Ask any professional gambler; what’s the most important aspect of betting and they will tell you it’s all about bankroll management.
Of course, there are many variables to being successful at betting on horse racing. Such things as form and knowledge, but before you even start thinking about placing a bet on any horse racing tips or sports betting tips, you need to know your bankroll management and staking strategies.
When recreational punters see the word “strategies”, it’s immediately ignored. After all, you just want to know which runner is going to win the race and nothing else. Unfortunately, if you want to make consistent profit betting on the horses, you need a strategy in place.
Bankroll management is key to success for all levels of gamblers. It’s a necessity for professional punters and rarely implied by recreational players, which is what usually separates the two.
You could be a great tipster but unless you have good bankroll management, chances are you’ll continue to hit that deposit button. The main cause of this is chasing action. Because of the wall-to-wall action broadcast in Australia, many punters will bet on a runner simply because there is a race on, but that’s a quick way to losing your money.
Bankroll and money management go hand-in-hand, but it’s also about betting when the opportunity strikes best. Try to avoid betting on horses you have no form on, stick to the horses you are confident with.
Now, we’ll discuss bankroll management a little further. Firstly, only bet what you can afford. If you are betting outside of your means, betting loses its fun and you start to chase your losses, which can be extremely dangerous.
Do I need a big bankroll to make money betting on horse racing? That’s the most common question we get asked and the answer is a simple, NO. It’s all relative compared to your means, therefore, if you have a bankroll of $100, you’ll be placing smaller bets in comparison to someone with a bankroll of $10,000.
Set an amount per bet based on your confidence. Don’t bet your entire bankroll on one horse, because that’s an unsustainable management plan. If you are confident with a runner, feel free to double your bet, but don’t go all-in.
It might seem like a complicated term, but it’s very easy to understand. A staking plan is essentially setting limits on your bets depending on the size of your bankroll.
We recommend betting 5% of your bankroll per bet. If you’re confident, go to 10% if you have to. Try not to go above your staking strategy, because it leads to chasing and your bankroll management gets thrown out the window.
You’ll know if you’re betting too much when you get nervous watching a bet. No bet should have big consequences on your life, so bet within your means.
Remember: you will go on winning streaks and you will most definitely go on losing streaks. A staking plan is there so you can avoid losing your entire bankroll in one punting session. Betting is a long haul, not a get rich quick scheme. Stick to your plan because if you’re picking winners on a consistent basis, you will succeed.
Following the money
Always pay attention to the market and the odds fluctuations. Bookmakers are smarter than they appear, and they frame their markets to pinpoint accuracy.
If you fancy a runner that opened at $2 in the market and it drifts out to $5 at start time, it usually means there’s a lack of confidence with both bookmakers and punters. Take note of this and adjust your bets accordingly.
However, it’s not wise to always follow the money coming for a runner, as opposed to against a runner. We often see horses backed in from $30 into $4 and they run closer to last than first. It’s all too common and is usually a result of a stable or connections blindly backing their runner.
Things to remember about bankroll management and staking strategies
Here are some important things to remember about bankroll management and staking strategies:
- Set a betting bankroll that is separate from your everyday living money.
- Bet within your means. Don’t bet more than you can afford.
- You will go one losing streaks, so don’t chase. Keep calm and stick to your plan.
- Don’t bet when you’re drinking. It only leads to bad decisions and regrets.
- Don’t stray from your staking strategy. It’s there for a reason.
- Put more effort into reading form, professional tips, and follow market leads.
Have fun. Even the professionals have fun when betting. When the fun stops, it could be time to stop punting.