Horse racing is one of the most popular sports betting in the US. Although horse racing betting is fun and exciting, funnily as it is, most of the people you can see in the stadium are there to bet.
Most horse racing fans are bettors looking to win a few bucks or even thousands whenever they go to the stadium. If you want to join in on the fun as well, one of the things that you have to keep in mind in horse betting or any type of betting, in general, is your bankroll.
What is a Bankroll
A bankroll is money you have set aside for sports betting. This is your main lifeline for horse betting, so prolonging its life as long as you can be your priority from the start. But, of course, making it last long is not enough as you also have to make it bigger as time goes by through proper discipline, management, and patience.
If you don’t know how to do it yet, then you’re in luck because, in this article, we will be talking about some bankroll management tips that might just help you keep on betting.
Create a Budget and Stick With It
The most crucial thing in bankroll management is to plan. A considerable part is creating a budget and sticking with it throughout your betting journey.
Even though this tip might seem basic, you’d be surprised at how many people tend to dip their hands into their savings and even their credit cards just to chase their losses, which is, of course, a terrible idea.
By having a budget, you’d be more in line with sticking with it and think more about the risks you’ll have in each bet. Most professional bettors have their daily/monthly/weekly budget that they stick to no matter what.
One of the most common questions you often hear regarding horse race betting is, “how much money should you wager on each bet?” For the most part, it depends on your strategies, but if you don’t have any idea, experts often recommend only betting 5% of your total bankroll on a single race.
For example, your bankroll has $100, so if you have to bet only 5%, a single race should only cost you $5. However, if you feel confident about a few horses in a single race, you can spread your $5 on two or three horses. If you’re lucky, you can bet at most $10 on a single race. Always stick to going with percentages, as it will also increase when your bankroll increases.
Avoid Betting on Every Race
Betting every race on a single day is a fast road to bankruptcy. This is because not all races are created equal, which means that not all races are playable. Now, what does it mean? Some races often don’t have value bets on them.
Some even have false favorites in them in an attempt to have people bet on these races. However, some of these races have value bets on specific contenders, so you should always keep an eye on those.
Set Your Own Rules of Engagement
Now that you know which races you should keep an eye on, it’s time to decide how to approach a race. This means you have to decide which bets to make and how to spread your money on each bet. There are a lot of guides there like tvgs betting guide but it’s better if you find it yourself first.
This goes through so much trial and error until you finally have a unified approach on how to bet on each race, which is your primary goal. This way, you’ll be able to maximize your profits and minimize your losses on your terms. This also lets you avoid betting randomly and wasting your money on unnecessary risks.
Keep Detailed Records
Sure, this is one of the most tiring parts of bankroll management, but this is also one of the most important. You can quickly ascertain your strengths and weaknesses by keeping track of your bets. For example, you might notice that you’re good at picking trifectas, but you also often pick your show bets randomly.
This way, you’ll be able to analyze how you play and spend your bankroll. You know the saying, “Often, your greatest enemy is yourself.”? Well, in this case, not knowing yourself when it comes to horse racing betting will be the death of your bankroll.
Sure, bankroll management isn’t the sexiest topic regarding horse racing betting, but it’s one of the most critical aspects of your betting career. You can think of it as a lifeline, without it, your betting career will suddenly halt. If you want to keep on enjoying horse racing betting, you better keep it alive as long as possible.