A fatal practice of novices consists in betting horses in varying rather than in flat amounts suited to the player’s available resources. If this bettor wins a wager, too often he becomes unduly flushed with success and bets more on the next horse which promptly obliges by los ing. Or he may reverse the process. After a loss, and par ticularly after a succession of losses, he may become un duly timid and bet substantially less on the next horse which may win. But the win will do the bettor very little good in recouping prior losses because of the limited amount on the horse. Whether they win or lose money over a period depends primarily upon whether their larger bets win or go down. And that is entirely a matter of chance.
06-16-2008
