These are the sections of this report:
Section I - "Horse Racing's New Reality"
- multi-track wagering
- volume is the key to "new reality" race playing
Section 2 - "Setting Up Your Race Betting Business"
- practicalities
- a proposed routine
- a word on taxes
- services and software you may need
Section 3 - "Setting Goals"
- initializing and imprinting your "success mode"
Section 4 - "Betting Philosophy"
- the three subtle dynamics of race betting explained
Section 5- - "Bankroll Management"
- size matters!
- the "portfolio" approach
- an initial plan
Section 6 - "Expectations and Projections"
- comparison to other business start-ups
- profit projection tables
Section 7 - "Contact Information"
- all the links you'll need
Section 8 - "A Final Word"
Let's get into it . . .
Section I - "Horse Racing's New Reality"
Volume betting opportunities - online betting from home - real-time odds on the computer - these and a host of other innovations in recent years have created a whole new, more profitable ballgame.
Even just ten or twelve years ago it was extremely difficult to make a living betting on horse racing. There were few off-track wagering centers, and satellite feeds from multiple race tracks was in its infancy. The bettor was usually limited to wagering on one track. Bets of $20 or $30 a race with only 4 or 5 playable races per day - even at a good 25% ROI would only gross $20 to $40 a day before expenses! Hardly worth the effort.
Horse racing information was limited. Computers were just coming into their own as far as application to handicapping was concerned. Making a living betting on horse racing was just a tough way to go.
In the past few years, the horse racing scene has completely changed.
- Satellite wagering centers now offer a minimum of 6-8 tracks per day.
- The player can bet all tracks from home by phone or computer.
- In home cable-televised racing is readily available.
- Real-time live odds are offered by several providers.
- There are real-time video feeds from a growing number of tracks and services.
- Tons of racing info of every type is available for instant download.
- New wager types abound - including the 10-cent superfecta
- And the beat goes on. It's a fascinating and wild new horse racing reality.
Multi-track wagering is here to stay. Volume is now the key.
The serious race player can "cherry-pick." He can limit bets to situations that present a real edge and still get a sufficient number of wagers.
As discussed in other sections, volume betting is now the crux of the professional race player's approach. The edge can be small and the bet amounts can also be fairly small, yet the volume of wagers will compensate, and the 'churning' of the bankroll will make it possible to bring in a good income.
The hours of play are now unrestricted. Horse racing runs day and night with feeds from Japan and Australia. The modern player is limited only by the amount of his own time and energy.
If volume is the key - betting strategy is still the lock that prevents so many good handicappers from entering the gilded room reserved for real professionals.
But - what others have done - you too can do.
Some horse racing fans just love the grand spectacle and excitement of it all. For them, making enough money to pay for the day's expenses is a major score! Okay, and good for them - they don't aspire to make a lot of money, and they won't.
Other handicappers really like the delving in depth into each race - trying to figure out and fathom every little nuance. They spend hours handicapping one card. They may be very good at what they're doing, yet they also won't make any real money betting on horse racing. These analytical types usually know little about betting strategy. All their time is spent finding the best horse - i.e. trying to "pick" winners.
In 2lst century horse racing's new reality, the cost of time- intensive handicapping is lost volume - and lost volume equals lost profits.
But therein lies the problem.
How much time does it take to handicap a horse race? Let's conservatively estimate l2 minutes to give a race a decent going-over (more likely l5 min). Multiply that times 9 races on an average card - I2 min. x 9 races = 108min or 1.8 hrs.
Now multiply that times 5 tracks = 9 hrs. Nine hours just handicapping the horse races?! When do you bet? Or - if you do your handicapping at night and bet those five tracks between 10:30 a.m. and 5:30 p.m. - when do you sleep?
It's just not feasible - if even possible. And be sure, the race player trying it would soon be completely "burned out."
Again, the modern race player who uses volume betting into positive edge situations as his way to professional status can no longer afford time-intensive handicapping procedures.
The astute player will endeavor to find a "quick scan" approach that gets handicapping time down to 5 min. per race or less (and still holds a positive expectancy!), and then learn how to optimize his wagering.
Purchasing Quality Information
The trick, of course, is finding valid and profitable information at a fair price. Touts and system sellers abound, and most are shylocks and charlatans.
Others, who actually are experts (though this doesn't necessarily translate into "profitable"), can charge $10 - $20 a track for info with no guaranteed return on investment. Using those figures - $15 x 5 tracks per day: $75 a day x 5days = $375 per week x 4 = $1500 a month!!
We would estimate that 90% of all race players would be happy to make $1500 a month at race betting . . .
. . . my gosh, if the player has to pay that just for the information - !?!
We've tested several services over the years, including some of the "big name" sites. Most are outright bottom-line losers. A few show meager profits on a grind-it-out primarily favorite oriented approach.
