Does Anyone Handicap Full Time?

[whodey17]

I tried making it a full-time thing for me. Everything started out very well. Went to the track to watch the workouts, talked with clockers and trainers about horses. Then I would bet the races and before you know it, my kids were one year older and I didn't remember a thing. That was it for me and I put everything away and only do it for fun. Like Kasept said, you are looking at 12-14 hour days, 7 days a week.

[disappearingdan_akaplaya]

i do atleast 5 days a week but its part of my job in the industry but not wagering. i know of only 2 guys here in chicago that wager on the races full time for a living and actually make a substancial profit

[Kasept]

A great book on the topic is William Murray's "The Wrong Horse".. Hysterical tale of his attempt to play full time.

[hockey2315]

I keep trying to convince my parents to let me play full-time this summer while I'm home from school rather than get a job but they're not having it. . .

[jman5581]

It's a bad idea for this many people to be considering betting horses as their only source of income...

[paisjpq]

Originally Posted by DaHoss9698

I agree.

ditto.

[Scav]

Originally Posted by cmfhb411

I'm not telling you what you can't do, as far as your ability.
But $2k as your starting bankroll is quite short. If I were you, I'd consider another source of steady income, to go with your pari-mutuel wagering.
If you're good enough to double your bankroll a minimum of 3 times and keep it going after 2 years, then go for it if your bills are all squared away and you have enough in the bank to afford to keep yourself afloat for more than 4 months if the money from the track isn't coming in as regularly as you would like it to.
Give that some thought, and I want you to make it big.
Good luck to you Scav.

Mike

Thanks Mike for the advice, appreciate it greatly. I have put together this where my goal is to turn that 2k into 10k by the end of this year. I did a test run about two years ago when I was out of work and started with $500, and turned it into $2500 within one month. That being said, it was only one month, and I also had some stuff over my head (CC's and loans) that I don't have now. If I do this, I am going to have a clear head with plenty of money to back up if I do quit (about 12 months worth of living expenses) so if it bombs, it bombs, but at least I know I couldn't do it, and I can get the thought of my head, worth the 2k IMO

[10 pnt move up]

Originally Posted by Scav

Thanks Mike for the advice, appreciate it greatly. I have put together this where my goal is to turn that 2k into 10k by the end of this year. I did a test run about two years ago when I was out of work and started with $500, and turned it into $2500 within one month. That being said, it was only one month, and I also had some stuff over my head (CC's and loans) that I don't have now. If I do this, I am going to have a clear head with plenty of money to back up if I do quit (about 12 months worth of living expenses) so if it bombs, it bombs, but at least I know I couldn't do it, and I can get the thought of my head, worth the 2k IMO

I just dont see how you can live on a 2k bankroll,

say you made a 20% profit, which is pretty large, and you bet $500 a day for 5 days a week. That would be $100, or $500 a week. Now of course it would grow but at $500 a day you wouldn't sustain a bad run at all on a 2k bankroll.

Now $100- expenses, minus taxes, and you dont have much income to live on. I figure to have any chance I need about a 50k bankroll to start and wager a few thousand a day, on average.

[Scav]

Originally Posted by 10 pnt move up

I just dont see how you can live on a 2k bankroll,

say you made a 20% profit, which is pretty large, and you bet $500 a day for 5 days a week. That would be $100, or $500 a week. Now of course it would grow but at $500 a day you wouldn't sustain a bad run at all on a 2k bankroll.

Now $100- expenses, minus taxes, and you dont have much income to live on. I figure to have any chance I need about a 50k bankroll to start and wager a few thousand a day, on average.

It would grow after $500 in profit, so when I get to $2500 I would be wagering more, and then $3k...Eventually, the 20k mark is the stop point from increasing my wager.

[Cannon Shell]

The takeout kills you

[10 pnt move up]

Originally Posted by Cannon Shell

The takeout kills you

yup, you have to hit at 30% really if you have a 20% take and 10% profit.

[hockey2315]

Originally Posted by cmfhb411

what it's like to try to convince people ( including your parents ) how great this game is, and how it is possible to make a decent income playing the races. All I can say is: you'll find it to be a large waste of your time and energy. This is one of those deals you can't make any progress with, and get the approval of others at the same time. As far as how to start out, please read what I wrote to Scavs. I hope this helps.

Ya- the thing is, my dad plays the horses casually and he's the one who got me in to it by taking me to Saratoga when I was younger. . . He just doesn't really have the right type of mindset to be serious about it so I think that's why he doesn't understand where I'm coming from. . . My girlfriend and my other friends don't really get it either. . .

I would never feel comfortable playing full-time if I was self-sufficient, but to be honest, I don't really have many expenses at this point in my life. . . I would just be playing for my spending money for the school year. . .

[Dunbar]

Originally Posted by Scav

It would grow after $500 in profit, so when I get to $2500 I would be wagering more, and then $3k...Eventually, the 20k mark is the stop point from increasing my wager.

Most people are telling you that you need to start with a bigger bankroll. They are missing the point that you are trying to see whether you can make a living by capping. You don't know whether you have an edge yet, so why should you be betting from a large bankroll?

You need to identify your goal. If your goal is to see if you can cap well enough to win, it doesn't much matter if you start with $2K or $20K or $200K. However, you should not increase your bet size if you get ahead. That would be the correct thing to do if your goal is to grow a bankroll. But IMO, your first and primary goal should be to see if you can cap well enough to win.

If you increase your bets when you are ahead, your fluctuations will increase wildly. Your end-of-year results will be less meaningful.

What's extremely important is that you do not kid yourself about your results. You count every bet you make and you see where your bankroll is at the end of the year. There should be no "I missed something obvious so that bet doesn't count" sort of stuff.

