Hey beermoneyukers!
After years working in my 9-5 job as a website developer for a large corporation I decided I could not face selling my soul any longer lols and packed in my job.
Since then, I had a stint working as a freelancer whilst also making a healthy side income via matched betting. And over the past 9 months I’ve been building a website that teaches people how to do the same.
There are a lot of websites out there that teach matched betting, but most require a monthly subscription and most have long articles that can be a bit dry and hard to follow.
So instead, I built a website,
Team Profit, that:
Is
completely free Uses
animated video guides to teach people (
link)
Has infographics to accompany all video guides
Provides step by step guides for 25+ bookmaker offer which will
make you £600+ risk free (
link)
I have amended the video script over 50 times to try to make it as concise and helpful as possible, hopefully they are a good watch!
Any feedback on the videos, guides, blog or anything else, please let me know, I spend every day adding new content and improving existing content.
If you are thinking of learning matched betting and making £600+ risk free, please check it out! www.teamprofit.com MEGA FAQs GUIDE TO MATCHED BETTING The video guides I posted above will teach you everything about matched betting.
However, I figure no harm in me writing down everything I know about matched betting in an FAQ style layout. Hopefully this will be useful to you.
I have tried to answer every question as concise as possible / no rambling :D
I have split the FAQs into the following sections:
INTRODUCTION 1) What exactly is matched betting and how I do make money risk free?
2) How popular is matched betting?
3) Does it involve gambling?
4) How much money will I need to start?
5) How much time will it take me to learn matched betting?
OFFERS & YOUR PROFIT 1) How much money can I make matched betting from the welcome offers (new customer only)?
2) How much is a free bet worth in actual cash profit?
3) After I have finished the Welcome Offers, how much money can I make matched betting each month from Daily Offers (existing customer offers)?
4) What type of Daily Offers are available?
BOOKMAKERS AND BETTING EXCHANGES 1) Which bookmakers have the best welcome offers?
2) Which bookmakers have the best offers for existing customers?
3) What is mug betting?
4) What is a betting exchange?
5) How do we use a betting exchange?
ADDRESSING COMMON CONCERNS 1) How sustainable is matched betting?
2) Will it impact my credit rating?
3) Do the bookmakers have terms to stop customers from withdrawing?
4) Do I need to know about sports?
WHICH WEBSITES TEACH MATCHED BETTING - YOUR OPTIONS 1) Where can you learn matched betting?
ADDITIONAL FAQS 1) Depositing and withdrawing
2) Sending identification documents
Any questions that haven’t been answered please add a comment and I’ll add the FAQ and answer.
INTRODUCTION 1) What exactly is matched betting and how I do make money risk free? There are more than 25 online bookmakers in the UK. In order to attract new customers, they each offer free bets, known as ‘Welcome Offers’.
In total they offer over £800 in free bets to new customers.
In order to receive the free bet, bookmakers require you to place your first bet. An example offer is ‘Bet £5, Get £20 free bet’.
The risk is that you could lose both the £5 bet (your own cash) and the £20 free bet.
By using a technique called matched betting, we remove this risk.
This is because we match our first £5 bet on the bookmaker with a £5 bet on a betting exchange on the opposite outcome (this is known as a ‘lay bet’).
For example, we bet £5 on Man Utd to win on the bookmaker, and £5 on Man Utd not to win on the betting exchange.
As we have now bet on all outcomes, regardless of whether Man Utd win, draw or lose, we will neither win nor lose money. However, we have received the £20 free bet!
With the £20 free bet, we can now repeat this process by betting on say Liverpool to win on the bookmaker and Liverpool not to win.
This time, because we are using a £20 free bet but our winnings are paid out in cash, we will always make a profit.
We repeat this process for 25+ bookmakers, one by one. In total we can convert the £800+ in free bets to over £600+ in actual cash profit, in very little time at all.
2) How popular is matched betting? Matched betting isn’t new and has been around since at least 2005.
However, it is only since 2015 that it has really increased in popularity due to the rise of websites teaching matched betting. You can see this trend here:
Google Trends Link By looking at the various matched betting sites popularity, a reasonable estimate is at least 25,000 people in the UK are matched betters. You can see a review of sites that teach matched betting in the ‘Which websites teach matched betting?’ section below.
3) Does it involving gambling? This is the most common assumption with matched betting. You’d be forgiven for thinking that it did involve gambling simply because the name ‘matched betting’ would suggest it did.
However, matched betting does not involve gambling, you will never be risking a penny.
Because we are always covering the opposite outcome occurring, there is never any risk we will lose money. Furthermore, we still receive the free bets which we will where we make our profit.
The profitability and risk free nature of matched betting has been reviewed in the
Daily Telegraph and the
Guardian 4) How much will I need to start? You can start with as little as you want, however the lowest I would recommend starting with would be £25.
