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The golden rule of betting is to only stake money you can afford to lose. The odds are always alluring in famous horse racing games. ALBUQUERQUE, N.M. (AP) — Easing rules around online betting would help ensure the “There are no more golden goose eggs for horse racing. Understand that the horses you select in a race for the Placepot or Jackpot might be very different from those you select in your Exacta and Trifecta bets. NEW BETTING EXCHANGE

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OK I understand you may have had a bad day but shut up shop, keep what you have left in your pocket, or if backing online close that computer down. If you ever feel that you just must place another bet to chase losses or win more money you have lost control of your emotions, pack in straight away and have a cold shower. There will be plenty of chances in the future so by controlling the emotions associated with your losses, or gains, and being patient, you will have more chance of becoming profitable in the long term.

Golden Rule Number Three — Always make an informed decision. Always make an informed decision by either studying the race for yourself or using a trusted source that you know will have done all the groundwork for you. Golden Rule Number Four — Keep the faith Never alter your betting style just because of a losing run. Accept and acknowledge that losing runs do happen but when we hit that rich vein of form the winning runs will cover those losses and return a nice profit over the long term.

Trust your judgement in the methods you know produce a fair proportion of winners and you will always get back on the winning track. Also never be afraid to go against the crowd. If the horse at big odds is highlighted by one of your trusted sources or systems, do not let the price put you off.

So, by keeping faith in your selection process even when it throws you a curve ball you will indeed get your share winners including some at very tasty odds indeed. Golden Rule Number Five — Always obey golden rules one, two, three and four. Religiously follow the first four golden rules, stick to them no matter what. I cannot guarantee you success with your betting, anyone who says they can, is a liar, but there is one guarantee I can make.

If you do not follow the golden rules day in and day out, you may as well forget about trying to make money betting on horses as it just will not happen. They cloud our objective decision-making skills. Therefore: never get too high and never get too low.

But it should never lead to subsequent decisions based on these emotions. Horses have bad days, jockeys make mistakes and variance is the reason for winning- and losing runs alike. The only thing that stays constant: if you find value bets — i.

In that sense it is important to see the bigger picture: the race you lost because Jamie Spencer was sitting and suffering on the well-backed favourite at the back of the field and got his mount out too late….

Understand this and it becomes much easier to see the one race in context of the bigger picture. Which ultimately helps to control emotions and feelings, hence is vital for making the level-headed decisions. What is this ominous value in betting we hear so often referred to by experts, jockeys and punters?

As if it would be that easy….. The concept of value works different for different people. Otherwise: no bet? No problem. Some people might go into more detail. In theory, if you always back horses that have a better chance of winning than the odds offered, you will make a certain profit long-term.

How punters come to the conclusion of identifying value is a personal choice and responsibility. And obviously there are a few more nuances to it than my simple explanation. Nonetheless, what holds true: finding value is crucial. A good read if you want to dig deeper on this topic: What is a Value bet? Obviously this is highly subjective. Place terms are often poor, they favour the bookie. Now, you can make exceptions to the rule: put simply, some people will be better suited to each-way backing due to the nature of their psychology.

Even if in an ideal world we fully eliminate emotions and feelings, the reality is a different one. Each-Way betting offers the opportunity for tasting success on a more regular basis. But if they would do so their mental state would prevent them from being successful and making confident selections day in day out.

But it is much easier in the long run to go win-only — if you can be endure losing runs. Most will agree, though: keep your fingers off multi-bets, parlays and the likes. Yes, the promise of a massive payout is sexy. The value on these multiples is non-existent. Sure, some folks get lucky.

Some people get lucky in the lottery. Some may say. But only until one sees the first two selections finishing tailed off. Bonus — Put in the Effort. Racing is an immensely complex sport. So many parameters to consider. So much information available through many different resources. You have to make sense of it and find a way to put the puzzle together in a way it works for the individual. Consistency breeds success not only in betting.

This requires some level of minimum effort that goes beyond checking the left-hand column of the racecard and reading the spotlight comments. What is your niche? How do you get to a point where you can confidently make decisions on the value of a specific horse and its price in a given race? To get there requires effort.

