How to Manage Your Horse-Betting Money

Managing your bankroll is the most difficult and important part of being a winner. Bet your money only when you have an advantage.

Instructions

Difficulty: Challenging

Things You’ll Need:

• Calculators
• Notebook Papers
• Pens

1. Total up your entire bankroll.
2. Find your advantage by multiplying all the possible outcomes by its probability of occurring.
3. Verify that you have the advantage on what you would like to bet on by making pretend bets. Don't just think you have an advantage and start betting.
4. Determine your advantage.
5. Bet a proportionate amount of your bankroll (see the Related eHow: "Learn the Kelly Method of Betting").

Tips & Warnings

• Kelly betting requires that you maintain a linear relationship between your advantage and your bankroll. If you have a 5 percent edge on a particular horse race, you bet 5 percent of your bankroll.
• Gambling can be addictive. If you think you have a problem, get help immediately.