years including as an owner. Without the basics the rest is not going to do any good. If you want to learn how a horse owner and insider handicaps just go to http://williewins.homestead.com/truecb.html and get the truth.
Bill Peterson is a former horse race owner and professional handicapper. He comes from a horse race handicapping family and as he puts it, "Horse Racing is in my blood." To see all Bill's horse racing material go to http://williewins.homestead.com/handicappingstore.html , Bill's handicapping store.
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