Here is one of my favorite sayings, "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 the truth and whether we horse playing gamblers like to admit it or not, unless we are fiscally responsible, no amount of winners will save out bankroll. When it comes to the financial side of betting on horse races, we have to think like accountants and treat wagering on horse races like a business.
The colorful characters and spectacle of beautiful thoroughbreds, the drama of the thousand and one human interest stories notwithstanding, horse racing, with all its thrills, is still a grind when it comes to making it pay. I found that out as an owner. When you're paying vets and grooms and trainers, as well as buying feed and supplements, you have to keep track of every dime and will have to account for every penny if you want to survive.
What is true on the backside is true in the grandstand and clubhouse. The horse players who keep track of their bets and know what they are doing are the ones who have a chance to make money. Admittedly, it also takes a good systematic approach to handicapping or choosing bets, but it all starts and ends with money management.
I realize that many of you who play the horses don't want to feel like a bean counter at the races. The people who seek recreation and a chance to get a respite from everyday life don't want to account for every penny spent at the races. That's understandable, if your goal is to have some recreation and to be entertained.
On the other hand, if that is how you operate at the races, don't be surprised if you wind up losing whatever you bring into the track, because you'll be playing up against people who take handicapping very seriously and who play to win.
I like to compare the need for profit with the need to gamble to find out where a horse player falls on the scale of professionalism. The more your need to gamble, for whatever reason, the more caution should be used and the more you should limit your race track spending.
If all you want to do is bet every race and see if you can cash some tickets, just for fun, there's nothing wrong with that as long as you only spend money you can afford to lose. One of the best ways to do that is to only bring as much money as you can risk and leave the rest at home. While we're on the subject, leave the debit and credit cards at home, too, because they now have those tempting ATM machines at the races.
If you are serious about making a profit from betting on horse races, then I suggest you start writing down all your wagers just as though it is a business. If you don't want to do that, in my opinion, you are a recreational gambler, and there is nothing wrong with that, as long as you admit it to yourself and only risk what you can afford to lose.
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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