5 Rules for Horse racing betting
01. Be Disciplined
There are hundreds of reasons why punters lose time after time, but the number one reason that most punters fail is due to a lack of discipline. Patience and discipline are arguably the most important skills to possess when it comes to betting. Money management and being able to find value in the market are necessary but without discipline these skills are useless if you can’t put them into practice. This applies to betting when you’re out on the town!
2. Do NOT Chase Losses
Chasing Losses involves increasing your bets and stakes in an attempt to win back past losses.
It is a trap a lot of punters fall into when they are having a bad day and rather than just accept the loss they will endeavour to scrap all of their preceding hard work and up their bet stakes in an attempt to just hit their way out of the hole they have found themselves in. Commonly known as betting big in the last race or the ‘Get Out Stekes’
As a punter you have to accept that you will have both very good and very bad days over the journey, but not to let your emotions take over in those situations. If you find this is a common fault of yours then you should seek professional help as it is an obvious sign of Problem Gambling.
3. Manage Your Money
If you are wanting to take your betting more seriously then you need an allocated “Bankroll” of funds strictly for betting purposes. Having separate funds away from your day to day spending money allows you to take a more business like approach to your betting. Simply “topping up” your account when it runs out is not the way to be a successful punter.
Your bankroll can be any amount that suits you but you are likely to be betting 1-2% of that total bankroll per bet so make sure it is an amount that you feel comfortable betting that portion of per bet.
Once you have a bankroll coming up with a competent staking plan to use it on is the next step. Even if you are consistently getting value about your bets, if you over bet when staking on them you can go bankrupt.
4. Seek VALUE Over Winners
For the most part betting isn’t about finding winners, it is about identifying VALUE. As that is what leads to long term profits.
Understanding the concept of value is critical to being a successful punter. Whether you win or lose as a punter is irrelevant if you are not getting value about your selections. It is easy to say a team paying $1.50 are the better team and should win this match. They may be a deserved favourite but are the odds reflective of their winning probability
Value is determined by whether you believe the probability of a selection winning is greater than the probability its odds reflect. If a horse has been marked as a $2 chance in the betting then it has been marked as a 50% chance of winning that race. While yes it may be more likely to win the race than any other horse, is it a better than 50% chance of winning? If the answer is yes then this bet is value for you and worth betting on.
5. Keep Records
Most people don’t keep records. The explosion in online corporate bookmakers have meant this is quite easier than you think. You can pull all your wining and losing bets out of your account to work out your profit on turnover. i.e the amount you have staked vs the amount you have won. As a guide, anything over 10% is a very good ROP.
If you follow most of these you will be doing better than 95% of punters out there. Good Luck.
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