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.
- Difficulty:
- Challenging
Instructions
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1
Total up your entire bankroll.
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2
Find your advantage by multiplying all the possible outcomes by its probability of occurring.
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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.
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4
Determine your advantage.
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5
Bet a proportionate amount of your bankroll (see the Related eHow: "Learn the Kelly Method of Betting").
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1
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.
