For some people the idea of making a living as a professional gambler is just too hard to resist. They dream of a life on easy street, high rolling, beautiful women, and fancy cars. It is not like that for most professional gamblers who bet on horses full time. They are subject to ups and downs and long streaks without a winner. To survive they must have the proper bankroll and lots of patience.
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There is some good news. It may be very possible for the average gambler to make a part-time living betting horses online. We wouldn’t advise anyone to quit their job to become a gambler, even on a part-time basis, but with skill and a little luck making a consistent profit is possible. Here is how you can supplement your income by betting on horse racing online.
Don’t Quit Your Job to Bet Horses!
The first piece of advice that we would hand out to those who want to make a part-time living betting horses online is this: don’t quit your job. The beauty of betting horses online is that you can do it from home in your spare time. Don’t use the excuse that you need to focus solely on your betting, either. You’re going to need that source of income to sustain you while you learn the trade.
You also shouldn’t be taking time away from your job to bet horses. Don’t call in sick just because you don’t want to miss the big race at Churchill Downs. There will be other races for you to bet on. The bottom line is that you have responsibilities to handle. You cannot depend on horse racing betting profits to meet those responsibilities.
Set a Horse Racing Betting Schedule
One of the best things that you can do if you want to make horse betting more than a hobby is to set a schedule and stick to it. Only bet on the days and times that you have set aside for that purpose. For example, you might designate Saturday and Sunday as your horse betting days. You might also choose to bet on your regularly scheduled day off from work.
Once you have your schedule created do not deviate from it. Only bet horses online at those times. In this way you will develop the discipline needed to become a professional bettor. Even those who gamble professionally do not do so every day, which brings us to our next suggestion.
Take Breaks from Horse Betting
It doesn’t matter what activity you enjoy, be it playing golf or betting on horses. The fact of the matter is that everyone needs a break from time to time in order to refresh themselves and do their best. Too much of a good thing can be very bad, indeed. This is why you need to have times when you step back and take a little break from horse racing for a while. The online racebook will still be there when you get back.
In the winter months in the US the horse racing season begins to slow down some. This works out very well for those who want to take a pause and enjoy the holidays with friends and family. Or, you could take the spring off if you prefer betting horses from Australia. You can them come back in the summer and get ready for all the famous stakes races that Australia has to offer in the second half of the year.
Choose the Right Online Racebook
If you want to make a part-time living betting horses online then you have to choose the right racebook. Some online racebooks are better than others. As a general suggestion we would recommend that you stick with the online racebooks that we have reviewed and promote. We only choose racebooks that meet our high standards of excellence.
Here are the things to look for in your online racebook:
- Large number of tracks available
- Same betting options as on-track
- Pool betting with the pools at the live track
- Free bonus money when you sign up
- Free handicapping tools
The best places for you to make a living betting horses are no farther away than your computer, phone, or tablet. This is why we recommend solely betting online. Trying to make a living at a live race track could be next to impossible. For starters, the expense of attending the races live would quickly chip away at all your profits.
Treat Horse Betting Like a Business
The final suggestion that we would have about betting horses online would be to treat your horse betting like a business. If you are expecting to make a living from this type of betting you will need to keep records, manage your expenses, and perhaps even file taxes if you score a big win at the race track.
In the US the IRS expects you to pay taxes on your gambling winnings. You can probably get away with not filing if the winnings are small, say less than $1,000 over the course of the year. Anything more than that and you need to put them on your return. If you do have to file on winnings you can also deduct some losses. You can only do that, though, if you have kept accurate records of your horse betting activity.
Most online racebooks will be happy to give you a statement at the end of the year which will show your wins and losses. That is much easier than trying to keep track of all the betting you do at a live race track.
Don’t get in a hurry to make the leap to professional or semi-professional gambling. The online racebooks aren’t going anywhere. We would recommend that you try out online betting sites while you learn the game and sharpen your betting skills. Residing in the US? Check our Bovada racebook review, Twinspires review or even our Betamerica review. All great choice if you are in the US. 5Dimes review for folks anywhere!