They say that God is in the details and it's the little things that mean a lot. In that case, perhaps when it comes to betting on horse races, little details can make or break you. In fact, just changing a few simple things may turn your luck around and you'll find a way to finally make money betting on horses.
First of all, however, let's get one thing straight. If you're trying to make a living as a horseplayer you've chosen one of the toughest ways to make money. The simple truth is that there is no easy money to be made playing the ponies. While a lot of pundits and public handicappers will try to tell you that horse racing betting is like finding money in the street, nothing could be farther from the truth.
Money management is the single most important factor in making money at anything you do. I don't care if it's selling fruit, running a restaurant, or playing trifectas and doubles and trying to pick winners. No matter how good you may be at any of those pursuits, if you don't manage your money right, you stand the chance of losing it all.
The first and biggest lesson then is simply this. Have a plan and stick to it. That plan should set betting limits that will keep you in the money through hard times and winning streaks. Bet size should be dictated by the size of your bankroll, not how sure you are of your bet. In plain English, if a wager is worth making then it is worth a full wager unit.
Handling longshots and horses that are favorites or at low odds is one area that a lot of people have trouble with. First of all, do you know which type of runner you make the most profit on? There should be an odds range that you do best at and once you know that, it should be your main betting choice. If you have to see that other people are backing your horse then you are probably insecure and unsure of your choice. If that is the case, then you probably shouldn't buy a ticket on that horse.
While it's true that you shouldn't chase losses, it is very difficult not to place a sizable wager on a favorite late in the day if you've been on a losing streak. Many handicappers get desperate and figure that the favorite is bound to win so they plunge on a big favorite late in the day. Just take a moment and think about that. Why is there so much money bet on that favorite late in the day? The answer is that hundred of other punters are taking the plunge and hoping to recoup their losses.
That means that if that same horse was in an earlier race it might only be a lukewarm favorite. Earlier in the day the favorites get less action compared to their probability of winning because the horse players are still trying to hit something big on a longshot or a horse at a good price. As the day wears on the money goes more and more toward the favorite until it is finally a stampede. Think about that a bit and you'll see that I'm right.
If you want to learn how a horse owner and insider handicaps just go to http://horse-racing-handicapping.co/ and get the truth about betting on horses and winning. Bill Peterson is a former race horse owner and professional handicapper. To see all Bill's horse racing material go to Horse Racing Handicapping, Bill's handicapping store.
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