Horse racing is one of the most popular sports when it comes to betting. In fact, this is one of the reasons why horse racing is gaining in popularity over the past couple of years. However, there isn’t much in your control when you wager on a specific horse.
The only thing you can manage is the data you collect which will affect your betting decision and your bankroll management strategy that will make sure that you end up profitable.
When it comes to managing a bankroll in horse racing, the goal is to set specific limits and create a strategy that is going to help you avoid unnecessary losses and keep you on track towards your goal.
We will take a look at some of the most important aspects of bankroll management, and help you create a strategy that will improve your chances of walking away profitable.
Create a Budget and Stick With it
The most important thing when it comes to managing finances while betting is setting the right budget and sticking to it no matter what. Even though this step might seem logical, you’d be surprised by how many people enter the betting world without a strictly defined budget.
This budget will help you stay on track towards your goals and help you decide how much you’ll be able to risk on any given day.
Most professional bettors have day/week/monthly budgets that are strictly for wagering purposes. If you go over the limit you should stop right away and wait for the budget to refresh. This way you’ll extend your wagering strategy and avoid unnecessary losses and budget drain in one day.
The most common question in horse racing betting is “How much to bet on a specific race?”. However, this question doesn’t have a straight answer to it. It depends on many factors, such as strategy, budget, and goals.
Defining a bet size will help you place the right amount of money on every race, as well as help avoid stepping into an uncomfortable betting space.
One way you can set a limit on each bet is by taking a percentage of your initial budget. This is how most professional bettors decide the betting amount on each race. For example, if your budget is $100 try not to bet more than 3-10% of your initial budget. In this case, this should be from $3-5 on a single bet.
Avoid Betting on Every Single Race
Most professional bettors would agree that the best way to walk away from profitable is to choose specific races about which you have the most data. This way, you’ll only participate in horse racing events that you believe have the best chance of walking away with a profit.
Nowadays, there are plenty of handicapping options that allow you to analyze each race, like the best sportsbook bonus Canada which gives you information to make informed bets.
Set Rules of Engagement
Once you get comfortable wagering on horse races, it is time to determine how your budget will be spent. Wagering randomly is the most common mistake that people make when they start betting on horses.
The goal here is to choose the most optimum bets of the day, well ahead of time. Unfortunately, there isn’t a specific rule on how to pick the right bets, and this process can only be learned through trial and error.
Setting rules of engagement means that you need to create a unified betting approach to every single horse race. That way, you’d only bet on things you already understand and avoid unnecessary losses.
Keep Records of Your Bets
Keeping track of all your bets is the best way to see whether or not the specific strategy is working for you or not. Also, you can pick specific bets that brought in the most amount of money and implement this strategy in your future bets.
Keeping detailed records of every bet you’ve made might seem unnecessary at the beginning, but it will be very helpful in the future for creating your betting strategy.