10/03/2008 10:35PM

Eillo, $$$ Management, Q and D Picks

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to all bloggers --- i have a question to ask that i have not recieve any professional answer... does anyone have a bankroll and how do you wager from it . also a bankroll for each wager ?? how much to wager ect...  everyone has to wager how do you make it profitable??  would love to hear from you dan --- being a professional, how you wager and the structure you use
thank you
troy

In the September 3 FormBlog post, Tinky responded to a similar question from Jim:

jim –" I want to increase the size of my bets but I also want to practice restraint and am afraid to because it may alter the way I handicap and bet. Would appreciate any advice from those of you who have made such a leap to avoid the possible pitfalls."

That's a very good question, and you seem to understand that money management is a crucial
variable in successful gambling. A long time ago, when I finally figured out just how important money management was, I came up with a fairly simple system which I still use when necessary. I suspect that some variation of this system could be of use to you (and perhaps others on the forum). Divide your wagers into two categories: action and prime. The way to think of it is that prime bets are the ones in which you have so much confidence, that in the long run they WILL be profitable. Action bets, on the other hand, are certain to create a loss over time. Now, depending on your bankroll size and comfort level, create a maximum wager size for your action bets, and a minimum wager size for your prime bets. There should be a meaningful spread between the two figures (e.g. in my case it is $50 and $500). This will help to insure that a) you don't lose too much when you place action bets (which should, ideally, be kept to a minimum in any case), and b) you will have a high level of confidence when you place a prime bet, as it will hurt if you lose. Many smart people who gamble on horses still lose over the long run because they squander too much money on less than good opportunities. This type of simple system can help to mitigate against that possibility, and at the same time should help the bettor to refine his or her judgment with regards to identifying prime wagering opportunities.


I then added:

I'm with Tinky here.  The best horseplayers are ones that are patient and wait for great betting opportunities.  Those, of course, don't come along every single day.  It's hard to go to the track day after day, race after race, and sit out.  We're there for fun, and that's where an "action" bankroll will come in handy.  You'll be able to have a rooting interest in the day's races, make some plays, and keep your handicapping sharp.  Then, when the great opportunities arise, you can confidently take the rubber band off the "main" bankroll with confidence.  I prefer to be patient, but I've used a variation of Tinky's two-bankroll strategy for a long time now, and it works for me.

Getting back to troy's question, the key for me is patience, patience, patience.  I am willing to wait until I find a situation in which I'm really confident.  I will play exactas and multi-race wagers, but I'm always looking to exploit an overlay in the win pool.  I also think that it's very important to keep diligent records, and to specialize if possible.  More comfortable playing maiden races?  Stick to them, and don't waste your time and energy on those pesky optional claimers. 
Each handicapper has to find their own personal comfort zone as to the amount invested on these "A" and "Action" bankrolls.  Play with whatever makes you comfortable.  Once you're out of that comfort zone, the pressure becomes enormous, and it's not worth the aggravation.

***

Running very late at work tonight so here are some quick and dirty plays for a few of this weekend's stakes races:

Lanes End Breeders' Futurity:  Square Eddie, Flashmans Papers, Notonthesamepage

Shadwell Turf Mile:  Lovelace, Rahy's Attorney

Frizette:  Persistently, Gemswick Park, Heavenly Vision

Champagne:  Gone Astray, Munnings, Brave Victory

E.P. Taylor:  J'Ray, Folk Opera, Toque de Queda

Canadian International:  Mourilyan, Doctor Dino, Lauro

Spinster:  Unbridled Belle

Arc de Triomphe:  Duke of Marmalade, Soldier of Fortune, Zarkava

Still have a lot of questions and comments to respond to, but I'll have to get to them next time. 

Best of luck this weekend!

Cheers,

Dan