Betting On Horse Racing : Sensible Money Management (part 3)
This is the third instalment in a series of articles on profitable betting through sensible money management. So far, I have discussed the importance of getting value when you bet, to maximise the returns you achieve when your selections win. In the most recent article you should have learned to keep your stakes in proportion to the size of your betting bank.
Today I want to examine a common mistake that often gets punters into serious trouble chasing your losses.
I dont think there can be many of us who have not at some time, decided to get back what we just lost by betting a little bigger on the next race. It is sometimes known as progressive staking.
Lets take a simple scenario: you bet 10 on Red Rum, and he loses. What do you do? Perhaps you continue with your selection methods and come up with another pick in the next race Best Mate. The price is 6/4F
But, rather than putting another 10 bet on Best Mate, you decide to chase your loss from the last race. You add another 7 to your stake so that when Best Mate wins you will pick up an extra 10.50 to recover the bet you lost on...
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