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[Jeff P]

Q. Is it possible to successfully bet horses for a living?
A. Yes.

Q. Is it easy?
A. Without question: No.

Q. Do you first have to be at a certain place in life?
A. Without question: Yes.

Patrick, there has been some absolutely phenomenal advice presented in this thread to this point - provided you are paying attention.


Betting horses with money that is (immediately) needed for things like food and a roof over your head is just asking for the worst kind of disaster.

IMHO, at a minimum, to make a successful go if it - you should have enough money set aside to cover:

a. 6-12 months living expenses

b. A Playing Bankroll

c. 3-4 months living expenses as a safely net in case things don't work out.

Why is this so important? Psychologically, it takes the pressure off - which translates to better decisions during live play.

In addition to money for bankroll, living expenses, and a safety net - you need the right belief system and work ethic. You need to KNOW deep down in your core that not only are you good enough to do this (but that perhaps you are without question one of the best players on the planet too.)

Don't laugh. Betting horses is not all that different from other areas of life where others see success in terms of borderline impossible. I once saw Jim Carey say during an interview that before he made it as an actor, when he first came to Hollywood, he hiked up the hill and sat at the base of the Hollywood sign... He made out a check to himself in the amount of $5 million - and promised himself that no matter what it took he was going to make it - and be able to cash that check some day.

Not only do you have to believe, but you need the right work ethic. Make no mistake: Betting on horses is COMPETITION. You have to be willing to out innovate and out work your competition.

I guarantee you your competition is formidable and constantly innovating and striving to improve their collective games. Unless you are willing to outwork them you WILL be left behind.


Then, there's the requisite skill set.

Speaking from years of my own experience, from playing, from teaching, and from just having conversations with other players... I think most players see "handicapping" as the most important skill among those that I am about to name.

That said, I am of the opinion that the exact opposite is true - that the requisite skill set extends FAR beyond "handicapping"... and that "handicapping" is probably the least important of the required skills the successful player must cultivate.

Here in general outline form are the requisite skills any professional player should have:

1. Horse Selection/Handicapping Methodologies

2. Play or Pass Decision Making

3. Ticket Structure/Backing An Opinion

4. Bet Sizing

5. Carrying an Edge into the Long Run

6. Discipline

7. The ability to GROW a bankroll


Patrick, there is some absolutely phenomenal advice being presented in this thread - provided you are paying attention.


-jp

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