But if a horseplayer wants to be successful at Saratoga, or anywhere for that matter, he must be prepared to lose.

No, I have not yet lost my mind. There’s nothing wrong with your bifocals, nor is this some form of handicapping heresy. Instead, think of it as a variation on a theme, that “scared money never wins.”

A winning day at Saratoga is special. Because of the level of competition, between not only the best horses but among successful handicappers as well, there is more at stake here than money. Bragging rights may seem an inconsequential byproduct of ego but winning horseplayers beg to differ.

Everyone wants to win here. Indeed, there are many who need to win at Saratoga. Trainers know that winning one race for a particular owner is like winning three anywhere else. If an owner spent mega-six figures or mini-seven figures on a yearling or a 2-year-old that can really run, he wants to show him off here while the whole racing world watches.

If you’re a horseplayer, you want to be see and be seen at the best restaurants in town. “Hey, there’s a table full of jockeys right over there. Look, isn’t that the owner and trainer of the Big Horse?” Winning here gives horseplayers a sense of belonging, knowing he’s “made it” in an arcane world where science often finishes a close second to art.

Aside from enjoying the races and toney restaurants, from the morning workouts to the nightlife, the place is pressure packed for five hours every afternoon except Tuesdays. And you would ruin all this for me, Mr. Column Man, by telling me I must be prepared to lose?

Yes, and not only in Saratoga, but at any racetrack or simulcast facility in the country.

If you’re visiting Saratoga for the season and not for a reason, read no further. But if you believe you have what it takes to be a winning bettor, consider:

Focus on money management
Horseplayers spend about 90 percent of their time handicapping and the other 10 percent on wagering. Not that this proportion should be reversed but there is a disconnect here. Good handicapping won’t overcome poor money management in the long term. But good money management and a template suited to a bettor’s individual wagering style and comfort zone will consistently make winners of middling handicappers.

Horseplayers need not wager serious money to be serious horseplayers. For them, nothing less than winning consistently over time will do. More important than short-term money won is the confidence one gains from proven betting technique. Confidence yields good decision making; lack of confidence obscures the handicapping puzzle. Nothing depletes bankrolls quicker than lack of confidence.

Horseplayers know that the handicapping process is more data driven than a baseball fan’s rotisserie league. The information age and technological advances have not escaped the radar of winning horseplayers and data providers. Many websites, including this one, provide information that can make horseplayers consistent winners. Deciphering that data is what is at issue.

A winning day at the races can be in the mind of the beholder. Horseplayers count their bankrolls at day’s end and if it’s larger than it was when they started then they are winners, obviously. But the winning horseplayer can gain confidence even on days when his bankroll shrinks.

A discerning player might break even on a particular day or perhaps even lose a few dollars. But if he consistently put himself in a position to win big, and made the right plays, he’ll not lose confidence, his betting equilibrium. By putting the odds in his favor consistently, he knows it’s a matter of time before his bankroll grows significantly. He knows this doesn’t happen overnight.

Value is misunderstood term
If a horseplayer wants to number himself among the 2 percent that win consistently, he must have the conviction to make the right wager, not necessarily bet on the horse he deems the most likely winner. There are myriad ways to lose but generally one way to win. Winning horseplayers know the game is about price, not about horse.

Value is perhaps the most overused and least understood term in the modern player’s lexicon. Every handicapping hack that hangs out a shingle thinks that if a 3-1 shot goes off at 5-1 that a bet on that horse represents value. It is only value if you assess that horse would win 25 of every 100 times that particular race is run.

If the above example were valid, then a tad less than 4-1 odds would represent value. True value players should demand 20 percent more than what he believes are a horse’s true win odds. This type of overlay at least compensates for a nationally blended pari-mutuel takeout of about 20 percent. Takeout is immutable, a silent killer of bankrolls. Play any game where the pot is cut every time and it’s only a matter of time before your bankroll is eliminated.

Winning consistently at the races is an activity requiring basic handicapping skills, a dedicated work ethic, common sense, and an appreciation of the odds. Indeed, there may be more to successful betting than simply picking winners, but rocket science it is not.

Before attacking any raceday seriously, especially at Saratoga, I utilize a five-step process involving data from Daily Racing Form, Brisnet information services, Thoro-Graph performance ratings, and Equiform’s XTRAs. Because of its incorporation of pace figures, the XTRAs have taken performance ratings to the next level.

The fifth step and most significant step is the use of a proprietary price line developed by Cary Fotias and the egg-heads of Equiform. Fotias is among the professional bettors featured in the recently well-reviewed handicapping tome, “Six Secrets of Successful Bettors.”