How do I even do this?
That was the biggest question I had when I first began officially betting on races in June of 2014. I had been handicapping long before that, but didn't decide to start literally putting my money where my mouth was until discussing my affinity for handicapping with an acquaintance who asked how much I had "made" after the 2014 Kentucky Derby. I responded that I hadn't made anything since I never actually bet. When asked why not, I explained my fears of gambling and its risks. "Is it really gambling if you take a clear, systematic approach to betting though? That sounds more like investing to me." And that's what got me started.
I set some ground rules for myself that have served me well so far, and could do the same for you:
Enough about me though, let's talk about what you need to know. First, betting on races has a language all its own. Rather than try and teach it to you myself, here is where I learned. The next step is to figure out your mechanism for placing bets. Personally, I use Twinspires. There are a multitude of options both for placing bets and for depositing/withdrawing funds, and I find the interface fairly easy to use. That said, there are numerous other online options. The first time I bet, I went to a local casino to do it; be cautious if you decide to go this route regularly. Casinos are designed specifically to get you to spend money you weren't planning on spending. Even those penny slots can lose you money.
Finally, gambling addiction is a real thing. At the end of the day, regardless of how systematic of an approach you take to betting, it is still a form of gambling. If you begin to break your own rules (such as continuing to bet after losing money on three consecutive races) repeatedly in an attempt to gain back the money you lost betting or otherwise, or find that any of these symptoms apply to you, you may be developing a problem. If you or someone you know may be suffering from gambling addiction, don't hesitate to seek support and assistance.
I set some ground rules for myself that have served me well so far, and could do the same for you:
- Graded Stakes races only. Claimers, Allowances, and maidens are too unpredictable.
- Stick to what you know and what you are familiar with (for me this was anything over 1 1/16 mile) until you get better at this.
- Place a variety of small money bets on likelies for win, place, and show based on your contender evaluations.
- Set a limit of how much you will spend per day and/or race (whichever comes out to less money spent) based on your income and expenses. Again, do not spend money you do not really have. You might have $1000, but if $800 of that is so that you can pay your rent, then you really have far less than $1000. Understood?
- Always recycle your initial investment and save net profits -- where sensible. On the very miniscule chance that you massively multiply your overall original investment, you don't necessarily need to save all of your net profits for betting on a later date. But always recycling your initial investment keeps you solidly in the black. Basically, your betting should fund itself if you're doing well. If you're not doing well, refer to rules 4 and 6.
- If you don't at least break even for three consecutive races (this could be due to picking the wrong horses or placing inefficient bets), stop and take the time to assess where you're going wrong. Sometimes, you won't need much time to make these assessments. For example, while I've gotten pretty good at picking the right horses, I often fall into the trap of exacta boxing. In fact, I almost named this blog "The Exacta Box," but decided it would over-glorify exacta boxes. Other times, you'll carefully look over the bets you placed and the horses you picked and still be unsure of where you went wrong. If that's the case, feel free to sound any theories/questions you have off of me.
Enough about me though, let's talk about what you need to know. First, betting on races has a language all its own. Rather than try and teach it to you myself, here is where I learned. The next step is to figure out your mechanism for placing bets. Personally, I use Twinspires. There are a multitude of options both for placing bets and for depositing/withdrawing funds, and I find the interface fairly easy to use. That said, there are numerous other online options. The first time I bet, I went to a local casino to do it; be cautious if you decide to go this route regularly. Casinos are designed specifically to get you to spend money you weren't planning on spending. Even those penny slots can lose you money.
Finally, gambling addiction is a real thing. At the end of the day, regardless of how systematic of an approach you take to betting, it is still a form of gambling. If you begin to break your own rules (such as continuing to bet after losing money on three consecutive races) repeatedly in an attempt to gain back the money you lost betting or otherwise, or find that any of these symptoms apply to you, you may be developing a problem. If you or someone you know may be suffering from gambling addiction, don't hesitate to seek support and assistance.