Make the small margins count
|July 22, 2014 06:13:32 PM|
If you’re trying to make it pay at gambling on horse racing – then it is important to sweat the detail – particularly on margins.
The trick is to treat the whole game as if you were investing for real and as if your livelihood depended exclusively on your horse picking and gambling abilities – then to see how you do.
This is a very difficult thing to achieve. Working in a simulation mode only or gambling for relatively small and meaningless stakes is, in theory, the ideal approach. The problem is that – short of being hypnotised – you know that the stakes aren’t real or aren’t big enough to truly matter.
There’s no easy way around this problem, unfortunately. But there are a couple of tricks. The first is to “phone a friend”. If you tell someone who is interested and who understands the basic principles of gambling, or of investing, and who realises, for example, that this is all about generating steady market-beating returns over a long period of time and over many transactions – then this is a good start.
You have to explain to your friend what it is you’re trying to achieve; explain your system, the basic rationale and the reason you’re involving him or her in the process. And that reason is that if you can prove the efficacy of your system to this friend, then you are “allowed” to gradually increase the amount you’re gambling for (or to start to bet for real for small stakes if you were in simulation mode only previously). Obviously, if you aren’t able to prove it, it’s best to stop or to try a different approach; just don’t top up your account.
You will find, in this way that you’re far more determined to prove that you have what it takes than if you’re trying to prove it to yourself only.
If you aren’t happy about involving a third party – then the other way is not to allow yourself to increase your capital pot until you’ve proven your ability to generate a reasonable return over a reasonable length of time and a large enough number of transactions. If you are successful, then you’re “allowed” to gradually increase the overall pot – but only to gamble with the same percentage portions of that pot as previously.
A good way to get started is to try and take advantage of the free and introductory bonuses around. With bet365, as one example, you’ll double your money immediately on your deposit - to a maximum value of £200. This is a good stake to get going with and to try out whatever system(s) you have in mind.
Just remember that the margins are all important here; what you’re trying to do is to prove that you can make a reasonable return (10% per annum would be an excellent achievement for example) over multiple transactions. No-one wins them all; but what the professional gamblers are able to do is make weighted and value-based judgements over hundreds or even thousands of transactions using a designated percentage of their overall pot to come out steadily ahead – and in this regard, the smallest of margins make a huge cumulative difference over time.