There are few more popular sports to wager on online than horse racing, but managing your bankroll can often be very challenging.
Chasing losses is most popular in horse racing when compared to betting on every other sport, with one of the main reasons for that being down to the sheer amount of racing that there is to wager on.
However, sites such as TwinSpires help bettors maintain a healthy betting lifestyle online.
You can read more here: https://www.twinspires.com/edge/racing/wagering/
But, what are some of the tips that all horse racing bettors should follow in order to ensure that they aren’t losing more than they can afford to?
Set Yourself a Budget
Unlike other sports, betting on horse racing revolves around a long-term betting plan that can ensure success over a prolonged period, which means that losing bets is all part of the game.
However, in order to achieve long-term success, bettors should ensure that they aren’t betting with larger purses than they should. Therefore, to ensure that you’re betting safely online, all gamblers should set themselves a budget that they shouldn’t exceed.
This not only ensures that you’re betting within your means, but also ensures that you aren’t chasing your losses after a bad day at the track. Under no circumstances should your budget be exceeded when betting on the sport, as that will be where the fun stops.
Build Your Bankroll
Most of the experienced bettors in horse racing treat their betting account as somewhat of a bank account, meaning that it is rare that they withdraw funds from their account on a regular basis.
However, being stern with your budget is key to this tip being a success, as a good day on track could cover your betting for the next couple of months without having to invest more. Building your betting account is a major plus for some bettors, as it will also give them the opportunity to enhance the stakes that they are playing with overtime.
However, it is always important to remember that betting is a luxury, and it is by no means a way to fund your income. Of course, if you have a massive win on the racing then you can take funds out of your account, but smaller wins can be used as ammo for the next couple of weeks when it comes to betting on the sport.
Keep Records
Pundits and experts will typically mention runners that should be placed in a notebook, as these are the runners that could be set for a big run in the long-term. However, the notebook is an essential tool for all bettors when it comes to managing their bankroll and payments when betting on sport.
Experienced gamblers will keep tabs on the funds that they are adding to their account, as well as the bets that they are making on a weekly and daily basis. This is an excellent way to keep an eye on how much you’re betting, and whether you’re having success wagering on the action. If you notice that you are clocking up a losing sequence, then it could be worthwhile to lower the stakes that you’re playing with.
As well as monitoring losses, records should also be kept for the winners that you record, and the amounts that you’re taking out of your betting account. While the vast majority of sportsbooks now keep tabs on this information for you, it is always worth keeping a record, especially if you have multiple betting accounts online.
Stop Loss Limit
A key rule that many bettors live by is the Stop Loss Limit. This is straightforward for all gamblers to understand, but putting into practice can often be challenging, as you will naturally have the urge to chase your losses and try and break even once again. A Stop Loss Limit works very basically.
Bettors will put aside a certain amount of money to play with, and if this stake is lost, then it is time to take a break from betting for the day. For example, if you were to put $200 aside for betting, and you then lose this amount on the first two races, then you should stop betting to avoid losing more money than you can afford.
Maintaining a healthy win-loss record is key to ensuring long-term success when betting on the sport, and the Stop Loss Limit is key to this.
Obviously it is more challenging that simply trusting yourself to stop betting when it becomes an issue, which means that the vast majority of leading sportsbooks now offer excellent tools to help. Deposit limits have been introduced by the vast majority of sportsbooks across the globe, and this could be a very useful tool to use if you feel like you aren’t going to follow the Stop Loss Limit when betting on horse racing.