Not so long ago I re-mortgaged the house, emptied out the savings account, withdrew everything from the childrens’ Trust Fund, sold all my shares ….and put it all on the favourite in the 3:15 at Doncaster.
No, of course I didn’t! That would have been complete and utter madness, and inviting financial disaster.
Staking absolutely everything you have on just one horse is an example of bad money management. It’s an extreme example for sure, but hopefully it got your attention, didn’t it?
Yet far too often your typical punter is guilty of poor money management. On a much lesser scale admittedly, but is it any wonder that in the long run the average punter loses money betting on horse racing?
I’m frequently asked by my readers “how much” they should put on each bet, and “do I have a staking system?”, or “how quickly can I give up my job and just bet on the horses?”.
It seems plenty of people like to pay lip service to managing their betting bank-roll, but it never ceases to amaze me how so many people are still acting so recklessly with their money when it comes to betting.
Best intentions
It strikes me that the perennial losing punter is a little like the over-weight bloke, who sets out on January 1st with every good intention of losing his beer gut. He has a few salads, maybe even pays a visit to the gym. But more often than not come February he is back to his comfortable eating habits, and the weight continues to pile on.
And it will often be the same with the average punter – he has developed bad habits that have, over time, contributed to a steady flow of money out of his bank account and into the cash-till of his local bookmakers. To become a winning punter he must change his ways.
Over the course of the next few weeks I’m going to examine some of the bad betting habits that contribute to an unhealthy bank balance. But before the next instalment, I’d like to ask you a question… what would you say is your greatest weakness when it comes to losing money on the horses? Leave a comment below.
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Being bored waiting for races.
Good article again and quite observant too. I note you make AW speed ratings and as you know I am a speed man through and through with REQUINTO my nap at Doncaster obliging at a very nice 7/2 ( early Betfair price)
Still some good races to come on the Turf and then I shall be taking a good luck at your AW speed ratings Paul, so keep up the good work.
Also looks to me at this stage that HARBOUR WATCH 113 and smart French colt DABIRISM 112. could fight out the Guineas although I am hoping they may clash before that.
The Godolphin boys seem to have the fillies sorted out with LYRIC OF LIGHT 109 and DISCOURSE 108.
These days though, the Guineas winners may not have even run yet and may not run until next year.
Can’t wait for the end of season 2yr old Grp races.
Regards all
Brian