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Betting On Horse Racing and Managing Your Money ? Part Three Sports Articles | April 18, 2009

After covering an article on the importance of betting on horses of value and not only on favorites, and another on the necessity of having a betting bank or structured staking plan when betting, I have decided to write an article about the mistakes that one usually makes while betting on horses. ?



This is the third in a series of articles on betting on horse racing profitably through sensible money management.


I have so far discussed why looking for value in horses, rather than just betting on favourites is so important. This was in the first article in this series.


Then Jordan 10 Schweiz , in the second article I emphasized the point that if you?re not using a betting bank, or you do not have a structured staking plan, then you are playing with fire. In short, this is a big mistake when betting on horses.


One Of The Biggest Mistakes You Can Make As A Punter


In this article, I am going to examine possibly the most common mistake that punters make when betting on horses. This is one that perhaps all of us have been guilty of doing at one point or another Jordan 1 Schweiz , as the temptation can often prove too great.


So which mistake is it that I am talking about? Its chasing your losses.


The reason that I am dedicating a whole article to this one subject, is because it can literally take the shirt off your back as things can escalate so quickly.


Plus I know first hand how this can happen, as I did progressive staking (a posh name for chasing your losses!) several years ago, before I became the disciplined punter that I am today.


How Chasing Your Losses Can Spiral Out Of Control Quickly


The easiest way to illustrate this is by using a simple example: Let?s say a punter places ￡50 on a horse, and he loses. What happens next is the punter selects another horse in a different race. However Curry 6 Schweiz , instead of placing another ￡50 on that horse, the punter feels the need to also win back what he lost on his first horse, and so places a bet of ￡100.


When this second horse loses, the punter is now down to the tune of ￡150, just like that. And so the punter selects another horse that is a dead cert to win its race Curry 5 Schweiz , and its at a price of 21, so what does the punter do?


He doesn?t place ￡50 on the horse to recoup ￡100 and only be ￡50 down for the day, oh no. He chases his losses by placing another bet of ￡100, thinking that the ￡200 profit he?ll get will recoup his losses of ￡150, plus ￡50 profit. Right?


Well Curry 3 ZERO 3 Schweiz , yes, mathematically and theoretically that is correct, but let us examine this equation more closely to see what big mistake this punter is making by betting on horses in this fashion.


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