There's a whole chapter on this in my book, "Redheads, Racing and Risk Management." A few excerpts....
1. Don't wager with anything other than discretionary income.
2. When paying your bills, the most important to pay first is yourself. If you have a 401k at work, max out. Also, go on ahead and open a Roth or Individual IRA where you can contribute even more tax-free money. Don't wait. Start young. Houses ain't getting any cheaper.
3. Play 1 or, at most, 2 tracks. And, of course, do not bet every race.
4. Watch race replays and take trip notes for every horse. If you're serious about finding decent winners at a value price, I do not believe you can do it without a heavy dose of trip handicapping.
5. Use a wager log. Religiously. You will learn what race types you're good at and which you should avoid.
6. If a short priced favorite looks worthy, guess what, it probably is. Pass the race. You cannot beat these races on a single-race basis betting on or against the chalk.
7. Your best single race wager opportunities are those where you are getting good value on your horse and you feel the favorite is a bad one. Exacta, Trifecta and Superfecta wagers excluding a bad favorite are solid opportunities.
8. I know a lot of horseplayers and most of them disagree with this next statement... Never bet to place or show. When someone says they bet to place "to get my money back," that really miffs me. Play the game to win. I am very strong in my belief here. I will play my selection second in exactas at times when I toss a bad favorite, but that's as far as I go in terms of putting my money anywhere other than on my selection to win the race.
9. Absolutely do handicap the evening or morning before the races. You need to focus on scratches, changes and value during "track time." When looking at the form initially, find the race you are most UNLIKELY to bet and start there, using it as a sort of warm up.
10. There is nothing at all wrong with going to the track, having a good time, looking at the form for a couple minutes and betting on the races. But you need to recognize that kind of outing for what it is. On this type of betting day, wager small, enjoy yourself and be entertained. But do recognize this is not the same as what needs to be done to wager more significant dollars.
good luck.
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