For Success Betting on Horse Races, Impose Your Own Debt Ceiling

If you look at wagers as debts, then you realize that raising or lowering that limit or ceiling has a direct impact on your income and risk. If you want to avoid your own financial crisis and going broke, then you have to practice good money management. Many people say that, but few actually explain what they mean. Let's start with the goal of money management. The first rule of being in business or of being a gambler, which have similarities, is to protect your bankroll, assets.

Therefore, every decision or bet should be made with this one thought in mind, How will this bet affect my bankroll?

I know that sounds a bit odd, maybe even funny, but as simple and as obvious as it may appear, that must be somewhere in your logic stream. Financial success hinges on being able to keep making purchases until the market is in your favor. For many who buy and sell on the stock market, the old phrase, Buy low and sell high, comes to mind.

In terms of wagering what we mean is that when you wager, your wager should return a profit that will cover all wagers and return a profit on top of that. So betting in the same situation ten times and cashing three times should return the ten units that you invested plus a profit. Ten $100 win bets would equal $1,000. If you won on three of them and each one paid an average of $350 then you would collect $1,050 for your investment.

The $50 would be your profit. You would have a positive ROI (return on investment) of +.05%, in other words you would make five cents for every dollar wagered. That may not sound like much money, but in a high risk venture like horse racing betting, if you can actually get out with 5% profit after paying the high vig, or takeout, you're not doing too badly.

Keeping in mind our original problem of protecting our bankroll, when you made those wagers you would have a plan or system of wagering as well as handicapping. Your handicapping system would evaluate the runners so you could estimate the probability of each one winning. Your investment system, also know as your money management plan, would divide your bankroll into increments that were small enough so you could last through any losing streak, or downturn, and still be making wagers when your horses won.

Your debt ceiling then becomes the most money you can wager on a single race and also in a single day, keeping in mind the downturns or losing streaks

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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The Biggest Obstacle to Your Horse Racing Handicapping Success

Just how difficult is it to make money betting on thoroughbreds or harness horses? It is extremely difficult, almost, but not impossible. You can find many reasons for the difficulty including, the high takeout, or vig., too many variables, race fixing, the weather, trying to beat insiders who have information you don't have, and then, there's you. As hard as it may be to admit, you may be sabotaging your own success at the horse races.

There are common mistakes that humans make whenever they try to do something that is difficult. Sometimes they relate to the person's past and his programming. It may even go back to childhood. While no one wants to look for a Freudian reason for missing the daily double, it is possible that the reason you missed it is rooted in your subconscious mind.

Is years of psychoanalysis the answer to becoming a great handicapper? Probably not. Though it may help to review your behavior and thought processes in order to identify problems with your decision making and problem solving. We all have these quirks and kinks that we have to work out, not only when it comes to picking winners and actually coming out ahead at the track, but also in all other areas of our lives.

So how do you apply this to your horse racing handicapping? You have to start by paying attention to your decision making and judgment and write things down, starting with the reason you make a bet and the reason you don't make a bet. Why did you choose to wager on the 3 at 5-1 odds rather than the 6 at 2-1 odds? How did that work out for you?

Decision making is a two part process that is evaluated by the final outcome. First you gather your facts or data and secondly you make a decision after weighing the facts. The quality of the information and the skill in decision making will determine the outcome which you can then evaluate for efficiency. If you make five wagers at the races today and lose $50, even though you had a winner, then that is all information that you must evaluate in order to arrive at a conclusion.

If you see the same reason written down over and over and it leads to a losing bet, guess what, you've identified a problem with your decision making. The "why," of the decision is at the heart of your behavior and thought processes and where the real answer to your success or failure lies. You may say, "I bet on the 3 even though I thought the 6 would win because I don't like to bet on favorites."

Why don't you like to bet on favorites? Is it a monetary decision or does the real reason lie closer to the fact that you don't like to feel like you're following the crowd and you want to feel smarter than most people? If so, then why do you have the need to feel smarter?

