It has been said many times in many places – only bet money you can afford to lose. Losing is part of playing. 

 

Maintain perspective when wagering. You may have heard players say things like, “I’m on a roll. I can’t lose now” or “I’m due for a win.” Realistically, however, one person’s individual circumstances have absolutely no impact on the game. Thinking through how to manage your bankroll in advance will help you avoid being swayed by the horror or excitement of the moment to focus on making your best plays.

 

 

Your bankroll is the total amount of money you have set aside for gambling. This can be an amount for a single day or an amount over the course of a month or a year. Whatever your time frame, the important things about a bankroll are that it is for the specific purpose of wagering and that you will need to ration it to cover your desired bets.

 

Just because your bankroll begins with a finite amount, does not mean it will necessarily remain the same. With each win, your bankroll increases. With each loss, it decreases.

 

Two common ways of rationing a bankroll are to use either a fixed amount for each race, or to use a proportionate amount for betting. An example of using a fixed amount would be to spend $20 per race. If you want to bet on five races that day, the total amount you bet would be $100 ($20 x 5 races = $100) regardless of whether you win or lose. If you were using a proportionate approach, you might decide to bet 20% of your bankroll on each of five races. The actual amount you bet each time will depend on how large your bankroll is. The size of your bankroll will be influenced by your wins or losses throughout the day.   If, for example, your starting bankroll is $100 and you bet 20% on your first race, the total amount you bet in the first race will be $20 ($100 x .20 = $20). Assume that you win the first race and your bankroll increases to $150. If you were to bet 20% in the next race, your budget for the next race would be $30 ($150 x .20 = $30).

 

 

Different people have different playing styles. Knowing your style can help you decide how to manage your bankroll. Players who make riskier bets need to be comfortable with losing more frequently. Action bets are bets a player doesn’t expect to be winners, but which give the person something to cheer for during the race. While many professional handicappers recommend against making action bets, if you are someone who likes to make action bets, manage your bankroll to include these bets.