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Betting On Horse Racing And Managing Your Money – Part One

Horse betting is a form of gambling that exists all over the world. However, like any other form of gambling, it is important that you know how to manage your money well and know your horses well to successfully bet and win in horse racing.

This is the first in a series of articles that will cover the importance of managing your money effectively whilst betting on horse racing.

You would be surprised just how often this is overlooked by punters, and getting it wrong can be financial suicide.

A popular question that I am asked when members join my service, is “how much should I bet on each horse?” Another one is “can I realistically earn £500 per week by using your horse racing tipster service?”

Before I go into a little detail here, let me first explain that this is completely the wrong way to go about it.

Why? Well, the answers to those questions all depend on your personal circumstances, and as I would have no idea what your personal finances were (nor would I want to as that is your business of course), I would be unable to give you an accurate answer.

Before I discuss the money side of things in detail, I would first like to explain about how I do things, and how this may help you decide how to start betting on horse racing in a structured, focused and professional manner.

You Must Look For Value

This may indeed mean a change in philosophy for many punters. I’ve seen many a person in the local bookies purely backing favourite after favourite. Please promise me something, do not do this.

Favourites generally win less than a third of the time, and this statistic couple with the prices that you’d receive from betting on favourites, does not make it a long term viable proposition.

The key is to know when to bet on a particular horse, and so therefore, know when its price represents good value for your bet, right? Correct.

Now this is of course a little harder than it sounds, but it is by now means impossible and it is why there are thousands of professional punters out there, making a killing.

What You Should Not Do

Imagine that you walk into a car dealership to purchase a basic family saloon car. You’d have an idea of what you wanted to spend versus what the likely cost of the car is, wouldn’t you?

So would you be shocked if the salesman approached you, explaining that the Ford Mondeo you were looking at would cost you £250,000? Of course you would. The car is clearly over priced and I imagine that you’d instantly walk away without purchasing the car.

Well, strangely enough this is not dissimilar to betting on horse racing, as many punters will simply take any old price on a horse, just because they think it will win.

So you can now see that this would be a huge mistake. Making a profit from betting on horse racing, whether you are choosing the horses yourself or using a horse racing tipster service, is achieved by looking at value priced horses.

To use the car analogy once again, it would be a bit like acquiring a brand new top of the range Ferrari, for the price of a Ford Mondeo.

Now, of course this is an extreme example but I hope it illustrates what we try and achieve here. By doing this, you will profit in the long term, as you’re getting an increased value for your bets.

In Conclusion

So the lesson here is to only ever bet on a horse when you know that have value on your side. If you do not, then the best thing to do is to just let the horse run. Developing this habit does take a little work, so do not be disappointed if you find it difficult to being with.

But with practice, or by following someone who may be an expert in the field of betting on horses, you can soon develop this most crucial of betting habits.

In the next article in this seriesBusiness Management Articles, I will discuss how to assess a suitable betting bank for your exploits.

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Cliff Thurston is the owner of Grosvenor Racing Club, which provides horse racing tips to its members. You can also read his renowned horse racing blog for up to date views and news. Cliff has also interviewed several high profile racing experts and these can be accessed via his sites.

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