Greyhound Racing Money Management

In greyhound racing, as in all gambling, a couple of basic principles need to govern the financial aspects of wagering. The first is that the “bankroll” needs to be large enough to allow for the wagers you need to make in the time you spend with the races, but not so large as to cause a problem if it is lost. A good measure for the vacationer in Las Vegas is to set aside as much money as would be normal to spend on some other activity, like eating a fancy meal or going for an evening on the town. This can then be bumped up a little, but still within the comfort zone.

A second principle is the “maximum bet.” It is essential to sort out in advance how much will be wagered on any specific proposition. For combination bets or exotics, this may be a fairly large percentage of the total bankroll, but one should never risk so much that a loss would threaten being able to continue to play on. Careful handicapping can not only improve the performance of the bets in terms of the outcomes, but it can reduce the amount of the wagers by ruling out no-show racers.

The third principle is, of course, never to place a bet when the edge is negative. Unless you do not care whether you come out ahead, it does matter whether the wager placed has a positive expectation. With race betting this is sometimes difficult to assess. However, the threshold decision whether to bet at all can be a money saver. If there is no handicapping, or if it is inconclusive, or if the information is insufficient to reach a comfortable and confident conclusion about the prospects of a given race, it is better not to place a bet. Placing a well-researched and analyzed bet can be an investment; wagering in ignorance or blindness is throwing money away.

Moreover, wagers to “show” almost invariably pay less than the risk involved, meaning that they will break the richest person in the world if he or she makes enough bets. Even the other straight bets are tough to turn into a profit. The best chances reside with the combination bets, like the trifecta (or the perfecta if the race book will take the bet), where the risk can be diversified among a number of different greyhounds. Though the cost of the bet rises, as well as the percentage bite it takes out of the bankroll, the chances of success (that is, the expectations) go up by more than the cost.

The greatest temptation for the recreational gambler is to make a small, whimsical bet out of laziness or caprice. It is not a sin to do so, but it will cause the bottom line to move the wrong direction. By analyzing what works best for you, and by concentrating on those races or subjects, the “return on investment” – the profit from wagering – has a chance to turn positive.

Finally, it is always good to remember that the “adversary” in greyhound racing is not “lady luck” or even “the track” but rather the others who are betting on the races. A successful money management strategy must always have as a starting point the idea that following the money bet by “fans” will cost you, and the goal is to sort out where the smart money should go.