1. Set goals prior to your trip to the racetrack or casino. Be realistic about what you expect to win. Would you be happy doubling or tripling your initial investment? If so, stop wagering when you meet these goals. The track will be open again tomorrow and so will the casino.
2. Only bring with you a set amount. Choose how much money that you are willing to risk and only bring that amount. Leave your credit cards and debit cards at home.
3. Have a game plan. Decide which races you are going to bet on and stick to this. I recommend wagering only on the races where you have a strong opinion of the outcome.
4. Be willing to take a loss. Everyone has a bad day at the track, casino or sports betting. Don't chase your losses or try to get your money back, this will likely only compound your losses, turning a bad day into a disastrous one. Be willing to take a loss today, go home and regroup, tomorrow will likely be better.
5. Focus on what you are doing. Try not to be distracted by alcohol or other distractions which will cause you to lose focus and increase your chance of losing.
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