If you go through a negative downswing, you’ll have plenty of cash left to continue playing comfortably, and to experience an inevitable positive streak.

Don’t chase losses.

Here are some tips for managing your bankroll:

By making appropriately small bets on any single game, a bettor diversifies his exposure and thus lessens risk. Thus, it is unwise to make huge wagers on a single race.

A bettor who mismanages his cash is likely to undergo financial hardship, stress, and life difficulties. With diversification, the player is then able to make wagers over the long-term.

This strategy is even more crucial in sports that have multiple players or teams competing in a single event, according to Inside Gambler. In horse racing, the vast majority of Thoroughbreds, even those considered favourites by tipsters, are statistical underdogs. Don’t be a moth attracted to flame.

Remember that it’s a game of variance.

Sports betting involves variance – unpredictable swings in winnings and losses – that can be dominated by short-term variables. By placing small bets, the gambler is able to withstand these short-term swings and losses. No single outcome can cause a dent on his balance, whether positive or negative. You can’t be a long-term punter if you run out of cash.

Sports betting is estimated to be close to a $400 billion industry around the world. If you lose, live to fight another day. There’s no shame in walking away. However, skilled betting gives you the opportunity to make profits over the long run. Punters can learn from the most important principle in investing in the stock market: diversification. There are ups and downs. For punters, the most crucial skill to have in the long-term is the ability to manage one’s bankroll, according to tipping site Inside Gambler..

Never risk more than 2 or 3 percent of your bankroll on a single meeting. That’s because each runner faces a large field of seven to nearly two dozen competitors