BETTING ON HORSE RACING: "How do I get started?"
We often get asked this question by people who would like to start "investing" on horse racing but don't know where to start. Below I have provided just some basic points along with some links to resources and tools on how to get started. Betting on Australian horse racing, especially if you follow our rather conservative suggestion and bet mainly for a place, can be treated pretty much like any business. If you want to do it properly and profitably you need to invest time and money to get setup and started
Do lots of reading
There are now lots of free resources on the internet that can help you to learn about this exciting industry of horse racing. It's also worth buying some specialist racing publications such as The Sportsman to learn as much as you can about this industry. Our selections have a good record but it can be a good idea to cross reference our tips with selections you find elsewhere. That way you can reducerthe bets
Build up a favourites list
Your horse racing favourites list will be a collection of the racing websites you have bookmarked that you will want to return to on a regular basis to assist you in your endeavour to bet profitably on Australian horse racing. Below are some of the websites that can help you get started.
Choose an online bookmaker
Betting management
You need to be able to monitor and measure your betting activity. How do you know if you are in profit and loss? How many bets have you had? Some days you will lose so you need to take a longer term view of your success or failure. You can keep records with pen and paper or in Excel on your PC.
How much to bet
You need to work out how much you plan to set aside for your betting bank. Because there is always the risk of losing with horse racing your bank needs to be an amount you can afford to risk comfortably. Our suggestion would be to start with a bank of say $500 or $1000. A lot of disciplined punters swear by the idea of making each bet a set percentage of your betting bank. Depending on the size of your initial betting bank this could be 2% to 5% (For example if your initial bank was $1000 and you decided to invest 2% per bet your first bet would be $20). As your bank (hopefully) increases in size your individual bets will rise in value as they will continue to be 2% of what the total bank is. Conversely, this system of staking strategy assists you when you experience a losing run because when your bank declines in size so will your individual wagers.
Probability Therory
Conclusion
The Australian horse racing industry is an exciting market place but it can also be a very difficult market if you are not prepared to do your homework and treat your betting bank with the utmost respect. The above "where to start?" summary is just a guideline to get you started. It does not guarantee success and does not promise to make you a good punter. However, it can point you in the right direction to give you every opportunity through discipline, patience and common sense to become a profitable punter.
Happy punting
David Newling