Then there are the sellers of handicapping methods, systems, and software . . .
A few of these are real experts, and their materials are very good. Most are liars.
The serious player will opt for educating themselves, and discovering viable handicapping betting and handicapping methods that will stand the test of time and still be profitable in the long-term.
To sum up what's been discussed in this section:
Even a small edge/advantage can be enough to make big profits.
To turn a small edge into large profits requires volume betting opportunities.
The volume opportunities exist via multi-track wagering from home.
But handicapping multiple tracks daily is an extremely time-intensive "burn out" scenario.
This time and energy must be reserved for the crucial aspect of betting and money managing.
You need to find a "quick scan" handicapping method that is actually profitable.
If you are still keen on participating in horse racing's wild new profitable reality - read on through the other sections in this e-book. An alternative income as a professional race player awaits you.
Section 2 - "Setting Up Your Race Betting Business"
Practicalities
Get organized -
Efficiency is a must. As with any business, much of your time will be consumed by the necessities of running your home-based race betting business. You'll need a life outside of racing - but unless you're careful, you might find fewer and fewer hours to give to family and friends.
Have a set routine and follow it. Don't waste time. If you have a break between races (which is not that common when playing 4-5 tracks a day) use it to work on other tasks relevant to your business, or take a needed break to "recharge."
As stated elsewhere in this e-book, it's close to impossible to do "in-depth" handicapping on enough tracks to get the bet volume needed to make this a real business.
We feel the professional race player needs to get around 10 - l5 solid wagers a day.
Remember the time projection numbers from the "New Reality" section?
According to the time zone you live in and the time zones of the tracks your betting - your "live action" work day will be from around 10:00 a.m. to 5:30 p.m. - give or take.
You'll need to be up and running, i.e. have all races and tracks for that day sorted out and entered on your betting forms, be connected to two on-line tote boards, have whatever visual feeds you need ready, etc. - and all this at least l5 min. before start of the first race.
The LAST thing you want - believe us - is to be trying to handicap in the middle of your race day. Your complete concentration and full energy must be directed towards wagering, and money/information management.
It's your livelihood - no shortcuts here!
Lack of concentration, distraction - any lapse, can and will cost you money. When you lose money because of a silly mistake, you get down on yourself and emotionally upset. You'll then make more errors - every time.
It's an inevitable compounding of the negative that we've dubbed: "The Black Snowball Effect."
Once set in motion, the problems and errors just keep getting and bigger, and your emotions just keep getting darker.
Practicality Goal #1 is to keep wagering errors to the bare minimum possible. There's no such thing as error-free play, but strive for it anyway.
Getting shut out will happen, an occasional miscalling of a horse's number, computer glitches, misplaced betting forms or handicapping info - these things will happen. To keep them to a minimum requires your full, undivided attention during the betting day.
Okay - so, when do you handicap?
After the races? You'll need at least 30 min. to update your records and "books" after the betting day is over, and we estimated in an earlier section that it would take even a sharp, fast handicapper around 4-5 hrs. to 'cap five race cards - that would be 45-50 races per day to handicap!
Your nice 7.5 to 8 hr day has just become a 14 hr. day - can you say "burn out"?!
Burnout is always just around the corner in this business. Stress is a very real problem when you're stepping up to the plate and risking your money 12-15 times every day. Then you need to spend 4-5 hrs. handicapping after a stressful day? Your handicapping will suffer - then the next day's increased number of losses will cause more stress and worry . . .
Remember the "Black Snowball"?
You already know our recommendation - get yourself solid and viable handicapping and betting methods from a reputable company that cut your handicapping time drastically.
A Proposed Routine For Those Who Are Home-Based
This should be modified by you in any way that better fits your situation (those wagering at the track or satellite center, etc.) while still maintaining the spirit of total commitment.
- Up at 7:00 a.m. - at the latest. Do whatever you do to wake up - brew some coffee, take a shower, whatever.
- Now go over the previous day's wagers with a critical eye. What errors did you make? What were your strengths and weaknesses? Spend maybe 30 min. here - make notes to yourself - try to improve - find areas where time could be saved, etc..
- Then, get at least 30 min' of exercise - 45 min. would be better. Include some deep-breathing to get the brain stimulated.
- Have a light breakfast.
You're at around 9:00 a.m. now - you have an hour or so to ready yourself for today's campaign.
- Use 10-15 min. to do some visualization. Countless studies have shown the benefit of this. Don't pooh-pooh it - just do it!
Visualize yourself going through your betting day without a flaw or hitch. "See" yourself hitting winner after winner. Visualize calmly raising your betting amounts and continuing to hit good winners. See your end-of-day bankroll up 20% higher than projections. See yourself entering that figure in your accounting books. Visualize having quality time with your family or friends afterwards. See yourself going to bed tonight - happy, confident, and secure.
The highest truth is that we create our own everyday realities.
