If you want to make ‘serious’ money from betting on horse racing, then you have to take the whole business of betting seriously. Treat betting as a mere ‘distraction’ and your entertainment will almost certainly come at a cost.
In Part One of this series of articles on sensible money management, I said that much of the reason people will lose money through betting is because of bad habits. How do you overcome bad habits? Discipline, of course!
If you were running your own business, you would treat it as a business and not a hobby. You would get to your desk on time each morning. As well as doing the things you enjoy about your business, you would attend to all the mundane tasks necessary for things to run smoothly. You would file your tax returns on time. You would have a business plan and you would set budgets for attainable growth. You would aim to make a profit by earning more in revenue than you spend in costs. You would not continue to sell a product at a loss. Etc., etc.
To run a business takes a lot of self- horse race malaysia discipline, and so it is with making a long-term profit from betting. It is not as easy as some people would have you believe. If this were true, then tens of thousands more people would be placing bets from their laptop by a pool in Spain, and there would be no more bookmakers in your local High Street!
If you are prepared to discipline yourself, then you are far more likely to elevate yourself from the 98% of punters who continually lose money through gambling.
The very first task you should undertake is to set up a separate account for your betting funds. It is essential you keep your betting activities separate from your other financial affairs, otherwise you will find it very difficult to see if you are making a profit, and how much return you are getting on your investment.
No-one needs to be reminded that you should only bet with money you can afford to lose, but the more money you can set aside for betting purposes, the more likely you are to see any worthwhile gains. You should view your betting bank as working capital, and an investment you have made in your own business.
Do not be tempted to place a bet using your credit card, or the debit card on your current account.
Anyone following my betting advisory service will know that I am always preaching about getting value when you bet. My philosophy makes perfect sense to me, but then I’ve been trying to drum the principle into peoples’ heads for years! But going back to the analogy of running a business, you wouldn’t pay £10 for a product from a wholesaler if you couldn’t sell it for any more than an average of £5. You may make the occasional sale at £15 or even £20 but if the average return is only £5 then in the long run you will lose money.
The same principle applies when backing a horse – don’t accept a price of 5/1 when the real chance of the horse winning should be represented by a price of 10/1
If you fancy a horse to win, but you cannot get the price you want, then have the discipline to let the horse run without your money on its back. Horse racing has been around for more than a century — there will be other opportunities. You should not be betting purely for the thrill of risking money, and only putting your investment at risk with the potential of a good return.