Money Management
Posted on April 2, 2008 - Filed Under Recreation and Sports
The key to becoming a successful player is to manage your money well. The following are the crucial elements:
Betting Bank (Treat this as a business. Keep records of your wins and losses and amounts staked).
Stakes as a percentage of betting bank (1%-5% of betting bank per bet. Most professional players use 1%.)
Playing Strategy (depending on the odds you need a certain strike rate that will give you a profit over a given series of bets eg you play 10 bets, you win 6 and lose 4. At odds of 9-10 or 1.90 you make a profit at 100 flat staking units per bet. You staked 10 bets in total at 100 units per bet = 1000 units. You won 6 units at odds of 1.90 = 1140. Profit = 1140 minus 1000 units staked = 140 units). Players who play the pick six must divide their winnings by their stakes to get their odds eg they win 10 000, they bet 1000 units therefore the odds they won at are 10 000/1000 = 10-1. Now you have to work out how often do you expect to win and how much do you realistically need to spend in order to win the bet. A realistic amount would be about $5000 in my estimation in order to expect a decent strike rate in the pick six. $1000 is ok but you are covering fewer combinations and therefore your strike rate goes down which means you have to wait longer between wins. The question is how big is your betting bank? Perhaps you should be playing the pick 4 or pick 3.
Losing streaks happen to every bettor, no matter how good they are. Players that chase their losses are DOOMED. A loss is a loss. Take it on the chin. Nobody wins all the time. If you know your win expectation, your odds then you do not mind a loss because you KNOW that the win is coming because you have done your homework.
Llewellin RG Jegels is the developer of an outstanding website dedicated to the exotic bet in horse racing called the pick six. Winning it is the holy grail of horse racing. Try his free tips.
http://www.horseracingpicksix.com
Tags: horse racing, horseracing, horseracing systems, pick 6, pick six, pick6
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