subject: I'm Sick and Tired of Losing When I Bet on Horses [print this page] Are you tired of losing? Many people who go to the races lose more money than they win. That isn't surprising since the track takes out a big percentage, at least 20%, in most cases. The mathematics alone will tell you that everyone can't win. Someone has to lose, but it doesn't always have to be you. But before we go any farther, let's get a few things straight so we'll have this all in the proper perspective.
Betting on horses is gambling. Therefore, it is risky. You should never risk more than you can afford to lose. That means, take care of the necessities and the people who depend on you first, then gamble. Not the other way around. Also, consider this, are you gambling to satisfy some deep psychological need or is it entertainment with the hopes of a little profit? If there is a deep seated psychological reason, then you may need help.
On the other hand, if you are doing it for entertainment and would like to come out ahead, then learning some handicapping and money management skills may help to put you over the top. If you're sick of losing money, the first thing to do is to ask yourself what you keep doing over and over that isn't working. I know what you are going to say, "I'm picking the wrong horses."
Here is a simple way to pick the right horses, though it sounds easier than it actually is in real life.
If you always bet on horses that have the correct odds you will make a profit. The correct odds are odds that are higher than the probability of the horse winning. For instance, if a horse wins one out of three races, any bet at over 2-1 on that horse will show a profit over the long run. If you bet on such a horse twenty times and spend a minimum of $40 ($2 to win x 20) then you will make a profit providing that the horse always goes off at more than 2-1.
The hard part is knowing the probability of winning of any horse in a race. That takes practice and notes. Why notes? Because that is how you learn how important each factor is and how it relates to the horses probability of winning.
For instance, if you keep notes on all two year old races at your favorite track and learn that two year olds who have had at least one race and have an average speed rating at least three points higher than the next highest rating in the race win one out of two races, you will know that such horses are profitable at better than even money. Next, you go to said track and watch the odds and when they are high enough on such a horse, bet on it.
You will probably have to combine several factors to find profitable betting situations and that was just a hypothetical example, but it is how people make a profit on horse races. They bet on horses who are under bet by the crowd. In fact, that is the only type of bet that shows a long range profit. It just takes work to discover such bets.
