We all make silly mistakes when betting. It's part of the game, isn't it? No matter how hard we try, no matter how many promises we make to ourselves, we keep on repeating history!
A pal was moaning about his luck to me just the other day. "Why did I do it?" he wailed. "Why did I back that odds-on favourite; I must be mad."
To make his depression deepen, I gently reminded him of the many other times he had done the same thing - and vowed never to repeat the 'crime'. I also told him he was not alone, that many others tread the same bleak ground.
The 'silly mistakes' are there to trap us, whether it's failing to study the form, or just crazy things we do for no rational reason, like changing our mind at the last moment and betting not the horse we have chosen on form and sound analysis but a nag we have hardly heard about before but which looks 'attractively' priced at 40/1!
I've made a list of 25 'silly mistakes'. Have a look at them and see what you think, and whether you see yourself in any of them (I'm sure you will!).
- BETTING BEYOND YOUR MEANS
You've heard of 'fool's gold', well, this is 'fool's betting'. When your bets are too big for your wallet, trouble looms. Why is this so? Because it's plain old scared money, and with it comes scared thinking.
Out the window goes good sense, in flies indecision and often, a sense of panic, because you know you've been betting too much for your financial well-being, and that you are digging yourself a hole that is NOT filled with dollar bills. - CHASING YOUR LOSSES
Here's a real no-no! Be careful especially when you are betting over-confidently - of chasing losses when you are behind by upping the size of your bets. You often back horses for price not form. - BEWARE OF WHISPERS
Beware the bloke who tugs your coat! If he knows so much, and the hot tip is so hot, why is he telling you and whose confidence is he breaking? Know your informer before you allow your coat to be tugged. - THE GRIP OF THE GROG
One of the worst mistakes is to get drunk, or even just a little bit tiddly, at the races, or while you're betting in the comfort of home or club. Stay sober and you stay alert. Get drunk, go daft! - CHAIN-BETTING FEVER
Forget all about race-to-race betting, unless you're just in it for the fun of losing your money. Betting on every race on every card is a really silly mistake that will get you nowhere ... fast! - THE NEGATIVE NAGGING
Fight off negative thoughts! They feed on each other, like a virus. If you expect to lose, you more than likely will. Stop cursing fate. Adopt a bright, positive attitude. Don't blame defeat on bad luck.
- SUPER SILLY No. 1
'Silly mistakes' were discussed recently on the Ausrace Internet group. John L had this to say about them: "If you want to lose at the races, just have a beer One is enough to stuff up your thinking.
Don't go with your mates and never, ever, take your girlfriend or wife, Always take what you can afford to lose and leave your credit cards at home. The longest line of people at the races after race 4 or so is at the ATM."
- UNCOMFORTABLE
You know the feeling? That deep warning sign that says you really shouldn't bet. You're not comfortable with the race itself or your proposed bet. Don't bet for the sake of it. Wait, and try another race when you feel better about things. - SKIPPING THE STUDY
If you're even partly serious, for goodness sake don't make the mistake of betting without studying the form. At least do yourself this favour, and don't always rely on some other bloke getting it right. - THE BOASTING GAME
They say the gods look down ... and listen. If you've had a win, don't go boasting about it. You'll pay. Somehow, things seem to go awry once you've big-noted yourself. The gods of luck make sure of that. - KEEP THAT RACEBOOK
If you trudge off the track a loser, it's a mistake not to keep the racebook. Make notes. Jot down the names of horses that ran well. Figure out where you went wrong. File the racebook, and refer to it later. It's the professional way. - TAKING THE SHORT STRAW
It might seem sensible at the time but coming in on a plunge at the lowest end of the price range is a silly, silly mistake. The other blokes have taken the true odds. You're left with the sour cream.
- SUPER SILLY No.2
Ausracer Matt A. had this to say about 'silly mistakes': "Stick to your guns on your selections. Don't get caught up in the hype as some nag shortens to a ridiculous price on the tote, just as they are moving into the barrier."
- THERE'S ALWAYS ANOTHER DAY
Never panic to the point where you feel that unless you get back all your losses that very day then your life is finished! There are races just about every day. Patience! - LACK OF PLANNING
Like most important things in life, betting needs proper planning. Get yourself a strategy and stick to it. It's really silly not to plan a strategy. - YOUR EYES, YOUR EARS
One widespread mistake is to see a race through someone else's eyes and ears. See as many races as you can and make your own decisions on which horse did what. Trust yourself. - ADDING UP THE TOTALS
Never make the mistake of not knowing what your real profit is likely to be on a bet, especially if you are betting multiples for the win - the more horses the lower the overall price. - BETTING A CERTAINTY
Remember, it's a mistake to believe in certainties. Anything can happen. Remember Pittsburgh Phil, a 2yo which was declared a cert, and yet he collapsed and died mid-race! Be wary of short-priced certs! - THE ALL-UP TAKE
If you think an all-up bet is only hit once by the TAB, you're making a big mistake. The first dollar you put in has 15 per cent taken out, and any return going on the second horse has a further 15 per cent hooked out! A TAB double is hit only once. - CREDIT CARD BLUES
Always take only what you can afford to lose, and leave your credit card at home, so you're not tempted into hitting the 'automatic teller machine' for money when you've struck a losing patch. - DON'T IGNORE VALUE
Whatever you do, try to put a price on a horse's head. Decide what is the minimum price you'll accept, give or take a half point or so, and don't make the mistake of accepting a price that is lower than your minimum. In the long run, it's a path to ruin. - INCREASING AFTER LOSING
General opinion has it that you should be wary of increasing your bets after losing, unless you have a controlled staking plan that allows you to move forward cautiously. It can be a fatal mistake to bet upwards haphazardly after a loser or two, or three, etc. - THE CONTROL FACTOR
Don't let your betting become addictive. Bet for pleasure, sure, but always with safe money. Don't bet wildly, for sheer excitement. - JUST A FIVER THIS TIME
Popping into the TAB in a rush is a mistake made by many. Quick bets are long-term loser bets. - IGNORING THE WRITTEN WORD
You can't afford to ignore what's written about racing. Read as much as you can about racing. Knowledge is power. - FOLLOW THAT JOCKEY
A huge mistake is to blindly follow a jockey. Jockeys have horrendous losing runs, no matter how good they are. - DON'T KEEP IT ALL
Remember to share your good fortune. Give a bit to charity when you win. It consoles the gods.
- SUPER SILLY No. 3
"Never be silly enough to leave placing your bet until the very last second or two when you're betting in the TAB. Anything can go wrong, and WILL if you are about to back a winner! Queue hold-ups, machine breakdowns, power failures ... you name it, you risk it."
By Martin Dowling
PRACTICAL PUNTING - DECEMBER 1996