Follow this tip and NEVER LOSE serious money again!
This article is titled “Play Money” for a reason, this is exactly what all money allocated for racing and gaming should be, PLAY MONEY.
Never bet with serious money, that is, a large proportion of, or all that you have, as this is a sure recipe for disaster.
Probability has a way of bringing around the day when the “certainty” becomes a loser, and if that day is today and you bet the lot …
The way to avoid losing serious money, is not to bet with it in the first place. Allocate a small portion of your available cash for wagering – no more than you can easily afford to lose, that’s Play Money – either a weekly amount, or create a “Bank” as many professionals recommend.
By running a betting bank, it is easy to keep track of profit/loss, and with time watch the balance grow. Then make withdrawals, and bring some of it into the real world.
Play Money allows free play – it is unencumbered by obligations – the money is free to play for us. Very relaxing.