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The importance of bankroll management in horse racing cannot be overstated. A bankroll is the amount of money set aside specifically for wagering on horses, separate from living expenses. It's essential to keep this money separate, as it allows for a clear distinction between entertainment and living expenses. A bankroll should be used for horses only, and not for rent, mortgage, or other essential expenses.

To be successful, a long-term approach is necessary. Betting a consistent percentage of the bankroll each time can help ensure a steady profit. The author recommends betting 2-3% of the bankroll per wager, regardless of how much is bet. This approach can help avoid big losses and ensure a sustainable approach to horse racing.

Additionally, having multiple bankrolls for different types of wagers (win, place, show, and exotics) can help manage risk and create a more balanced approach. It's essential to be consistent and patient, as this approach can lead to long-term success.

The author emphasizes the importance of bankroll management and warns against betting more than 2-3% of the bankroll, as this can lead to big losses and even financial ruin. He shares his own experience of sticking to this approach and finding success in the long run. The author encourages others to do the same, as it allows for a healthy and sustainable approach to horse racing.