With the economy tanking and money getting harder to find, many people are scrambling looking for ways to make money and one of the possibilities that often presents itself is horse racing betting. Unfortunately for many people, that is a one way ticket to the poor house because betting on horse races and handicapping horse races is difficult and risky. However, if you have your heart set on trying to make money betting on horses, here are some tips so you can at least do it in a businesslike fashion.
First of all, think of it as a business that requires a skill that you'll have to develop. It doesn't happen over night and you can't depend on luck to make money at the races. That is just foolish. You may as well buy lottery tickets and try to get lucky and you know the chances of that. Since you will have to develop your skill handicapping horse races, that should be considered part of your education and like any education, it can be expensive.
While I don't advise you to bet large sums of money until you are a proficient handicapper, I do say that you'll have to make real money bets at some time because that is the only way you learn how to make decisions while under pressure. Start with small bets, however, and practice, practice, practice. Almost all the decisions you make will be about money, managing it, increasing it and protecting it. Your starting bankroll is your capital and also your tools.
When you wager on a race you will use your skill at evaluating bets and your tools to wager on those bets. Since I can't tell you how long the learning curve is for you, you'll just have to try to budget your money and hang in there as long as possible. One thing is certain, however, it takes money to make money playing the horses. You won't support yourself on $2 win bets. You'll have to invest considerable sums of money. If you have that much money to begin with, you may want to find a less risky and easier way to make a living.
Keep accurate records of your betting decisions so that you can learn how to make good judgments and keep accurate records of your money so that you can manage your money wisely, just like any other business. Make a plan and stick with it, but allow yourself some leeway to adjust it as time goes by and you become more experienced and knowledgeable about what you are doing.
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