Long term profitable horse race betting is reliant on developing and then working a system. This of course raises the question: which system should I work?
The fact of the matter is that there are several systems all of which can deliver profits if rigidly adhered to. However at the same time there a bunch of dud systems out there which are going to fail from day one.
The industry being what it is - with its allure of quick and easy dollars - means that unsuspecting punters can easily be taken for a ride by system developers who are more skilled at the sales pitch than they are at turning a dollar from racing. I'd love to say I know all this from hearsay but the fact of the matter is that I've made some dumb mistakes in this arena so I'm keen to help others avoid doing the same.
The following are some of the things to be wary of when looking at different systems or services offered in the industry:
1. Tipster Services
So here's a business idea: I set myself up as a professional tipster and convince you to subscribe to my betting service for $X a month. If the horses I tip win, all well and good, you keep paying me money; if they don't, you keep paying me money anyway until another winner comes in and you hang on a for a little longer, or one day you just give up. There's no downside for me: I'm not going to rebate you your subscription fees because there are no guarantees in this industry and I made that clear from the start.
I'm not completely poo-pooing tipster services but I'm not at all convinced of their value. I think you're much better off learning the basics of betting and reading a form guide and then purchasing an already proven betting system and working that system.
"Give a man a fish, feed him for a day; teach him how to fish and he'll eat for ever."
2. Software Systems
Never ever ever hand over thousands of dollars for software systems that boast of "super duper algorithms that can pick horses with a 73% consistency and make you hundreds of thousands of dollars per year". This is one of the worst and most unscrupulous scams going. What the developers of these systems do is go through past results and then by a process of reverse engineering come up with software which they claim is an accurate predictor of future results. They don't work. These services are usually sold via a glossy brochure which is all promise and short on detail which is then followed up by some slick telephone salesmanship. The developers of these services are working on the premise of there's a sucker born every minute.
If you're ever tempted by one of these services, demand of the people that are trying to sell you the service that you speak to some current users of the service - don't settle for a written testimonial. If they baulk at this request mumbling something about client privacy etc. hang up.
There are actually a few software solutions that do work and you'll find that their developers will actually encourage you to speak to current users. Even in these cases, I would be wary of spending any more than $200. It's just not necessary to spend large amounts of money to get hold of a profitable system.
3. Testimonials
Shy away from any sales letter or web page for a horse betting system that doesn't contain testimonials. As a further refinement I would also recommend that you regard with suspicion a web page that only contains testimonials along the lines of "I've just received your system and I expect I'll make a lot of money with it."
The best testimonials are written by those who have been using the system in question for a number of months and are still happy with it.
4. Money-Back-Guarantee
Never purchase a system that doesn't have a money-back-guarantee. Period.
5. Paper Trade
Always paper trade a system before betting with real money. Use the period or at least a portion of the period that the money-back-guarantee is valid for to "pretend" use the system. This is vital because it allows you to bet without emotion and therefore truly gauge the system's worth.
If the paper trading proves profitable you know you have a winner and all you need to do after that is start with a small betting bank (to keep emotion at bay) and work your betting plan with discipline.
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