Bill knows more than most people have forgotten about how to pick winners at the horse track. I asked him to write something, to give you a break from dog racing for a couple of posts. This is the first of three.
Horse Race Handicapping Possibilities For Extra Income
By Bill Peterson
Rather than talk about how to pick winners or how to handicap a horse race, I would like to take this opportunity to talk about the real possibility of making money from horse races. We are at a time when many people are losing their jobs and looking for more income or a second source of income. For some people, the idea of gambling or playing the ponies will be one consideration. Though I sell systems that help people to handicap horse races and have made a living or at least part of my living off racing for a long time, I think it is only fair to set the record straight, or at least to give you my opinion.
One of the worse moves you can make, if you are in need of money, is to risk what you do have to gain more on a speculative venture. Betting on horses involves great risk. Also, when you need money badly, it affects your thought processes and how you bet. The old saying, “Scared money never wins,” is true. If you are in need of money, gambling is not the way to get it.
Handicapping horse races is an intellectual competition because you are competing against the other people who bet on the races. When you compete against so many people and try to win, you have to be at your absolute best, and even then, it may not be enough. Everything has to be going your way in order to win.
I am a firm believer in cycles in nature and in our world. Some of those cycles I believe in are bio-rhythms. Bio-rhythms are natural cycles that each person goes through that affect their intellect, physical strength and endurance, emotions, and intuition. There are days when you are just naturally sharper, more intuitive, smarter, and have more endurance. Those days are few and far between, however, and for every day that your intellect and strength are peaking, there are days when you are not at your best.
Using that information, it would only make sense to wager money and try to handicap when you are in a good bio-rhythm cycle. That means that in any given month there would only be a few days that you would have an advantage over most of the crowd. The reason you need intellect, emotional and physical strength, and endurance is that no matter how good your system may be, you are still going to have to use judgment. No good way of making money from horseracing is automatic and doesn’t require some thought on your part.
So in any given month your actual days of opportunity will be limited by your physical and emotional and intellectual rhythms. The next consideration is how much you can make from horse racing. If you are good, you may be able to realize a 10% profit on all your bets. While that may be pretty good interest by today’s tough economic standards, that is money that you are earning by the sweat of your brow and by risking money. If you want to make $10,000 you will have to risk or wager $100,000. If you only bet a few times a month that makes the task even more difficult.
I’m not trying to discourage you, but I am trying to help you to keep it all in perspective. If your financial future, or the future of people who depend upon you is at stake, you need to have the facts and face the truth. The truth is that it is possible to make a profit on betting on horse races, but making a living is darned tough.
Now here is my final bit of advice for those of you who are still going to try it. First of all, don’t quit your day job, if you have one. Expect swings of fortune, both good and bad. That means there will be times when you will win and think you’ve got it made and also times when you will lose and have to face some tough sledding, both emotionally and financially. Start small, approach it as a hobby that you would like to eventually grow into an income producing endeavor. Keep records and mark your progress, it is a business if you are doing it for profit. Read everything you can, explore different systems and keep the parts that work for you and discard the rest.
You will have to really love it to succeed at it. Just needing money isn’t enough. In horse racing handicapping, greed will ruin you. Be philosophical about it and don’t take it too seriously (except the money, that is always to be taken seriously because you and your dependents need it to survive). If you can handle all that, you might make it. Speaking from personal experience, it is a heck of an adventure and one I am glad that I’ve had, but you, like everyone else, will have to pay your dues.
Bill Peterson is a former race horse owner and professional handicapper. He comes from a horse race handicapping family and as he puts it, “Horse Racing is in my blood.” To see all Bill’s horse racing material go to http://williewins.homestead.com/handicappingstore.html, Bill’s handicapping store.
The most consistent horse racing systems have to have the basics and a handicapper must understand the basics. Bill says, “I have been around horse racing for 50 years including as an owner. Without the basics the rest is not going to do any good. If you want to learn how a horse owner and insider handicaps just go to http://williewins.homestead.com/truecb.html and get the truth.”