Even if you find that you have a perceived edge in gambling, it is still hard to make any money.
EVERY bet needs to be recorded, win or lose. You must know your strike rate (s/r) and average win dividend. I am sure not too many people will record all their bets, but it is worth their while if they want to be sucessful. Using these 2 important bits of information, over a large sample, can give some interesting facts. One important peice of information is your expected maximum drawdown. Max drawdown is probably the hardest part of punting to come to terms with!
This is one site that shows your expected drawdown:
home.iprimus.com.au/jfc2000/drawdown.htm
Just keep hitting "Simulate Darwdown" to get different results.
This can be daunting, even when you have found an edge, you still need a large bank to survive the variance!
Cheers,