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Whether you are serious about betting for a living or not, you probably want to make as much money as you can betting on sports, right?  How have you been making your betting decisions?  Do you go with your gut?  Do you make a prediction based on your knowledge of a sport, but without doing a lot of concrete research before a match?  Do you pick the team you hope will win?  Do you use someone else’s betting strategy or picks?

How did you do betting this year?  Did you make money?  Lose money?  Do a bit (or a lot) of both?  How did you react to your wins and losses?  Did they compel you to put more money on the table and maybe lose more of it too? 

Whatever your mistakes or regrets from last year, a new year is fast approaching, and you have a clean slate on which to build.  This can be the year that you stop betting emotionally.  Emotional betting comes in numerous different forms:

While you will find numerous articles on coming up with techniques to determine whether a bet is worthwhile, you will not encounter as many articles that tackle the topic of money management.  Assuming you have discovered a bet is worth taking, how do you put a monetary value on it?  How do you decide how much to risk?

When it comes to winning at sports betting, there is a lot of advice I repeat across the board. It is important to do your research, have a betting system, and maintain a money management system. But it is also very important to find a way to track the success or failure of the systems you are using. And that is where keeping some kind of a journal comes into play. That is important with every sport, and horse racing is no exception.