Now take 15 min. to go over your written goals - both long-term and short. These goals should be all inclusive: daily, weekly, monthly, quarterly, yearly, 5 year and 10 year. They should also cover all aspects of your life: spirituality, health, education, business, family, retirement, etc..
When your betting day has begun, take 5 min. every hour or so to get up and stretch - walk briskly, do a few "jumping-jacks" or some push-ups - deep breathing - get outside - RECHARGE!
This is especially important if you've just committed a foolish error or taken a bad beat that has upset you. Get over it - you're a pro. Recharge and reload - there's another opportunity coming up right away!
Speaking of maintaining calm and keeping energy levels high, here are a few suggestions:
1. Have a small fountain in your home office - very soothing without being distracting.
2. Use full-spectrum light bulbs in your room.
3. Keep the window open - even in winter, at least a crack.
4. Once or twice during the day have some: coffee, fresh juice, bee pollen, ginseng tea. Use these stimulants in moderation to maintain alertness throughout the day.
5. If you are the type that can take cat-naps and you have a 30 or 40 min. break between races - go for it.
Start slow (see the "goal-setting" section) then after you've organized your schedule and feel comfortable with a business that is running smoothly with few surprises - you'll be ready to kick up the volume.
Apply a good money-management plan. Aim for slow and steady growth of the betting bankroll - and reap the rewards of a successful thoroughbred wagering business.
Services and Software You Will, or May Need
You'll need access to real-time tote boards for each track you are playing. There are several - and more coming online all the time.
Always have two browser windows open on your computer. Put a different tote board in each. Use the tote you feel most comfortable with - minimize the other window and have it as a backup. Many times services just go down - or stop reporting one of the tracks in the middle of the racing day. Who knows why? They lose their signal or whatever, but you'll have the other one ready to call up and hopefully not miss a beat.
If you insist on spending 4-5 hours everyday handicapping, you'll need a good computer program to crunch the numbers. To do everything by hand is tough unless you have a true 'quick-cap' method.
The possibility of human error, mathematical or otherwise, is great and ever-present.
There are several good pieces of handicapping software out there, most have long learning curves (no matter what the authors would have you believe).
You'll need a betting outlet. There are scores of them now, and the list is growing.
Optimal is to have two phone/online bet accounts set up and active. Redundancy is the best insurance. Always have a back-up for every aspect of your business. An online account allows you to place your bet online using your computer. A few of the phone-bet companies also offer automatic input from your phone by keying bets into the phone pad.
With two accounts set up you assure yourself of timely access to placing your wagers. As with betting at the track, the closer to post time you can place your wager the better. Being shut out and missing a good winner can be one of the most emotionally upsetting things that can happen in your betting day. Two accounts can help avoid this.
You may wish to have satellite television feeds into your home as well. Only - make sure you aren't the type who gets all wound up, and emotionally upset over losses. If you like to blame jockeys for "stiffing" your horses, you might be better off without it. Video taping the races is another possibility that can add a "trip" handicapping element to your approach (but this can be very subjective at best and downright confusing at worst).
But - it is nice to be able to "see 'em run." There are a couple of companies at present: TVG and Horse Racing TV - YouBet also offers live video (2 races at once available) from all the tracks it has signals for. Some other services, and many of the tracks provide live video and/or audio to your computer as well.
A Word On Taxes
Here are a few "blurbs" on the tax ramifications of your race betting business - with the AVISO that we are not tax accountants - consult one of your own if you have questions. These are just "for your information" tidbits - please do not consider us expert in this area or make any decisions based on this information.
- In general, if you're winning and actually reporting all your gambling activities to the IRS - you'll end up paying taxes on them.
- Gambling losses are deductible only up to the amount of gambling winnings reported.
- Big wins - anytime the gain is 300 times or greater the amount bet - you are taxed on the spot at an approximate 28% clip. But - the gambler is liable and required to report all winnings over $5000 in any year. It doesn't matter if these winnings accrued in a $20 here, $65 there manner - legally they must still be reported.
- Many players buy separate tickets on anything that might put them into a taxable payoff situation, but the IRS has that covered too (you don't think they would miss any chance to glom onto your money do you?!). There is a rule that states that all separate wagers on a single event are still considered as one wager for tax purposes.
- In order to take tax deductions at all, you must file an itemized form. You can't do the "E-2" form and take the standard deduction - and also claim gambling losses.
- Substantiation of losses is critical. The IRS may require "multiple proofs" of all losses. Good record keeping is a must. Record everything: dates, tracks, race numbers, amounts bet, results, location and address of establishment where you placed the wagers, names of anyone present on that occasion, etc..
If you keep the kind of records for your race betting business as you would any other business - that is full, complete, accurate" organized and with verification - there should be no problem.
Section 3 - "Setting Goals"
Play no more than three tracks for the first two weeks.