Last updated on June 14th, 2023 at 01:49 pm
5 Bankroll Management Tips You Can Use in the Belmont Stakes
The Belmont Stakes is just a few days, and all of us fans can’t wait for it to start. With a lot of big names rumored to participate, like Forte and Angel of Empire, the Belmont Stakes will surely be an exciting event to behold and not only that, since it’s a significant event, there’s also a lot of betting opportunities and payouts to be had, just waiting for the winner to take them.
If you think you will be one of them, you’re not alone, as thousands of people will also try their luck during the event. That said, if you’re going, there are many things you have to consider, specifically your bankroll. Your bankroll is like the lifeblood of your betting career.
Without a proper bankroll and bankroll management, you’re bound to lose a lot of money, and the worst part of it is that bankrolls going bankrupt is not uncommon in horse racing, especially in huge events like the Belmont Stakes.
Luckily for you, that’s what we will talk about today.
Table of Contents
Leave Your Credit Card at Home
The most important rule you should always remember in creating a bankroll is never to invest any important money.
For example, you shouldn’t put in money that was supposed to go to your rent, grocery, bills, etc. This is why you should also leave your credit card at home since it will tempt you to put more money into your bankroll.
Create a Budget
Your bankroll is your budget, but it’s more like your general budget for the whole day or event. Furthermore, you can create smaller budgets for specific races. The first question you should ask yourself is how much you bet. For example, do you bet on all the races in the event? How many bets are you pouring over in a single race? That said, the most common thing you can do here is to create a budget for a single race.
The amount of money you should put in that specific budget depends on you, but usually, the most common amount that bettors would bet in a single race is at least 5% of their entire bankroll. For example, if you have $100 for your bankroll, a single race should have $5. Of course, you can spread that $5 for multiple horses or multiple bets as long as it’s in the same race.
Now that we have our budget, we should consider the size of your bets next. As mentioned earlier, the recommended amount for each bet size should be at least $5. Now, it’s up to you how you want to spend this with your bets as long as you’re within the $5.
For example, you can bet on Forte for $2, Tapit Trice for another $2, and Angel of Empire for $1. If you’re lucky, you can exceed $10, but more than that is already categorized as irresponsible.
Don’t Bet on Everything
Just like you shouldn’t bet on all the horses in a single race, you shouldn’t also bet on each race you come across. Not all races have value in them, which can even be detrimental to your bankroll. That said, you should only bet on races that have value, and not all of them have it. For example, some races have false favorites.
A false favorite means the favorite in that race has no value and little chance of winning. Most of the time, races with false favorites don’t have value in them. However, that’s not necessarily the case all of the time.
Sometimes, bookies can be mistaken and pick a favorite without paying much attention to a horse that is supposed to be the favorite. Once you realize this, you should take advantage of it before the bookie notices because if they do, they will change the favorite, giving you the worst odds and even smaller payouts.
Keep a Record of Your Bets
If you want to bet on the Belmont Stakes, keeping track of your bets is essential to keep your bankroll afloat. By taking notes, you’ll most likely see patterns and mistakes you usually make, and by learning how to remedy these, you’ll be a much better bettor shortly. It’s all about learning; sometimes, we are oblivious to our mistakes.
For example, suppose you’re the type of guy who goes for the favorites in important races. Of course, this can be dangerous since favorites only win about a third of their races. If you keep notes on how you do this, you’ll soon realize it’s always better to research before betting on important races. This is why you should always keep a record of your bets.
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Talking about bankroll management may be the most boring thing in horse racing betting, but it’s also one of the most important. Remember, you wouldn’t be able to bet responsibly without your bankroll. Worst case scenario, you might not only go bankrupt in horse racing but also financially.