The Key to Making Money Betting on Horses and Handicapping Races
The Key to Making Money Betting on Horses and Handicapping Races
There are many people who are trying to make money handicapping and betting on horse races, whether harness or thoroughbred. Learning how to handicap a horse race and to pick winners consistently is an art and a science, also known as an intellectual sport. Whatever you call it, I speak from personal experience when I say that the learning never stops. There is always more to know and discover. If you are one of the many people who is trying to beat the horse racing game, I wish you well, but there is something you should understand if you truly want to succeed as a horse racing handicapper.
Being a good handicapper doesn't mean you will make a profit from horse racing. I am not trying to discourage you, just to open your eyes to some facts about horse racing, making money, and life. First of all, it is very difficult to handicap horse races and to be consistent. Humans have good days and bad days, days when one is sharp mentally and other days when each of us is not as sharp, but the races never change. They are always the same. So that dollar you earned from your bets yesterday, when you could see things so clearly, may be lost today when you are struggling to understand each race.
Even if you get good at picking winners, you must also succeed at money management and betting. That is the key to making money at horse racing, money management and betting. A person who is good at managing money and understands bets will always have the edge, even if he or she is only a mediocre handicapper. I often use best bets as an example.
People sometimes ask me why I don't offer best bets as part of my handicapping information service. The reason is that like most people, I have a tendency to get very conservative when it comes to best bets. When you get too conservative, you lose the ability to make money because you have a tendency to pick only horses who have a huge edge. The rest of the public will bet those types down to very low odds so it is impossible to make money on them.
Try that yourself, if you don't believe me. Handicap a racing program and then pick your best bets. On the first day you may do very well, but then you will want to maintain your high win average and will get more conservative. Each passing day will find you struggling more and more to make a profit while your strike rate may actually improve. While it is true that you must respect every dollar in order to survive as a horseplayer, the old adage, "Nothing ventured, nothing gained," is also true.
When you lose your will to take a chance, to risk your bankroll, you also lose your ability to make a profit. Naturally, since horse racing and gambling on horse racing is a risky venture, you should never risk more than you can afford to lose. That is another important key in the horse racing betting and money management game.
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