I had a brilliant education in gambling and it was not through my pocket!
In my early 20's I used to manage betting shops for a national chain and I watched my customers lose their money week after week, here is a little of what I learned:-
1. YOU are NOT smarter than bookmakers.
2. The racing 'tip' you have been given is mostly worthless, you will absolutely NOT get to hear about the best information.
3. There ARE a very few punters who regularly make profit, why on earth do YOU imagine that you are one of these guys?
4. Racing is NOT run for the benefit of punters, never has been, never will be!
5. Legends like Barney Curley and Phil Bull beat the system, if YOU think you are a betting legend then bookies will want to shake your hand and say 'Welcome my boy'!
6. If you want to back horses, do it for fun and small stakes. Be a disciplined each-way thief, look for 'value' in the odds and confine your betting to second or third favourites each-way in non-handicap fields of 8-9 runners where the favourite is a short price. Keep records of your profits/losses, at the end of the year if you are 6%-8% in profit then you have done EXTREMELY well! (Be aware that bookies do not like this type of betting on a regular basis, smallish stakes will keep you under the radar, larger stakes will result in you being invited to bet elsewhere!)
7. Do not have a credit account, it is easier to lose money and if you win on any kind of regular basis, your account WILL be closed!
8. By all means have a bet, but bet for fun and amusement and bet comfortably according to your means.
9. Do NOT increase your stakes in order to chase losses, if you have lost then live with it. Your loss is history and your ego is irrelevant and dangerous.
10. Read the above again.