If you’re a gambler, you’ve probably bet at a sports book at one time or another. And you’ve probably wagered on any number of sports; baseball, football, soccer, etc. The problem I’ve found with sports wagering in general is that you don’t get very good odds. In fact, you get less than even money return when you win. That requires a win rate in excess of 60% in order to be profitable. Not many people can be that accurate when it comes to picking winners. Horse racing is the friendly alternative to sports wagering because of one simple fact: you get odds. But in order to beat the track in the long run, you must learn how to handle your bankroll.
What is a bankroll? It’s the amount of money a gambler has set aside to invest in sports wagering. This should be a set amount of money such as $1,000 or $500 or $5,000. You should not deposit more money on a weekly or monthly basis. If you continually deposit money to your wagering account, it will prevent you from realizing whether or not you have the skill to become a professional gambler. When you open an account with an online bookie, or you open an online wagering account for horse racing, start with an established amount and then let the balance decrease or increase on its own.
How much should you wager? The general rule of horse race wagering is to never bet more than 2% of your bankroll. Thus, if you have a $1,000 wagering capital, you should never wager more than $20. If you really want to play conservative, you should stick with 1% wagers, which would amount to $10 wagers based on a $1,000. And – this is important – your wagers should be Win bets. The Win bet is the standard wager for professional players.
Should you adjust your wagers over time? The simple answer to this question is yes. If your bankroll dips down to $500, then you should adjust your wagering amount accordingly. In fact, I believe you should adjust your bankroll at 25% increments. Example: If you start with $1,000 and it drops to $750, you should adjust your wagering limit to the $750 bankroll. And if it increases to $1,250 you should adjust your minimum wager to 2% or 1% of $1,250.
Money management, or ‘bankroll management’, is the key to success in horse racing. After all if you can’t make a wager because you no longer have a bankroll, then you’re out of the game altogether. You muse learn to manage your money if you wish to succeed at horse racing!