If you don't currently track your results and keep records of your wagers it is imperative that you start.

This is important so that you can see wether your wagers are not only hitting at a decent strike rate, but just as important, making you a profit.

What is a good profit?

Well, when looking to other investments, a return of 3% isn't that bad.  You may need a higher return due to expenses though.

Ok, 3% isn't sexy.  Hell, it might not even be worth the effort for you.  Then what you need to do is work on increasing the return.  But first do a little research.

Look at what those huge money grubbing oil companies make annually, as a return percentage.  Not what you thought.  The truth is that large companies from oil to wares make their returns through volume sales.  Their margins are really quite tight.

Check out the average returns in the stock markets.  Aside from the few ipo's that explode (those rare long shots) most have meager growth if any at all.

So you may consider changing the way you look at your strategies with respect to horse racing.

A horse that pays $2.80 to show is offering a return of 40%!  

The rub, you need to have a high enough strike rate to keep that return in that zip code.  50% hits won't cut it unless your returns are greater than 

A horse returning $4.00, whether to win or to show providing it is the wager you are using, is at best a break even at a 50% strike rate.  

Simply put:  The lower the return, the higher the strike rate needs to be.
                  The lower the strike rate, the higher the return needs to be.

With the Breeder's Cup around the corner, I will touch on a few ways that you may be able to increase either your strike rate or your return.  You may have heard of some of these in the past, or maybe they will be new to you.  Regardless, just as in any business, or hobby that can pay for itself, the old adage is true- if you aren't growing, you're dying.

The continued pursuit of knowledge and the understanding of the industry is what will eventually set you apart from the rest of the field.  That knowledge prepares you for what is to come, gives you the confidence to act when the advantage is yours, and understand that at the end of the day you are dealing with flesh and blood.  Not every result will go your way no matter how good they may appear to be.  But that is part of it, that is what makes those opportunities that enable you to succeed become even more precious.  

Until next week, best wishes to all!

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