Listening to guests speaking on Chris Larmey’s excellent “Bet with the Best” podcast (referred to in last week’s newsletter) it became clear how these pro players all take great care in setting up sensible “guard-rails” to avoid gamblers ruin.

Obviously, all true punters relish taking risks and want to make it count when right so will hammer their stronger opinions. But the enduring professionals also employ carefully considered methods to preserve their betting capital and stay on an even keel psychologically.

Here are some of their “guard-rail” suggestions to promote responsible betting, and prevent punters going “on tilt,”:

  • Upfront, set aside a separate bankroll for betting. It’s too dangerous to impulsively bet “out of pocket” with whatever cash you can get your hands on, or to do credit deals.
  • Keep records of how you’re shaping, not only to monitor fluctuations in your capital and work out the ROI but also to obtain a clear handle on your strengths and weaknesses.
  • For example, some betting types (it may be P6’s, trifectas, straight win or place multiples) are more lucrative for certain players than others. Focus on those bets, specific racetracks or even seasons (you may do better during the Highveld Spring or KZN Winter, for example) where you have a history of success.
  • Either set a daily loss limit that feels comfortable based on current financial circumstances or bet a small percentage of the shifting bankroll on each wager.
  • Losing streaks/runs of outs can be far worse than you would imagine – even for skilled handicappers the variance and randomness in racing can be extremely tough to handle.
  • Relatively conservative money management is prudent over the long term – the game is a marathon not a sprint.
  • Patience and discipline are important qualities.
  • It may be unrealistic to set rigid goals. However, you should have a reasonable sense of what is achievable given your skill level, available capital, and the amount of time you’ve got to follow the races.
  • Have a realistic sense of what is a desirable amount to win and wager in sync with those aspirations.
  • Earn the right to bet more. Start modestly, only raising the scale of wagers when doing well or you have extra-special insights.
  • Betting with potential is important so if you if think you have a proper edge at the odds or there is the possibility of making a good exotic score, then seize the opportunity.
  • Sure, go for the gusto when things set up right, but still keep amounts bet in sensible proportion to the regular scale of your wagering.

These are just a few excerpts out of many pearls of wagering wisdom. Take a listen to Larmey’s guests; Andrew Beyer, Mike Maloney, Jon Stettin, Matt Miller, Dennis Montoro, Michael Kipness, Tommy Massis and others.

They share a wealth of gambling expertise (combined with robust exchanges of that peculiar wry humor common amongst horseplayers) in their entertaining discussions.