| The purpose of this article about betting on horses for | | | | horse betting over the next year and at the end of the |
| profit and managing your bankroll is not to fully explain | | | | year I will take whatever profit I have made and invest |
| the intricacies of Kelly betting or Stanford Wong's | | | | it in another form of investment, such as mutuel funds, |
| methods. It is, however, meant to point you in that | | | | real estate, stocks, collectibles, etc. With this attitude |
| direction and to open your eyes to the possibilities and | | | | and the right steps and plan, known as a system, you |
| demands of managing a bankroll as a professional. | | | | might achieve your goal. |
| If you are betting on horse races, or sports betting, or | | | | First you have to learn how to handicap a race so you |
| any other form of gambling, please don't be one of | | | | can spot a good bet when you see one. Next, you |
| those people who says, "I don't gamble, I invest." I've | | | | have to cut costs to the bone anyway you can. Finally, |
| got news for you, investors gamble so if you invest | | | | you must work your tail off. To maximize profits and |
| you gamble and if you gamble you invest. There are | | | | minimize losses, I recommend Kelly betting or some |
| many ways to do it and some do it wisely while others | | | | form of incremental betting that reflects your bankroll |
| do it foolishly. If you don't believe that, please explain | | | | size and success rate. |
| credit defaults and why our whole financial system has | | | | 2. Use a method like Kelly betting, perhaps enhanced |
| supposedly just gone through a crisis. | | | | with the genius of Stanford Wong's advice, toprotect |
| But let's get back to your bankroll and a system for | | | | your bankroll as much as possible. |
| maintaining it and even making it grow. The number | | | | Here is a money management gambling truth that you |
| one way to protect your bankroll and to give it a | | | | should never forget... |
| chance to grow is going to be a bit of a surprise to | | | | Good money management will get you through times |
| many of you, and it is often not mentioned in books | | | | of bad handicapping better than good handicapping will |
| about gambling and money management, but here it is. | | | | get you through times of bad money management. |
| 1. Have another source of income other than gambling | | | | That is so important to understand that every gambler |
| and only use your bankroll and gambling to increase | | | | and horse player should have it tattooed on the inside |
| your wealth. | | | | of his or her eyelids. |
| If you are trying to make a living from betting on | | | | 3. Keep meticulous records. |
| horses and have to take the mortgage payment out | | | | "Hey, I didn't become a horse racing handicapper to |
| of your bankroll at the end of the month, then you are | | | | turn into an accountant, right?" Wrong. If you don't keep |
| in a tough, high pressure situation. It usually doesn't | | | | records of your wins, losses, and decisions, you can |
| work. You know the old saying, the rich get richer, well | | | | kiss that bankroll goodbye. Record keeping is the price |
| sadly enough, its true. Playing the horses to pay the bills | | | | all us free-spirited gamblers must pay in order to keep |
| is very tough, not impossible, but there are very few | | | | being a free spirited gambler. In the words of a popular |
| people who manage to do it. | | | | ad campaign, "Just do it." |
| A realistic approach might be something like this, I have | | | | If you want to be a successful horse racing |
| a $10,000 bankroll and want to prove to myself that I | | | | handicapper, the three steps outlined above will get |
| am good enough to make a profit as a horseplayer | | | | you there if you pay attention and master them. If you |
| over the long run. I also want to have money to invest | | | | don't have that bankroll right now, then start working |
| for my future. I have a job or source of income that | | | | on getting it and as you work toward that goal, keep |
| pays my bills. I can take the $10,000 and spend or | | | | telling yourself that it is the first step in becoming a |
| invest it many ways to provide a stream of income | | | | successful horse player. If you can't work toward that |
| that will eventually turn the $10,000 into $20,000. I | | | | goal and manage and save money now, how are you |
| decide I want to do it via horse racing. | | | | going to do it when you start betting? |
| So my goal is to use the $10,000 bankroll to fund my | | | | |