How do you define success?

[traynor]

What do you--as a bettor--consider "success" to be? Losing less than usual? Breaking even wagering? Covering the peripheral costs associated with wagering and breaking even wagering? Making a modest profit? If making a profit is the goal, how would you define success in a dollar amount?

Some years ago, Andrew Beyer marked his entry into professional-level wagering at $50,000 profit in a year. James Quinn used a similar baseline in defining a "professional income" as equivalent to earned by other professionals in other fields--academia, business, and so on. At the time, the general figure tossed around was similar to that specified by Beyer--about $50,000 a year profit. How do you define being successful as a bettor?

Given the amount of time and effort required for reasonably serious wagering, it seems that one should expect at least as much return from wagering as an equivalent amount of time performing whatever other work one does would return, plus covering all associated costs. Specifically, multiply the number of hours per month you spend on racing-related activities, multiplied by the hourly rate of your "regular job," plus whatever peripheral costs are involved in racing. That would include data downloads, DRFs, programs, transportation costs to and from the track if you attend races in person, and so on.

[dkithore]

Originally Posted by traynor

What do you--as a bettor--consider "success" to be? Losing less than usual? Breaking even wagering? Covering the peripheral costs associated with wagering and breaking even wagering? Making a modest profit? If making a profit is the goal, how would you define success in a dollar amount?

Some years ago, Andrew Beyer marked his entry into professional-level wagering at $50,000 profit in a year. James Quinn used a similar baseline in defining a "professional income" as equivalent to earned by other professionals in other fields--academia, business, and so on. At the time, the general figure tossed around was similar to that specified by Beyer--about $50,000 a year profit. How do you define being successful as a bettor?

Given the amount of time and effort required for reasonably serious wagering, it seems that one should expect at least as much return from wagering as an equivalent amount of time performing whatever other work one does would return, plus covering all associated costs. Specifically, multiply the number of hours per month you spend on racing-related activities, multiplied by the hourly rate of your "regular job," plus whatever peripheral costs are involved in racing. That would include data downloads, DRFs, programs, transportation costs to and from the track if you attend races in person, and so on.

Horse racing endeavor is a mirror of who I am and want to be. As a committed horse player (not a pro) my goal is to breakeven. Days when I do that, I am satisfied not ecstatic. As a paper and pencil handicapper, I know I can not compete with sharp payers with high tech support. So, I do not delude myself with Andy Beyer dream income. When I solve the puzzle of a race and results are favorable, I feel I was successful. Handicapping is a way of life and the process of doing it right itself defines me not the outcome

[thaskalos]

At the start of every year, I put aside one year's living expenses -- apart from my gambling bankroll -- from which I draw to support my family for the upcoming year. The thought that the year's expenses are paid for in advance is a great comfort to me, during the turbulent times that my betting style puts me through. If, by year's end, my bankroll contains the excess funds to fully replenish my expense account...then I am satisfied. If I do better than that...then I am happy.

I know that this doesn't sound like "success"...but then again...I don't feel particularly "successful".

I feel like a mercenary in a never-ending war...who has survived some battles,
and has cashed some paychecks.

But the war rages on...

[Tom]

Success is meeting your goal, whatever that is.
Might be to net 50K a year, might be to pay for your racing forms.

[traynor]

Originally Posted by thaskalos

At the start of every year, I put aside one year's living expenses -- apart from my gambling bankroll -- from which I draw to support my family for the upcoming year. The thought that the year's expenses are paid for in advance is a great comfort to me, during the turbulent times that my betting style puts me through. If, by year's end, my bankroll contains the excess funds to fully replenish my expense account...then I am satisfied. If I do better than that...then I am happy.

I know that this doesn't sound like "success"...but then again...I don't feel particularly "successful".

I feel like a mercenary in a never-ending war...who has survived some battles,
and has cashed some paychecks.

But the war rages on...

That is a good philosophy. It is even better that you have a source other than wagering from which to set aside the living expenses for the year. Especially given the cyclic nature of "feast or famine" in wagering.

