In the September issue of Horseplayers Monthly, Dean Towers has a column about why horseplayers should play with a proper bankroll – a set-aside of money that does not conflict with paying the mortgage or the bills.
Among other things, Towers says a bankroll changes your thinking about gambling and “frees your mind.” He writes:
“When you play with a bankroll and win, say, 5% over a long period of time, you learn your edge. Knowing you have an edge's importance cannot be understated. Not only does it help you bet size better, when you lose by a jock strangling a speed horse, get knocked out in an inquiry, get beaten by three noses in a row, you know in the long run you are going to win. This frees your mind from the thoughts that befall 98% of horseplayers: The seeds of doubt, the frustration, the bad feelings, the overbetting, the going on tilt – those things get slowly put on the backburner.”
Do you play with a bankroll, and if so, do you find it makes a difference in your handicapping? If you don't have money set aside, how do you maintain discipline and determine your bet sizes and frequency? In your time as a horseplayer, what have you learned about money management?
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