Placing bets on horses requires the ability to manage risk. Every time you purchase a ticket, you are well accepting the fact that this ticket might as equally end up in a dustbin. We endure such risk since we understand that the compensation that we would get if the ticket wins is worth the risk. However, there is more to it than what meets the eyes. In order to have a good time while enjoying a full race program of Cheltenham Festival 2017, we should do well to effectively manage our resources so that we are sure of doing monetarily well throughout the afternoon.
Managing our finances would be impossible without a plan, which is why we would be looking at developing a plan and following it.
Things to keep in mind when managing your finance
- Don’t place all your risk on a single race, spread it over several – or if possible – all of the horse races.
- Don’t try to double up with the hope of catching up when things are not going well. Doubling up is more certain to lead to a catastrophe financially, which is against the initial reason for following a plan. It is better to try another day instead of making effort to double up on that same day.
- Avoid the temptation of raising the bet once it seems you are off to a good start. This would only get you exposed to more chances of losing what you have earned over time.
- Be wise, don’t bet a lot to win just a little or prove a point.
- Don’t let losing scare you. Losing is actually a part of being a winner. This is simply a charge we pay to the champions that we encounter on our path.
Simple steps for devising an effective plan
- Evaluate the worth of the afternoon entertainment. Before going about thinking how to bet on Cheltenham Festival 2017, you should first and foremost decide the limit of your bet for the day. This way, you are sure of getting your money’s worth even if you don’t cash a ticket at the end of the day.
- Decide a gambling level for each race. It is up to you to determine the level of bet for each race, but what is important is that this should be tangible enough to defend your interest, but not that high that it will make you feel a must to win.
- Make room for a contingency fund. When you have decided the amount of races you plan to play, add two to this number. This allows some room for flexibility, which makes it possible to take advantage of any unplanned chance that might occur for placing bets.
We should always remember that applying a comprehensive cash management principle is key to doing well while placing bets. This applies even to the individual bets that we place. Have it in mind not to get carried away when playing the gimmicks to an extent that we use too many combinations that might result in a loss even when one of our combinations win.