Submitted by John DaSilva on Monday, July 30, 2018 at 4:39 PM
Three Methods You Might Want To Consider
John DaSilva, Monday, July 30
As we move into August there are still 30 days remaining to the Saratoga Meet and 26 days still to go at Del Mar. Obviously these are the two meets that annually draw the most attention up until Labor Day, and rightly so.
However, what I am going to discuss today is all about Money Management and applies to wagering at any race track in the country.
Since horse wagering found its way into prominence there have been countless methods of money management proposed. Some of them very basic and easy to practice and some absolutely arcane. I have always believed that whatever works to maximize an individual’s Return On Investment based on the horses they have chosen to wager on is what they should continue to use.
Over the years I have encountered many and found a few useful. Today I will discuss two which I think are both productive and easy to use.
(TWO WAYS TO MANAGE YOUR BANKROLL)
Below I will briefly outline these two ways to wager on your selected horses with the goal of making each dollar work to its maximum.
ONE – Instead Of Betting WIN & PLACE Think About Back-Wheeling Your Place Money.
TWO – Consider A Parlay Instead Of A Daily Double.
(INSTEAD OF BETTING WIN & PLACE THINK ABOUT BACK-WHEELING YOUR PLACE MONEY)
This is more a concept than a method. But as I will show you, it is a very logical method which might very well increase your return.
The best way for me to explain this is to use two samples. Let’s go to the very first day of the Saratoga Meet, Friday, July 20.
For the purpose of this method we will use a $2 Wager increment.
In Race One, a Mile and an Eighth 25K claimer on dirt there were 7 horses entered. So for the purposes of this explanation the wager would be $12 WIN and $12 PLACE on the chosen best bet…a $24 investment.
The chosen horse is TURCO BRAVO and he finished second. He paid $7.20 to place so the backup runner returned $43.20 on your total $24 wager…an overall profit of $19.20.
With a back-wheel of TURCO BRAVO…meaning that the same $12 you would have bet on TURCO BRAVO to PLACE is split up into 6 $2 Exacta Wagers of ALL with him second…you are investing the same amount you would have on the straight PLACE bet.
That $2 Exacta Paid $116.00, so your $24 investment you would have netted $92.00 in profit (-$12 for the Win Bet…+$104 for the Exacta.) If TURCO BRAVO did not finish either first or second you would have lost both the win and the Exacta Back-Wheel…but you would have also lost both bets with the WIN & PLACE METHOD.
In Race Six, a 6 ½ furlong dirt allowance there were 10 horses entered. So for the purposes of this explanation the wager would be $18 WIN and $18 PLACE on the chosen best bet horse…a $36 investment.
The chosen horse is DANCING ALL NIGHT and he finished second. He paid $6.20 to PLACE so the backup runner returned $55.80 on your total $36 wager…an overall profit of $19.80.
With a back-wheel of DANCING ALL NIGHT…meaning that the same $18 you would have bet on DANCING ALL NIGHT to place is split up into 9 $2 Exacta Wagers of ALL with him second, you are investing the same amount you would have on the straight PLACE bet.
That $2 Exacta Paid $124.50, so your $36 investment you would have netted $88.50 in profit (-$18 for the Win Bet…+$106.50 for the Exacta.) Just like in Race One, if DANCING ALL NIGHT did not finish either first or second you would have lost both the win and the Exacta Back-Wheel…but you would have also lost both bets with the WIN & PLACE METHOD.
It is very rare when this back-wheel method pays less as an Exacta than as a straight PLACE bet. And if you have access to the tote board, as the betting unfolds you can measure the PLACE will pays against the Exacta will pays before you wager.
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(TWO – CONSIDER A PARLAY INSTEAD OF A DAILY DOUBLE)
You will notice that I said CONSIDER a Parlay instead of a Daily Double because more often than not a Daily Double will pay more than a Parlay of the same two horses.
However, there are two reasons for thinking in terms of Parlay instead.
ONE – A Daily Double is an all or nothing proposition. Whatever amount you bet on the two race sequence is locked in. If you win the first half and lose the second half you lose it all.
TWO – A Daily Double is a consecutive race bet. You might really like a horse in Race 4 and somewhat like a horse in Race 5. But those are the Races you must wager on.
Let’s address each as it applies to the alternative of using the Parlay.
ONE – Daily Double as an all or nothing proposition. Let us say you like two horses in a two race sequence that you can bet a Daily Double on. And let us use a Daily Double from opening day at Saratoga.
In Races 7-8 the consecutive winners were GIANT ZINGER $10.40 and CATHERINTHEGREAT $8.40. As I mentioned earlier, the $2 Daily Double at $48.80 paid slightly higher than a Parlay which would have returned $43.70 for $2.
I also reminded you that had you won the first leg you now needed to win the second leg or you won nothing.
With a Parlay you have an option. That option allows you to take your winnings from the first bet and wager back a portion in the Parlay mode. So after GIANT ZINGER wins your $2 wager you have $10.40.
At this point you can choose to pocket your initial $2 wager (or $2.40…keeping the extra cents) and wager back $8.00 on the next play. If the second bet loses you are not in negative territory but have broken even regardless of what happens in the second leg.
On the other hand, if the second leg wins your $8 wager on CATHERINE THE GREAT returns $33.60. Of course your Profit is less than had you bet the Daily Double, but you are guaranteed to have stabilized your bankroll to make another bet, rather than being in negative territory should the second half lose. It is definitely a more cautious way to wager, but if you keep track of your wagering and you know that you are not hitting a high percentage of Daily Doubles but are successful often in one part, this cautious method might suit matching up your handicapping ability with solid money management.
TWO – This part of the equation is much easier to explain. When it comes to Parlays as opposed to or in addition to Daily Doubles, the fact that from a handicapping standpoint your best bets of the day might not be in successive races, this Parlay approach might help you be more disciplined in putting your money in action on your best horses.
As I mentioned at the start, there are many Money Management Methods, these are just two. I’m sure as you think about it you will understand why I continually preach that Handicapping is just the beginning. Learning to wager to your strengths based on what your own betting strategies are telling you is equally important.