One could say it requires work. Well, we love horses. We love racing. I know if I put in the effort it feels like work. Yet this is work I do enjoy, in fact. Because I do love racing. And I do love working through the form book, through the stats and video clips, figuring out the value prices, solving the puzzle and finding winners….

You will also be able to identify where things work well for you. Keeping records is paramount.

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The chances are if you follow such a foolhardy approach you will lose everything very quickly. Golden Rule Number Two — Always master your emotions. There are three big fibs in life, and they are as follows: I have never broken the speed limit.

I will be there in five minutes. I have never chased losses. I do not care how often you do the first two but break that habit of desperately chasing losses now. OK I understand you may have had a bad day but shut up shop, keep what you have left in your pocket, or if backing online close that computer down. If you ever feel that you just must place another bet to chase losses or win more money you have lost control of your emotions, pack in straight away and have a cold shower.

There will be plenty of chances in the future so by controlling the emotions associated with your losses, or gains, and being patient, you will have more chance of becoming profitable in the long term. Golden Rule Number Three — Always make an informed decision. Always make an informed decision by either studying the race for yourself or using a trusted source that you know will have done all the groundwork for you.

Golden Rule Number Four — Keep the faith Never alter your betting style just because of a losing run. Accept and acknowledge that losing runs do happen but when we hit that rich vein of form the winning runs will cover those losses and return a nice profit over the long term. Trust your judgement in the methods you know produce a fair proportion of winners and you will always get back on the winning track.

Also never be afraid to go against the crowd. A winner is a winner after all and sure enough some will win. When betting on horses on a day to day basis one encounters these type of scenarios numerous times. How annoying! And that is a good thing. Because you really want to invest your money when you truly have identified a proper value opportunity.

Also: even if not having a bet as the outcome of analysing a race, it may still have been time well spent: you may have learned something about some of the horses in the race for future studies or possibly uncovered an interesting trend to monitor moving forward. The opposite is true. No bet? This rule links back to rule 1.

You have to learn to let go, though. Having the cold, hard facts written down on a paper right in front of us can take the emotions out of the equation. Emotions come into play in other situations as well. If things go well or if things go badly. We may get enthusiastic.

Or: disappointment. The feeling of depletion. A sudden change in a method proven over time….. Emotions cloud our mind. They cloud our objective decision-making skills. Therefore: never get too high and never get too low. But it should never lead to subsequent decisions based on these emotions. Horses have bad days, jockeys make mistakes and variance is the reason for winning- and losing runs alike.

The only thing that stays constant: if you find value bets — i. In that sense it is important to see the bigger picture: the race you lost because Jamie Spencer was sitting and suffering on the well-backed favourite at the back of the field and got his mount out too late….

Understand this and it becomes much easier to see the one race in context of the bigger picture. Which ultimately helps to control emotions and feelings, hence is vital for making the level-headed decisions. What is this ominous value in betting we hear so often referred to by experts, jockeys and punters? As if it would be that easy….. The concept of value works different for different people. Otherwise: no bet? No problem. Some people might go into more detail.

In theory, if you always back horses that have a better chance of winning than the odds offered, you will make a certain profit long-term. How punters come to the conclusion of identifying value is a personal choice and responsibility. And obviously there are a few more nuances to it than my simple explanation.

Nonetheless, what holds true: finding value is crucial. A good read if you want to dig deeper on this topic: What is a Value bet? Obviously this is highly subjective. Place terms are often poor, they favour the bookie. Now, you can make exceptions to the rule: put simply, some people will be better suited to each-way backing due to the nature of their psychology.

Even if in an ideal world we fully eliminate emotions and feelings, the reality is a different one. Each-Way betting offers the opportunity for tasting success on a more regular basis. But if they would do so their mental state would prevent them from being successful and making confident selections day in day out. But it is much easier in the long run to go win-only — if you can be endure losing runs. Most will agree, though: keep your fingers off multi-bets, parlays and the likes.

Yes, the promise of a massive payout is sexy. The value on these multiples is non-existent. Sure, some folks get lucky. Some people get lucky in the lottery. Some may say. But only until one sees the first two selections finishing tailed off.

Bonus — Put in the Effort.

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