I estimate I have blown $100 000 over the years chain betting at the TAB. Can anyone suggest a strategy to recoup some of my losses? I am willing to be patient and disiplined. Serious replies only, I don't need anyone else telling me what an idiot I've been. I have had a break from punting but I would like to get back into it, taking a more disiplined approach.

One place to start might be to work out what bad strategies you had in the past. Was your problem that you can't pick winning horses or was it the lack of discipline? Did you get behind on the day, throw your possible winning strategies out the window and chase favorites to try and get back in front?
Be honest and tell us how you think you did so badly, that will (in my opinion) be a good place to start building.
If you've got bad habits which you're likely to carry forward probably no winning system we can suggest will help you.

KV

Okay, I won't tell you what an idiot you've been, but I will say that I think you should quit while you're WAY behind and not try to "recoup those losses". I'm certainly not saying that it's impossible for you to win some of that money back, but with your past history, you probably shouldn't even be thinking about it. You obviously had a BIG problem, and if you now have your head above water, then you should be very thankful about that and probably just forget about betting. Find another interest.

Sorry. Just my opinion.

I am quite good at form study and selecting some winners. I usually picked around six or seven per week based on the horses previous run. The trouble used to lie in chasing losses or giving back winnings. This just lies in sheer lack of disipline, so the six bets per week would turn into 30 or 40.TAB 'pop-ins" or internet benders were common. I would just focus on the balance for the day. I would like to test something without actually betting on it and when it looks OK, I will invest on it. Hopefully old habbits will not creep in. I totally understand the money I lost is gone for good but I feel I have a talent for selecting winners but am lacking patience. I thought if I could follow something 'systematical' with small success, I could make a go of it. I still have a massive credit card debt I'm paying off.Any suggestions would be greatly appreciated.

Sportz,

I totally understand your opinion. It is just so frustrating when I am selecting winners but not profiting from it. I realise though, I would sink for good if things went bad again.

you dont recommend chasing favourites?
the method i was taught is... you back the favourite in every race.. and if the first favourite winner comes up... when youve made you profit.. you stop betting for the day....

one of the quicker ways to the poor house, me thinks

Hi Andesite & welcome,

I think everyone of us has been down that similar road of chain betting .

First of all one has to take on an approach one feels comforable with.
E.g.
-Does one like to follow race to race then stop when a result is met.
-Does one prefer to lay out all bets on a few horses for the day all at once & walk away.
-Does one like to focus on one venue for the day or several venues.
-Are the bets weekend only or during the week as well.
-Whats the longest run of days experienced where not one winner was struck from ones 7 bets.
-Try & avoid runners paying less than expected price.

Here a a few ideas to consider.

If betting say your 7 horses for the day .
Stop at the first winner struck using its last start price as a divisor to take out a set amount say $100

e.g.One of your selections may have been $5.00 at its last start . Divide $5.00 into the said $100= $20 O/L on that horse & so on .

Keep using the std $100 over all your bets until one gets up then stop.
I`m sure you will strike at least 1 out of your 7 bets , this is a method on how to bet them to make a profit over time.
We are assuming the form has been done for us for the horse to justify its final last start price .

TABQ has this price info by double clicking onto the horses name & upcomes all the runners in the race with its last start TAB pricing.

If for some reason all 7 fall over on the day.
Multiply your initial $100 by 1.20 = 120 is now your new base return figure to divide into.
If this also falls over on your bets for the day , next betting day $120X1.20=$144 is the new base return figure base .
If a profit for the day go back one stage , in this case $120

One must stop at the first winner regardless weather a profit was made or not.
It is far easier to hit say 1 winner out of 8 then stop ,
than it is to hit 5 out of 8 .

The good thing with this sort of betting is that one can often get the overs on your last start price , using this as your divisor .
E.g. last start price may have been $3.20 into $100= 31 O/L & it may pay say $5.90 X 31 O/L = 183 Ret - 31 O/L = +$152 Profit.

You have made +$69 more than one would have betting to its actual price.
As most punters have experienced , it is very difficult to bet to actual price on the TAB because of the constant changes , so this is one way to work around it based on previous form .
In effect one is creating their own book against the Bookie.

This also has the benefit that one may not be placing too much on a mule with less hopfull chances of winning dispite its short price on the day .
e.g. It may have been priced at $11 last start but today its showing $2.90 if it falls over , there wont be as much damage as if one were to bet at its actual price on the day.

Its an idea to restrict ones bets for the day to 5 only instead of 7
using this process.

One could bet the overs only with this method , over your 7 horses.
E.g. If it was $3.00 last start , only bet on it if it is paying more than this figure on the day but using its last start price as the divisor so as to maximise the overlay advantage.

Like anything , it only works if one can pick a few winners.

Saying for the day:
"A Fool & his money are soon partying".

May The Punt Be With You.

Cheers.

__________________
Cheers.

Thankyou, everyone, for your input. I have absorbed it all.

Bhagwan, thanks for your comprehensive method suggestion. I will analyse it without money over the next few months until i feel confident enough to try it for real. I am almost at the stage of forgetting my losses and starting fresh with a clean state of mind. I think I can succeed, especially knowing the dangers of taking things too far. I may even post my six or seven selections every Saturday to see if I've got what it takes. It looks like I average around 2 out six or seven selections for win and 4 out of six or seven for place.

Best Regards and thanks again.

I dislike your method for so many reasons.
Presumably if the first favorite doesn't win and the second one is short you have to bump up your bet a bit. Then if that doesn't win you bump it up a bit more. etc., etc., etc. Like Davez says not the best investment strategy.
Secondly, what if you win your first race, what do you do for the rest of the day? No, punting is an ongoing thing for me - I enjoy it - none of this quit while your ahead crap, let's get more ahead.
Thirdly, pick the favorite in every race? I might as well buy lottery tickets. Working out which is the best horse is much more challenging than which is the shortest priced one. I Punt as an intellectual challenge, not the for buzz of putting a bet on.
Fourthly. Nah, I've had enough and you probably have too. :-)

KV