Check your money: 5 tips on horse racing betting bankroll management

A lot of people enjoy horse racing because of the entertainment factor. However, most of the them are betting enthusiasts who attend the event to look for betting opportunities. That said, if you want to join in on the fun, there are many things you have to know about. One of them is how to properly manage your bankroll.

Ask any professional gambler, and one of the things they commonly say is that one of the essential things in horse racing betting or betting, generally, is how you manage your bankroll. Without proper bankroll management, you won’t last a long time in betting. 

That said, how exactly do you manage your bankroll effectively? Here are some tips you might be interested to know about.

Make a Staking Plan

It sounds brilliant, but it’s a fancy term for how much money you want to put on a bet. Experts often recommend only betting 5% of your bankroll on a single bet. 

For example, if your bankroll has $100, every single bet you should make should only be $5. However, you can go up to $10 for a single bet if you’re confident with that horse. Or, more effectively, you can stretch your $5 across multiple bets such as show, place, etc.

However, one thing you should remember is that when you think you’ve bet too much on a single bet or you’re nervous about how much you put on a specific bet, it often means that you’re betting excessively. Thus, always trust your gut feeling because they are often correct.

Leave Your Credit Card at Home

The first rule of establishing your bankroll is to always separate your finances and your betting finances. Essentially, the only money you should spend on betting is money you’re okay with losing. In short, it should be your extra money that you don’t need for anything. That said, leave your credit card at home unless you have a separate credit card for your bankroll.

It’s a good habit as it can help you avoid dipping your hands into your finances whenever you’re on a losing streak. Remember, the greatest gambler in the world is not one who is lucky but one that capitalizes on his bankroll.

Find Value

If you’re not yet acquainted with horse racing odds, there are a lot of sites out there that will help you learn more about horse racing odds. That said, if you’re fond of betting horses with 3/1 odds, then starting your bets with $2.50 for each would feel right. However, does doing this negate your chances of emptying your bankroll? 

Well, not entirely, but if you’re an excellent tipster, it would be miserable if you go on a losing streak that wipes out your bankroll. This is a good decision if you’re trying to prolong your bankroll, but if you see a good opportunity, sometimes you just have to be brave and grab it.

Now, let’s look at the other lawn. Let’s say you’re somebody who is the type of person who likes to bet on horses with odds like 10/1 or 20/1. These are long shots. However, betting more than $1 on these types of bets will quickly make your bankroll non-existent in a matter of hours. 

The lesson is that you should only make value bets according to your resources. Sure, going on small for your bets for good odd horses is fine but if you see an opportunity, grab it. However, it’s a bad idea if you bet too much on long shots.

Don’t Bet Blindly

You often hear that the more bets you have, the more chances of winning you’ll also have. However, this doesn’t apply when you’re just betting on everything. This only applies when all of your bets are with great value. 

As mentioned earlier, every bet you make should have value, or you’re just wasting money here, which is very bad for your bankroll. Sure, you might win some of those, but the return on investment does not equal the amount of money you just lost.

Plan Ahead

Last but not least, always plan. The first thing you should do is to determine which races are playable or not. Of course, for the playable ones, focus your bets there. But how do you exactly know if a race is playable? This is when a clear winner can be distinguished. However, you should also look out for false favorites as they are wrong to bet. 

But if you see that along with the false favorite, there are other contenders with good value; it’s still playable.

Final Words

Without your bankroll, you can’t continue betting. That said, your priority should be on prolonging your bankroll. This can be done through bet sizing, finding value bets, and planning. As mentioned earlier, the greatest gambler in the world is not one who is just lucky enough, but one that prioritizes their bankroll most of all.