Many people indulge in horse racing because of the entertainment factor. But funny as it is, most of the people you’ll see in the stadium aren’t there to just see the horses race. In fact, most horse racing fans are bettors. Most of these bettors are casual bettors who just want to make bets to make the sport more thrilling.
The more serious bettors engage in serious amounts of research and effort to make their bets as educated and logical as possible. You might be wondering how these bettors stay in horse racing for so long and where the money for their bets comes from. Of course, it’s from their winnings, but you also might be thinking, how can they make their bankroll last so long? That’s right; it’s proper bankroll management.
If you want to stay alive and kicking in horse racing for a long time, managing your bankroll to the best of your ability is necessary because no matter how much you win, your bankroll wouldn’t last if it’s taken poorly by your betting habits. That said, here are some bankroll management tips you should abide by if you want to stay in horse racing for a long time while still being able to enjoy your winnings as much as possible.
After handicapping the races for each race, you should go back to each event, look at a Wagering Guide and, see how to best manage your money with the bets you’re planning. First, you have to identify which of these events are playable and non-playable. Of course, go for the playable ones and focus your bet on there. If you like this particular horse and feel that it would win, you can label it as a potential best bet.
If you see that a specific race has a false favorite, but you’re also seeing other contenders with good values, label it as price play by backing the contender with the most value other than the false favorite. If you see another race that a favorite is the most likely to win, you can call it a basic pass race where, of course, you’re going to bet on the best contender.
Don’t Bet on Everything
If you’re good at handicapping races, you will constantly have good value bets, and it would be quite hard to suppress the urge to bet on all of them. This is because no matter how good the value is, it’s still not a guaranteed win. That said, do not bet on every good value bet you see because it’s not healthy for your bankroll. Sure, you might win on some of these, and you might very well miss on a big win, but being on the safer side is still a win.
Make a Staking Plan
It might sound complicated, but it’s just a fancy term for determining how much to budget with individual bets. It’s mostly recommended that every bet should only be 5% of your bankroll, and if you’re confident about a specific bet, you can go as high as 10%. If you go above this recommended amount, your bankroll won’t last for long. The rule of thumb here is that when you’re nervous about a specific bet you made, that means you’re overspending.
Also, remember that there will be days where you will be experiencing winning streaks. But you also have to remember that there will be losing streaks as well. A proper staking plan can get you out of your bad betting habits whenever you are on a losing streak, so always stick to your staking plan.
Leave Your Credit Card at Home
If you’re planning to take your personal card or checkbook to a horse race, we suggest you don’t. Of course, if your bankroll is in a separate credit card, then sure, go ahead and bring it to the races. In short, do not ever dip your hands into your personal financial account because it might lead you to ruin. You’ll play based on how much your bankroll is worth.
Also, don’t borrow from friends or family to finance your horse race betting. This rule will make you more aware of your betting habits and be wiser about them. That said, the greatest gambler in the world is one who is aware of his or her betting habits and capitalizing on his bankroll alone. For the most part, with sound advice in bankroll management, you’ll go far from broke.
Always remember that horse racing is not a get-rich-quick scheme and should not even be seen that way. You’re in this for a long time, so making a staking plan and following these bankroll management guides will get you further into horse racing. With successful tipping, your bankroll will grow, so just stay patient and limit yourself to what your bankroll can.