subject: Three Ways to Cut Your Losses at the Horse Races [print this page] I was at my local race track recently and said to a casual acquaintance, "I really thought that winner would pay more. It sure is hard to make a decent profit here."
He replied, "Make a profit? I'd settle for just losing less."
It shocked me because I didn't realize he was still losing money and secondly, because he would settle for just losing less. Then I thought about it a while and realized that for many people, betting on horses is almost always a losing experience. Many people just want to figure out how to lose less or break even. They love the experience of going to the races and handicapping, but don't like losing so much money. It is a form of recreation, but an expensive one.
I thought of how my friend plays the races and then came up with three ways to lose less money while wagering on horses.
1. First of all, I've seen him make impulsive bets at the last minute and rush to the window to put down a quick bet that almost always loses. He is insecure and often talks himself into things as he keeps handicapping even after making his first decision and putting down a bet. The remedy for this is simple. No last minute bets. Once you handicap the program and make a decision and put down your bet, move on to the next race. Don't keep handicapping and talking yourself into and out of things. Your first best decision is usually the right one, or at least it is right more often than a hasty decision based on insecurity.
2. Budget your money and stick to it. Set aside a certain amount of money for your bets and stick with it. Only take that much money into the track or otb. If you use an ADW service online, then write the amount down and put the paper with the amount beside your computer in plain sight where you can see it and will be reminded of what your budget is for the day. Here is a very important point. If you are down, do not go over your budget trying to win the money back. Stick to your limits and remember, there is always a new day and a new chance coming.
3. You may call it extra expenses, or the cost of doing business or whatever you like, but spending money on food, drinks, and a trip to the clubhouse instead of the cheap seats are all expenses that may be pared down. Bring a lunch or eat before you go there. Go to the grandstand instead of paying extra to sit with the "swells," in the clubhouse. If you spend $20 extra each time you go to the track and go to the track three times a week (156 times a year) you will spend an extra $3,120. That could be profit or more money in your pocket.
Going to the horse races is recreation for most people and not a way to make a living or even to make extra money. The less you spend each time you go to the races, however, the more money you will have for another trip and another chance to cash more winning tickets.