If you can turn that $2K into $4K, you can figure you could just as well have turned $20K into $40K or $200K into $400K*.

Save the Kelly betting for when you are pretty sure you have an edge.

--Dunbar

* Of course, turning $2K into $4K does NOT completely translate to turning $20K into $40K or $200K into $400K. When you are betting from a $20K bankroll, you will have to worry more about knocking down your own odds than when you are betting from a $2K bankroll. Still, you get my point.

[hockey2315]

Originally Posted by cmfhb411

Here's the thing. My concern, for you, is: if you live with your parents ( and I have no way of knowing that ), or see them more than a few times a week as you go in and out your door, you're going to hear questions, and other remarks from them you're not going to want to hear, day-in and day-out.
And that will force you into a position no one wants to be in, when it comes to how you deal with what you'll hear everyday you see them.
Unless you are living in your own space, and paying all your own bills, you are in a tougher spot than most that will try what you want to do.
I miss being in my early 20s, but I don't envy your position at all.

Good luck man,
Mike

Ya I hear what you're saying. . . I do live at home and I hear the comments at home a little bit, but it's not a big deal. . . The fact that my dad goes with me a lot of the time helps out. . . They were worried about my grades slipping but they haven't. . . I've gotten more grief from them because I said that I want to work in the industry (not as a gambler). . . I've been groomed for law school pretty much my whole life so if I don't end up there they won't be too happy. . .

[The Indomitable DrugS]

People have no idea how tedious and miserable the work can become when you're betting horses for profit. And if you don't do it---you're not going to make much money.

It can be excruciatingly tedious and time consuming....and can eliminate your social life almost altogether.

It's is much easier and makes a lot more sense to just take normal employment.

Even if you do choose to bet horses for income and succeed...you will find there will be huge unexplainable gaps in your employment history, and if you wish to ever take employment again---your application is much more likely to not be taken seriously......and if you tell them you spent that time "gambling professionally" -- I'd have to think they'd be even less likely to hire you-- as they would consider you a much greater risk of thieving from them.

It's a big mistake to try and gamble for income if you first haven't recieved a good formal education, one that will look good on paper...or you haven't proven yourself successful in another line of work. Even if you do very well betting, you'll find you trapped yourself...and sometimes even wish you'd have failed as a bettor.

You hear all those great stories in poker, about how some of the new "greats" would spend there early days sleeping in outdoor parks...and there nights playing poker for profit. And Jim Rome loves to rip on how a few of the now big-name poker players were living "in their parents basement" not to long ago.

Unlike Poker, with it's gruelingly long big paying tournaments that feature tons of hands played, the thoroughbred handicapping tournaments are all a complete joke, the emphasis is always placed on spectacular short-term success, from a very limited number of possible races played.

The only way you're making any money, is through betting income, and that is into the teeth of a big takeout.

[MaTH716]

Scavs, I am just curious what kind of strategy you would use. Do you bet to win an place or is it exotics plays, or is it pick 3's 4's 6's? How many tracks are you going to look at before you find a spot that you like? Are there only certain tracks that you will play? Do you only bring a certain dollar amount with you for the day? If not,do you have a negative number for the day when you stop? Do you have a positive number for the day that you stop at? There are so many factors involved now that this is going to be your livleyhood. It is a little easier to get over bad picks, bad beats, bad rides when it does not involve putting food on your table. I am envyous of you just for considering the move that you might make. I wish you all the luck in the world if you decide to do it.

[Cannon Shell]

I'll spot you $500 for a piece of the action


Just dont play fantasy baseball for money.......you'll starve!

[hoovesupsideyourhead]

Originally Posted by MaTH716

Scavs, I am just curious what kind of strategy you would use. Do you bet to win an place or is it exotics plays, or is it pick 3's 4's 6's? How many tracks are you going to look at before you find a spot that you like? Are there only certain tracks that you will play? Do you only bring a certain dollar amount with you for the day? If not,do you have a negative number for the day when you stop? Do you have a positive number for the day that you stop at? There are so many factors involved now that this is going to be your livleyhood. It is a little easier to get over bad picks, bad beats, bad rides when it does not involve putting food on your table. I am envyous of you just for considering the move that you might make. I wish you all the luck in the world if you decide to do it.

good luck scavs..lolololololol

[tycharles01]

I got a buddy who has played fulltime for past year or so. He does tho because his dad does too! He moved up to Atlantic City and lives in some shithole wit his old man,a block away from the Boardwalk. He plays at the Trop.

He says he loves it. Wakes up, goes for a run on the beach,read the DRF and uses comps for stuff, then about 1 or so grabs his seat and sits there till 11. If he is in the plus he parties the night away, if he is minus he uses his comps or just grabs some ramen and a beer

I went up for a weekend and it was great but no way I could cap and win races at some of them tracks

[the_fat_man]

Originally Posted by The Indomitable DrugS

People have no idea how tedious and miserable the work can become when you're betting horses for profit. And if you don't do it---you're not going to make much money.

It can be excruciatingly tedious and time consuming....and can eliminate your social life almost altogether.

It's is much easier and makes a lot more sense to just take normal employment.

Nothing more 'tedious and miserable' than getting out of bed early in the morning to commute to a job you don't care for. And, let's face it, a job, in most cases, is just a job. And some of us could do without the office politics/game.

Setting your own hours; working out of your home (or making daily excursions to the local racetrack); and not having to answer to anyone but yourself are huge plusses.

You need to put in an effort in whatever you choose to do in life to be a success at it. Might as well be something you enjoy (or less "tedious and miserable' than a 'regular' job).

Plenty of NON TRADITIONAL JOB related social activities out there too.