Betting on horses, like many methods of making money, can be treated like a hobby or a business. Some punters will seek help from the professionals and will get their horse racing tips that way. Others will study the form themselves and many people like to use a mix of both of those methods before placing their bets.
So which way do you approach your betting? As a hobby or as a serious way to make money?
Professional horse racing punters treat horse racing as a business. A serious business. And for many, it can mean that their entire annual income is generated by following a sport that they love, whilst sometimes making more in a month than many people make in a year.
It's not all about just placing a bet and going to the payout counter though! There will be losing streaks as well as winning ones, even for the professionals. The ability to handle both winning and losing bets with an unemotional mindset is what separates the professional horse racing gambler from the amateur. When betting on horse racing, the professional punter knows that losing bets are as much a part of the business as winning ones and they are mentally prepared for that.
The age old advice of never betting more than you can comfortably afford to lose is very valid when it comes to betting on horses or following horse racing tipsters.
You should always set aside a comfortable amount that is to be used solely for betting purposes and that 'betting bank' should be used to place your bets and nothing else.
An approach that many professional horse racing gamblers use is to bet a certain percentage of their bank when placing a bet.
For example, you may decide that a comfortable level is to bet perhaps 5% of your bank per bet. As your betting bank grows, your 5% stake equates to larger amounts per individual bet and if the bank reduces your betting amounts will reduce as well.
Using this method, you are always betting a percentage of your total betting bank however large or small it may be. This can offer a modicum of protection as long as you don't fall into the trap of deviating from the method and deciding to bet a larger stake on a particular horse.
Not surprisingly, professional horse racing punters achieve their financial success by doing things somewhat differently than the amateur and by treating horse racing as not only an enjoyable way to make a living, but also as a business that can last a lifetime.