Welcome to Part 2 of Getting Started. If you haven’t read Part 1 then you can do so here.
In this section we will cover off on some more areas to consider before you start betting seriously.
Establish a Betting Bank
A betting bank is money set aside separately for betting. A betting bank can be as big or small as you want. It might be $100, or it might be $100,000 but it will allow you to stake appropriately and cover losing runs (variance). Another reason for having a betting bank is to avoid the feeling of losing an hour, two hours, or a day’s wage etc every time a bet loses.
Pick one jurisdiction
The majority of punters starting off will try and find winners all over the country – we do not suggest you do this! Part of analysing the form is learning about the horses, how the tracks play, the trainers, the jockeys and their idiosyncrasies. This is near impossible to do for every racing jurisdiction in Australia. Instead we suggest picking one state or even more specifically one area of each state to focus on. Metropolitan racing in Victoria for example.
Limit your bets
No one has an edge in every single race, so don’t bet in every single race. One of the biggest powers you have as a punter is not to bet – instead bide your time and then pounce when you identify value. You will not win betting on every race day in and day out in the long term. Therefore, we suggest limiting the number of bets you have per day, for example 3-4 bets per day might be a good starting point. This will help you focus in on the better bets and help you avoid eroding your bank too quickly were you to be on a losing run.
Read our previews
We preview all the big races on our site. Look at a race yourself and then read our weekly previews. Compare what you have seen and what you may have missed (or we have missed)!
Record your bets
We would suggest the easiest way to do this initially is via a spreadsheet. An example of a simple betting spread sheet is below. You can make this as detailed as you want. It is important be able to look back and see what you are doing well and also identify areas of improvement.
We will be releasing more articles to help with this. The form is a giant jigsaw puzzle – each race is different. So it’s all about learning about different factors that may help or hinder a horse, e.g. track, jockey, bias, 1st up, then applying these at the right time to find an edge.
Another good way to get yourself educated is to listen to Podcasts – in the car rather is a perfect time to do this! The Business of Betting podcast with Jake Williams is one of many good examples of educational podcasts out there. Jake has interviewed many different people in the industry, a good starting point would be the Dean Evans & Marc Lambourne episodes. These two men have an outstanding track record and have been winning punters over a long period of time – you will learn plenty.
Winning Edge Investments is also a wonderful source of education for those wanting to take their betting to the next level. They have a 110 page Betting Education Pack that is free to download at the following link:
This concludes Getting Started – Part 2. Hopefully you have learned something from the above! Please keep an eye out on our website for more articles in the coming weeks and months.