How to Easily Manage Your Money at the Horse Races, Money Management Tips

Money management is an important part of winning at the races

. Going to the race track is a lot of fun and millions of people enjoy the sport of horse racing every day. One of the nice things about it, of course, is that you can make a bet on a race if you like. Whether it is a little flutter or a huge wager, having something on a horse in a race makes it even more fun and enjoyable, as long as you remember to stay within reasonable limits and never bet more than you can afford to lose.

That is where the terms money management come into play. Now admittedly, money management doesn't sound like a lot of fun, but the alternative, poverty and financial ruin are even less fun, so take a few minutes to get your financial house in order before you go to the races and you'll be glad you did.

The first consideration is that betting on horse races is extremely risky and a big gamble. Therefore, though you may not want to think about it, there is always the chance that you will lose all of the money that you wager in a day at the races. So it only makes sense, then, that you never risk more than you can afford to lose. Of course, that may be a bit arbitrary. Some people don't think losing the rent money is such a big deal since they can always climb down the fire escape to avoid the landlord. On the other hand, most people find it prudent not to gamble with money that should be used to provide the necessities of life.

After you have determined how much money you can afford to risk at the track, I advise you to leave the rest at home and never, ever use an ATM card at the track. Leave the ATM cards, credit cards, and extra money at home. Only take the daily limit of your bankroll to the track.

The next move is to decide how many bets you will make that day. Let's say there are ten races and you want to have a bet in each race, you adrenaline junky, you, then divide your bankroll by 10 and use a tenth of it for each race. If you have $100 and there are ten races, you will have $10 per race. If you have a best bet for the day and want to bet more on it, simply reduce your bets on the other races and put the leftover amount on your best bet.

While it is possible to leave the race track with more money than you started with, you just can't depend on that happening everyday, so start with an attitude that you'll do your best, but if fate is not kind, you will not do anything to hurt yourself, such as losing money you can't afford.

How to Easily Manage Your Money at the Horse Races, Money Management Tips

By: Bill Peterson

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