How to Manage Your Horse-Betting Money

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By eHow Contributing Writer

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(3 Ratings)

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

Difficulty: Challenging

Instructions

Step 1

Total up your entire bankroll.
Step 2

Find your advantage by multiplying all the possible outcomes by its probability of occurring.
Step 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.
Step 4

Determine your advantage.
Step 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.

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