[traynor]

Originally Posted by dkithore

Horse racing endeavor is a mirror of who I am and want to be. As a committed horse player (not a pro) my goal is to breakeven. Days when I do that, I am satisfied not ecstatic. As a paper and pencil handicapper, I know I can not compete with sharp payers with high tech support. So, I do not delude myself with Andy Beyer dream income. When I solve the puzzle of a race and results are favorable, I feel I was successful. Handicapping is a way of life and the process of doing it right itself defines me not the outcome

That is great. For you, the rewards go beyond simple profit or loss.

[therussmeister]

"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

Charles Dickens, David Copperfield

I simply wish to make more than I spend. I have an advantage there because I have neither wife nor kids, and essentially no taste for luxury goods.

[dkithore]

Originally Posted by therussmeister

"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

Charles Dickens, David Copperfield

I really like that quote.

[raybo]

The money I wager on racing is an investment. If I can make more income than what I could leaving the money in another investment vehicle, then I have been successful. My basic expectation is to create supplemental income/savings to my retirement income. I have, hopefully, a few years left on this earth, and have fought the battles of the working man all my life, I just want to do something I am really interested in, and come out well ahead at the end of the year. No, 2 or 3% net profit on my total investment is not worth all the time I invest and I would consider anything around that level a poor return.

But, that's just me, and I know I can do better than most, but that isn't what defines me, or my goals. Satisfaction and pride are better measurements in my mind.

[HUSKER55]

if I make more than what the bank pays then I am happy. I know I know,...doesn't take much.

[Capper Al]

At the end of the year, if my bankroll is larger than what I started with, I call this success. If it happens to be only a few bucks then I was entertained for free. Having fun without losing money is a profit. No matter how small the profit. I do set goals nowadays of doubling my bankroll.

[pondman]

It's for the money. But it's not only about making money, it's what you do with it that makes your life fulfilling. It took me at least 20 years, closer to 30, to put the data behind my gimmicky beliefs and develop my own style. It also took years, and technology, to develop the ability to scan through the DRF mid-week and develop a betting plan for the week. Battling against sheep doesn't take much, a few obscure tidbits, and the ability to stay away from the window until the fruit is right. It doesn't matter as to the type of race you bet. I'll go back on a maiden winner (my #2 play), but that's because I have the numbers at 20 tracks. If you've got the numbers, and an edge on the sheep, then play it. If you don't stay away.

[turninforhome10]

Throwing out some quotes that spell success for me
What's money? A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do.
Bob Dylan
Flaming enthusiasm, backed up by horse sense and persistence, is the quality that most frequently makes for success.
Dale Carnegie
If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with success unexpected in common hours.
Henry David Thoreau
The only place success comes before work is in the dictionary.
Vince Lombardi
Success is peace of mind, which is a direct result of self-satisfaction in knowing you made the effort to become the best of which you are capable.
John Wooden

[turninforhome10]

Originally Posted by turninforhome10

Throwing out some quotes that spell success for me
What's money? A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do.
Bob Dylan
Flaming enthusiasm, backed up by horse sense and persistence, is the quality that most frequently makes for success.
Dale Carnegie
If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with success unexpected in common hours.
Henry David Thoreau
The only place success comes before work is in the dictionary.
Vince Lombardi
Success is peace of mind, which is a direct result of self-satisfaction in knowing you made the effort to become the best of which you are capable.
John Wooden

Success is a steak dinner after eating bologna sandwiches for week.
Turninforhome10

[raybo]

Originally Posted by turninforhome10

Throwing out some quotes that spell success for me
What's money? A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do.
Bob Dylan
Flaming enthusiasm, backed up by horse sense and persistence, is the quality that most frequently makes for success.
Dale Carnegie
If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with success unexpected in common hours.
Henry David Thoreau
The only place success comes before work is in the dictionary.
Vince Lombardi
Success is peace of mind, which is a direct result of self-satisfaction in knowing you made the effort to become the best of which you are capable.
John Wooden

This one says it for me.