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Profit long term from horse racing

There is no such thing. Never has been. Never will be.

Now that we've got that flash of disappointment over and done with, let's also be a bit positive. It is possible to make money from betting on racing. The central ( and eternal) problem is making more than you lose over a long period of time. This goes hand in glove with the other problems of patience, persistence and consistency.

I make losing bets every day of the year and have done so for a long time. I fully expect to.

Fortunately, (or should I rather immodestly start this sentence with "skillfully"?), in the last decade or so I have also made winning bets every day of the year for a long time and these winning bets have enabled me to eke out a pleasant living without being lavish. Nobody needs lavish and, in the big picture, it is mostly just illusion anyway.

You can only wear one shirt at a time, drive one car at a time, eat one meal at a time.

My observation has been that people that try to win "lavish" money can only ever do so for short periods of time, generally followed by longer periods of time losing big money. Way too stressful - and stress, as I have written elsewhere on this site, leads to even more bad decisions being made and the cycle becomes self perpetuating.

And what is money anyway? If you think about it, money is just the reflection of our confidence in it. Let me explain that because this is a little deeper than my usual writings. ( I must be in some weird lunar cycle at the time of writing - lol). Money is only worth what the population as a whole generally conceives it to be and it is why casinos don't gamble with real money at the table but cleverly substitute gaming chips so you don't really think you are playing with real money.

In this year of 2010, $10 will buy you, for example, 2 Big Mac meals or a cheap shirt from Target or, say, a kilo of skinless chicken breasts from Woolworths (yes, I know, when it is on special!). So in our minds, most of us know what $10 means and we have the confidence that if we go to Maccas or Target or Woolies that they will exchange us these basic needs for a ten dollar note and while the population at large has that inner belief, money will remain being worth what we believe it to be. ( I did say this was different than usual!)

It's why when you see economies collapse, people lose faith in what money will buy or be buying tomorrow and you have those horrid examples of hyper inflation.

Now casinos know that if the average punter had to put a $50 bill across the table every time they made a bet the thought of loss, based on knowing what that $50 bill can buy, it would be too great for the majority and people would punt a lot less when the realities eventually sunk in as to what they were REALLY punting - hence the 'chips" to suspend reality.

You should have "money reality" in your calculations when making a bet. The internet tote account is a bit of a trap here because you are not taking money out of your wallet to bet with - you are just using "figures in a book" so BEWARE. Yes, I have an internet account and use it every day but there is a big sign on the wall above my computer screen. It reads "THIS IS REAL MONEY. IT IS NOT A GAME."

It helps me keep a real life perspective on what I am doing. I know the car I have costs $268 every 6 months for registration - I know the council rates are $1200 a year - I know what the water bills and electricity bills are every month. In short I know, day by day, what I have to win to survive in this precarious little business. I only personally know two other people that do this on a professional basis and they, like me, often find it a battle.

Importantly, they also have modest expectations.

So don't expect any instant money. Through application and long hours, expect that kilo of skinless chicken breasts and maybe a glass of wine at the end of the day. Keep your expectations modest and you may surprise yourself.

There is no such thing as instant money. Never has been. Never will be. If you believe differently, you are the mug punter that is often written about. And you don't want that tag, do you?

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