'I'll never repeat the mistake of trying to buy money cheaply'

This is Safer Gambling Week and Racing Post readers have shared how they keep their betting under control. You can share your betting approach at editor@racingpost.com.

Here are some of my betting maxims, born of experience.

During a brief period of unemployment I placed my entire week’s dole money on Liverpool to beat Wimbledon in the 1988 FA Cup final. What possessed me? I lost the then princely sum of £19 and I would never again make the mistake of trying to buy money cheaply. At least not with my last £19.

My curiosity once led me into the world of spread betting. A bet on Sunderland making 45 points in the season when they achieved the fewest points in Premier League history up to that time was a costly one. Lesson learned, never to be repeated.

I’ve built up a betting bank over many years so I keep my betting separate from my other accounts bar any required top-ups. This has liberated my betting from peaks and troughs and enabled more flexibility to bet bigger when desired. It also means I never have to chase losses because I don’t look at my weekly betting as a finite amount.

I’ve learned to reduce stakes or volume during a run of losing bets, inevitably resulting in winners flying in for lower returns. It’s a dance with the betting gods they oblige me to play. In extreme losing weeks I will, albeit rarely, take a break of a few days to recharge my thinking and concentration.

Rudyard Kipling must have liked a bet because he was spot on: treat those two imposters of triumph and disaster the same. Yes there’s nothing like the feeling of a good win, but it doesn’t mean you’ve cracked the game. Just as losing doesn’t mean you won’t come out on top eventually. Everything is transient so enjoy the moment, keep the memory but move on to the next bet.

I have learned that volume betting suits me so I’m not frightened or embarrassed to place bets on more than one horse in a race. If I think they’re the wrong price I’ll have a go. So do your own thing once you’ve found it and enjoy it.
Andy Dorward

Placepot offers a low-stakes, low-risk daily interest

I bet on the Placepot religi­ously, almost every day and at every meeting. It’s a low-stakes, low-risk bet that gives an interest through the card with the chance of a decent win when the stars align. 

I’ve been fortunate in picking up decent pots which have kept me in credit for a while and, importantly, my betting does not impact my lifestyle.
Michael Logue

Read more . . .

'Betting small stakes is just as much fun as making big bets' 

'Write down your reasons for placing a bet and it will make you think twice' 

Safer gambling: how do you stay safe while enjoying a betting habit? 

Racing Post takes seriously its commitment to Safer Gambling and encourages people to stay within their limits and stay in control. If you would like to know more visit our dedicated Safer Gambling page here.