While this type of self searching may be very uncomfortable for you, until you overcome the reason for that feeling which leads to losing bets, you will never be a winner. This was just one example. You have to do your own research by writing things down. Sometimes it also helps to talk to another handicapper and listen to what you are saying. It is a form of cheap psychoanalysis that often works. That's the reason that barbers, bartenders, and hairdressers are often good counselors. They listen and you hear yourself talk and find out how you feel about things, often to your own surprise.

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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Think Like a Winner for Horse Racing Handicapping Success

Horse racing handicapping is an intellectual challenge that requires the right frame of mind in order to win. But how do you get that right frame of mind or even know what it feels like? You may be in a lousy mood and win or you may be happy and lose. What makes the difference?

First of all, let's make sure you are looking at winning and losing and seeing those two "imposters," for what they are. If you go to the race track and lose money, it doesn't mean you're stupid or a bad person. If you keep losing, it does mean that you are repeating the same behavior that has a negative result and that there must be some reward or reinforcement in it for you.

If you win at the race track, it doesn't mean you're a genius or better than the people who lose. Winning and losing are just two ends of the same stick and the best horse players in the world lose some times. One of the most important skills a handicapper can develop is the ability to look at losing and winning and not let his or her emotions get out of control and thereby cause him or her to make bad decisions.

In poker, when you lose a pot, but seemed to have the best hand going into it, it is sometimes referred to as a "bad beat." When you lose in horse racing, perhaps by having your horse disqualified for bumping in the stretch run, it's also a bad beat. Bad beats happen in life and the mark of a professional is the ability to recover quickly from the emotional let down and to carry on as if nothing happened.

If the system you are using to evaluate horses is a good one and you are only betting when you get fair value odds, then you are making the right decisions. As we all learn, however, the right decision doesn't always result in a win. It should however, result in a profit in the long run and that's what the smart horse player knows.

Therefore, the right frame of mind, that was mentioned earlier in this horse racing article, is the confidence that comes from knowing that, while life may have its little ups and downs, if you always make the right choices based on the best available knowledge, then you will succeed in the end. Strong horse players have the ability to stick to that and not let the emotional shock of losing sway them or cloud their judgment.

If you want to learn how a horse owner and insider handicaps just go to http://horse-racing-handicapping.co/ and get the truth. Bill Peterson is a former 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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Horse Racing Betting Tips for Higher Payoffs and Better Success

There's nothing quite like the thrill of backing a horse to win and seeing it come thundering down the stretch and winning. You not only get the delightful experience of seeing a thrilling sporting event, but you also get money afterward. It's no wonder then that every day, all over the world, millions of people attend horse races and bet on horse races. Of course, not all people who wager on the ponies actually go to a track. Some of them wager online or at an OTB.

While betting on horses is always risky and you should never risk money you can't afford to lose, there are ways to reduce the risk and maximize profit. It doesn't mean that you're guaranteed to make money, but smart money management is a start in the right direction. First of all, here's a very good tip. Even though you're there for fun, it's real money and should be treated like the precious commodity that it is.

Secondly, favorites may win the highest percentage of races of any horse, but they are also a bad bet from a financial point of view. Believe it or not, some people are so foolish that they think they've figured out how to make money betting on races just because they can look at the tote board and see which runner has the most money wagered on it. Their rationale is that since so many people think the horse is good, it must be a good bet.

Actually, just the opposite is true. When you wager at the track you're betting against the rest of the people. All the money is put into one pool and after the race, the winners get to divide that pool, once the track and state get their share. Therefore, the more people who wager on the horse, the smaller the payoff. Statistically speaking, favorites are bad gambles because they never pay enough to show a profit over the long run.

Should you then bet on longshots? Yes and no. You should bet on horses at longer odds than the favorite but statistically speaking, long shots are over bet, too, when you compare their actual chances of winning to the payoffs that the winners get when a long shot actually manages to win.

If you want the best payoff and a chance to actually make profit I advise you to use a simple horse racing system to pick your winners and also that you bet on horses in the mid odds range. I can't guarantee that you'll make a profit, but you'll have the best chance of making more than you wager because horses in the mid odds range are typically overlooked by the masses and therefore, might be an overlay.

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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