4 Bankroll Management Tips You Should Remember for 2024 Preakness Stakes

The Preakness Stakes is fast approaching, and there’s no better time to join in on the fun of the tournament. With many named jockeys and horses participating in the said event, you can be assured that there will be a lot of money going in on this event. However, before you go on and make your bets just yet, you might need a little refresher on bankroll management tips you need to remember for the Preakness Stakes.

If you want to stay alive and kicking until the event of the race, proper bankroll management should be implemented. However, for most punters, especially beginners, deciding how much to bet on a single horse is a mystery. Bet too small, and you’re not taking advantage of your bank, or bet too heavy, and you’re going to wipe it out in just a few losses.

If you’re one of the people who are confused and have no good idea of how to manage your bankroll, then you’re in luck because, in this article, we will be talking about some good bankroll management tips you need to remember for the tournament. Here are some of them.

Always Plan Ahead

As punters, handicapping the races is one of the most common and effective ways of figuring out which horse to bet on. After that, however, you need to see if the race is playable, which means you have a pretty good idea of which horse to win. Then, if you find that horse, make it your main bet and make other supporting bets if that horse loses. You could also look for better odds at tvg preakness stakes odds to find better payouts and maximize your profit.

Also, if you see that a race has a false favorite involved, but you also noticed that other horses are of suitable value, you must make your move by backing the contender with the most value. This is called a price play, which is effective in this situation. But if you see a basic pass race where the favorite has a high chance of winning the race, you should make the favorite your main bet.

Make a Staking Plan

A staking plan is highly dependent on how much money you are willing to put in your bankroll. Essentially, a staking plan is deciding how much money you’re willing to put in a single bet.

The best advice that experts often recommend is that you should only put a maximum of 5% of your total bet on one or two horses in a single race. If you’re confident that a horse will win, however, you can go as high as 10% on a single horse.

However, remember that the general rule of thumb here is that when you’re nervous about putting a specific amount on a bet, you’re most likely overspending. Also, remember that since winning streaks exist, so do losing streaks, and when you’re on a losing streak, don’t lose your cool and go higher than your staking plan. Chasing your losses is a fast track to losing your entire bankroll.

Stick to Your Budget

Apart from chasing losses, another worst thing you can do after a cold streak is to bet on other races that aren’t in your staking plan. When planning your bankroll, you should always stick to it. Do not go over your head by betting on other races you didn’t plan for, especially for races that you didn’t have enough time to handicap or even handicap. If you win, you win, but if you lose, they call it gambling for a reason.

It’s important to remind yourself that betting is a long game. Losing streaks and slumps are common, but they are temporary obstacles. Your goal should be to extend and improve the size of your bankroll as much as possible, and by going out of your staking plan and chasing your losses, your bankroll might not even make it to the last event of the Triple Crown.

Always Separate Your Bankroll and Your Finances

If you’re planning to take your checkbook and credit card to the races, you shouldn’t. Not only is it a fast track to losing your bankroll, but it’s also a highway to bankruptcy. Remember that your bankroll should be money that you’re okay with losing.

If you involve your personal finances, then it can be a disaster. Instead, you can make a separate savings account for your bankroll. This way, you won’t be tempted to dip your hands into essential funds for your daily life and other critical financial plans.

Final Words

The Preakness Stakes is fast approaching and having a refresher on how to make your bankroll extend and improve is an excellent way to start the tournament. You can handicap the races all you want, but it won’t matter if you’re losing a lot of your bankroll in the first place.

Remember that your bankroll is one of the main foundations of your punting career, and without it, you won’t be able to bet on the races.

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