Would you like to be on the list of the Top 100 Richest People In The World? If your answer is Yes, do not, I repeat, do not become a professional handicapper of horse races. You will never make the list. Oh! Sure, if you are diligent and have the right temperament, it is possible to make what the average person considers a decent living, but fame and fortune are highly unlikely, and there is a strong chance that you might screw up, especially if you have an insufficient bankroll.
This is why Andrew Beyer, William Quirin, Brad Free, and many other high-profile, public handicappers maintain employment while their books influence the masses. They need the safety net a job provides them because it is easier to write about handicapping in your spare time than it is to make a living at the track. Still, the chance to quit your dead-end job and play the horses every day can be alluring, and if you are one of the rare individuals who has what it takes to fulfill your dream, may I be the first to welcome you into that elite circle.
It has been estimated over the years that fewer than two percent of all horse players show a profit at the end of the year. From my own experience, I can tell you they likely have several things in common.
- They DO NOT wager on every race;
- They DO NOT make side bets, however small they might be, ‘just to have some action’;
- They treat their wagers as investments, not as a form of gambling;
- They have the proper capitalization needed for their endeavor to succeed;
- They keep studious records of their transactions;
- They have long term goals, and are not dismayed when they have a bad week, or even a bad month.