Horse Players

[jnunan4759]

It was funny a few years ago I got a statement from TVG for tax purposes and I bet $120,000 over the year and made $123,000. My wife went crazy. I think I made $48K and she saw I bet almost 3X that. I had to sit down and have a long talk. My big bet is $10. I can churn $120,000 easily a year. I enjoy it and it's good for racing.

The big problem was explaining to my wife why I bet $120,000. Why didn't I save that ? Well, it was only $10 or $20.

Although I think it's great. In horseracing I can bet hundreds of thousands a year and still have my wife and house. What a world.

However, I have to be good. I can't lose.

In order to do what we all love, we have to be good. All of the people I know, we have lives, we have family. We can't lose. In order to do what we love, we have to do it well.

I hate when people equate a horseplayer as a gambler. Gamblers go broke, horseplayers don't.

[richard burch]

Originally Posted by jnunan4759

It was funny a few years ago I got a statement from TVG for tax purposes and I bet $120,000 over the year and made $123,000. My wife went crazy. I think I made $48K and she saw I bet almost 3X that. I had to sit down and have a long talk. My big bet is $10. I can churn $120,000 easily a year. I enjoy it and it's good for racing.

The big problem was explaining to my wife why I bet $120,000. Why didn't I save that ? Well, it was only $10 or $20.

Although I think it's great. In horseracing I can bet hundreds of thousands a year and still have my wife and house. What a world.

However, I have to be good. I can't lose.

In order to do what we all love, we have to be good. All of the people I know, we have lives, we have family. We can't lose. In order to do what we love, we have to do it well.

I hate when people equate a horseplayer as a gambler. Gamblers go broke, horseplayers don't.

Whats the ROI on that?

[10 pnt move up]

Originally Posted by richard burch

Whats the ROI on that?

123000/120000=roi

given the track take thats pretty good betting. In the old days that would be a much higher profit.

[richard burch]

Originally Posted by 10 pnt move up

123000/120000=roi

given the track take thats pretty good betting. In the old days that would be a much higher profit.

According to my calculator that is $1,025.00.


Just to be clear :wagered $120,000 and made $1,025 in profit, which is less than 1%. Is that correct?

[Indian Charlie]

Originally Posted by richard burch

According to my calculator that is $1,025.00.


Just to be clear :wagered $120,000 and made $1,025 in profit, which is less than 1%. Is that correct?

I think you need a new calculator.

[Rupert Pupkin]

Originally Posted by richard burch

Whats the ROI on that?

That would be 2.5% which is very good. If you are making hundreds of bets a year and you have a positive ROI you are doing well, considering the take is at least 16%. That means he made at least 18.5% without the take.

If someone who knows nothing about horseracing heard that a guy made 2.5% for the year on his total bets, they would not realize how good that is. As Junanan said, if you stick $5,000 in a racing account, you could probably end up betting at least $100,000 for the year. So if you bet $100,000 over the course of a year and you made 2.5% ($2,500), in reality you really made 50% on your money, since you only put $5,000 in your account.

In addition, if you are a big bettor and live in a state that allows rebates, you can make plenty of money breaking even. I know a group that bets over $100 million a year. They break even but they get a 10% rebate. You can do the math on that.

[richard burch]

Originally Posted by Rupert Pupkin

That would be 2.5% which is very good. If you are making hundreds of bets a year and you have a positive ROI you are doing well, considering the take is at least 16%. That means he made at least 18.5% without the take.

If someone who knows nothing about horseracing heard that a guy made 2.5% for the year on his total bets, they would not realize how good that is. As Junanan said, if you stick $5,000 in a racing account, you could probably end up betting at least $100,000 for the year. So if you bet $100,000 over the course of a year and you made 2.5% ($2,500), in reality you really made 50% on your money, since you only put $5,000 in your account.

In addition, if you are a big bettor and live in a state that allows rebates, you can make plenty of money breaking even. I know a group that bets over $100 million a year. They break even but they get a 10% rebate. You can do the math on that.

Thank you for the detailed and informative response. It's clearer now.

[richard burch]

Originally Posted by Indian Charlie

I think you need a new calculator.

Nope! Tried 2 more and it always equals 1,025.

[Port Conway Lane]

Originally Posted by richard burch

Nope! Tried 2 more and it always equals 1,025.

What does your calculator come up with when you subtract $120,000 from $123,000?

[Rupert Pupkin]

Originally Posted by richard burch

Nope! Tried 2 more and it always equals 1,025.

He said he bet $120,000 and ended up with $123,000. So he made $3,000. To
figure out his ROI is pretty simple. What percentage of $120,000 is $3,000? It is exactly 2.5%.

[Indian Charlie]

Originally Posted by richard burch

Nope! Tried 2 more and it always equals 1,025.

123000 divided by 120000 cannot possibly be over 1000. Your calculators are messed up

[Indian Charlie]

Maybe your calculatrs use commas for decimal points, which would make total sense.

[10 pnt move up]

The roi is 1.025 for every dollar bet as we standard see it on the Form for trainer stats, thats why I said to do it that way.

[Rupert Pupkin]

Originally Posted by 10 pnt move up

The roi is 1.025 for every dollar bet as we standard see it on the Form for trainer stats, thats why I said to do it that way.

Where are you coming up with that? He bet $120,000 and he got back $123,000. He made a $3,000 profit from his $120,000 bet. His ROI is 2.5%. It's not that complicated.

[jms62]

Originally Posted by Rupert Pupkin

Where are you coming up with that? He bet $120,000 and he got back $123,000. He made a $3,000 profit from his $120,000 bet. His ROI is 2.5%. It's not that complicated.

Isn't 1.025 per $1 bet 2.5%

[Rupert Pupkin]

Originally Posted by jms62

Isn't 1.025 per $1 bet 2.5%

Yes, you guys are right.

[Rupert Pupkin]

Originally Posted by 10 pnt move up

The roi is 1.025 for every dollar bet as we standard see it on the Form for trainer stats, thats why I said to do it that way.

My apologies. You are correct.

[10 pnt move up]

Originally Posted by Rupert Pupkin

My apologies. You are correct.

No problem, I was just trying to relate it to what people see in the form with trainer stats (*though they do use a $2 increment for a break even).

[Rupert Pupkin]

Originally Posted by 10 pnt move up

No problem, I was just trying to relate it to what people see in the form with trainer stats (*though they do use a $2 increment for a break even).

Yes, that is tight. If this was DRF, it would show a $2.05 return for $2.00, which would be a 2.5% ROI.

[richard burch]

Boy thats a lot of money and wagering / risk for 2.5%. Better to bet 120,000 on one race, bridge jump and take the 5%.