Horse racing is one of the world’s most popular sports to bet on, with millions being engrossed by the action on track throughout the season.
The standout races on the calendar, such as the Kentucky Derby and Breeders’ Cup Classic remain two of the most popular, with these events also attracting seasonal bettors to make wagers on the action.
However, one of the key factors to consider when it comes to betting on the sport is bankroll management, as bettors will be keen to ensure that they aren’t overspending on their selections on a single day at the track. You can save some money with TwinSpires signup bonus here: twinspires.com/200-signup
You can find out more about bankroll management and tips to follow when it comes to betting on horse racing here.
What Is A Horse Racing Bankroll?
The bankroll is simply the money that a bettor has put aside to wager on the horse racing on a daily basis. This will obviously differ depending on the person, as you should only wager what you are willing to lose. Like all other luxuries in life, betting should be treated as a form of entertainment, and not a way to pay off bills and debts.
Therefore, bettors will typically take into account other expenses that they have before determining on the bankroll that they will put aside for betting. Staying disciplined when betting on the sport is one of the key factors towards long-term success when making wagers on the action.
Set A Budget
An important factor to consider after determining how much you have to play with is setting a budget that you are willing to make wager with. This is the most important step of bankroll management, and it shouldn’t be overlooked under any circumstance. A negative trend with this factor is bettors that have a loser on their first wager, and then adding more money to their betting account. However, this should be avoided at all cost.
Bettors should set themselves the budget that they wish to play with when making wagers on the horses, and this shouldn’t be broken under any circumstance. Those that don’t follow this tip typically find themselves losing more money, as they will look to chase losses that they can’t afford. Setting a budget ensures that bettors can have the most enjoyable experience when wagering on the action.
Stake Per Race
After setting a budget for the days racing, bettors should then determine how much they are looking to stake per race. This will likely differ depending on the bettor, as some will look to stake more on certain races throughout the day. The amount that you stake per race will likely depend on your confidence level of the runner that you are wagering on, and the markets that you are making selections on.
If you’re looking to make selections on only the win markets throughout the day, then you will likely look to bet $10 per race if you have a budget of $100. However, the stake per race could change slightly if you’re looking to wager on exotic markets such as Exactas and Trifectas.
A common method that the vast majority of bettors tend to follow is that no more than 5% of your budget will be wagered on one race. Therefore, if you have a budget of $100, then $5 can be used per race following this method.
Avoid Betting On Every Race
Newcomers to betting can often feel compelled to wager on every race throughout the day if they are at the track. However, not every race is the same, meaning that even the most experienced bettors sometimes overlook some races on the schedule. This could be down to a number of reasons, including limited value in the betting market and the race being too open. Races with short-priced favorites are typically ones to overlook, as these selections will be extremely short in the betting for a reason.
This could often mean that the runner is very challenging to overlook when making a selection, and there could be little value in siding with the runner. Finding value in the market is the challenge that all bettors face when looking to find valuable selections throughout the day, and with more opportunities on the card, it could be worth overlooking contests that offer little value in making a wager.
Betting is taken very seriously by horse racing players, and therefore many opt to keep records of their bets throughout the year. This can be a diary of all bets throughout the week, or general wins or losses over a seven-day period. Keeping records of your bets can help you update how you keep tabs of your bankroll, and also help aid your future betting when it comes to the approach that you make or the market that you use.
It is a good method to help improve your betting, which would have a direct impact on how much you stand to profit in the future.