With £25, you can start your first bookmaker welcome offer and make a deposit into your first betting exchange, meaning you can start making a profit.
For more details, see this
Starting with £25 guide.
The downside, with only £25 you are restricted by having to wait for withdrawals before you can move onto the next offer.
Therefore, I would say an optimal amount to have available for your cash flow would be in the region of £200 as this allows you to complete multiple welcome offers simultaneously.
5) How long will it take me to learn matched betting? To learn the principles of matched betting, it will take up to 20 minutes.
To become familiar with completing your first offer, I would set aside another 30-60 minutes so you can take your time and ensure you are completing it correctly.
For example, the
video guides on Team Profit last a total of 21 minutes (8 minutes for the explainers videos and 13 minutes to watch the step-by-step real time example). Although they last just 21 minutes, some users watch certain parts of the video again to become comfortable with the process.
It is very much recommended to avoid trying to learn matched betting by yourself. There are thousands of experienced matched betters who can help you. For more details on this, see the ‘Which Websites Teach Matched Betting’ section.
If you need any help anytime, please do comment in this Reddit thread and I’ll help you out.
OFFERS 1)How much money can I make matched betting from the welcome offers (new customer only)? From the welcome offer, you can make approximately £1,000 cash profit.
There are 25+ bookmaker offers available on sports for at least £600 profit. These are relatively straightforward offers and good value in terms of time to complete. It would take around 12 hours to complete these offers, which works around £40 / hour tax free. You can complete them over any time period you like.
There are at least another 5 bookmaker offers, such as Bet365 and BetVictor, though these require more time, you could make around £100 to £200. They require more time because the bookmaker requires you to bet many more times before you can withdraw.
Plus 20+ offers across casino and bingo, though some are not risk free and typically take more time to complete, but you should be able to make at least £200 profit from these offers.
So overall, there is an easy £600 profit risk free, then up to another £400 if it’s worth your time to do them.
2) How much is a free bet worth in actual cash profit? A £10 free bet is worth between £5 to £8 in actual cash profit.
The reason for the range is because the higher odds you choose for your free bet, the more actual cash profit you will make.
For example, if you bet on a football team with odds of 2.0, the £10 free bet will convert to around £5 cash profit. Whereas if you bet on a football team that is unlikely to win, with odds of say 6.0, the £10 free bet will convert to around £8 cash profit.
Note though, the higher odds you choose, the more you will need in your betting exchange account in case the bet wins. For a detailed explanation with examples, read this
free bet profit article.
3) After I have finished the Welcome Offers, how much money can I make matched betting each month (from existing customer offers)? Anywhere from £100 to £1,000+ per month.
Bookmakers continue to run free bet offers to retain their customers, I refer to these as Daily Offers.
Daily Offers are typically less valuable than the welcome offers but still worth completing.
For example, rather than ‘Bet £5 Get £20’ that they offer to new customers, they may instead run ‘Bet £20 Get £10’ and on a particular football match.
I would say for people with a day job, aiming for between £300 to £500 a month is realistic. In terms of time required, for every hour you spend, you should make around £30 tax free.
So to make £300 a month, expect to spend around 2-3 hours a week. I’d say to earn more than this, you will likely need to accept a lower hourly rate and do some of the low value offers too.
If you are looking to make £1,000+, I’d expect you would have to be near full time and also be fortunate to keep your enough of your bookmaker accounts open for 12+ month period (what is mugging bet FAQ below).
4) What type of offers are available for existing customers? Easy offers: The most common easy offer on football matches is Bet £20 Get £10 free bet. Many bookmakers run this offer, though it will usually be on a particular football match.
The most common easy offer on horse racing is usually on SkyBet, who will run simple offers such as ‘Get £25 free bet if your horse comes 2nd or 3rd’.
There are also easy casino offers, such as ‘£5 risk free’, where you spin on slots and hope to win, if you don’t they’ll refund up to £5 of losses.
These offers can make you up to £300 per month (or £500 on a good month with European football) and are easy for those with a day job.
Harder offers: If you are looking to make more than £300 to £500 a month, then you will need to spend time on Saturday’s completing horse racing offers on Channel 4 racing and during the week too, though Saturday’s are the most profitable.
Plus you will need to do more advanced offers such as football accumulator refunds, each way offers, though I will leave these aside given they could have their own separate thread :p
If you’d like to understand where you can learn more about these offers, see ‘Which sites teach matched betting?’ FAQ below.
BOOKMAKERS AND BETTING EXCHANGE 1) Which bookmakers have the best welcome offers? There are 3 formats of bookmakers welcome offers.
‘Bet £X Get £Y free bet’ - these are the most straightforward. Simply place your first bet and receive a free bet.
This format of welcome offer, ranging from Bet £5 Get £20 to Bet £50 Get £50, is available on Coral, SkyBet, BetBright, Betfred, Paddy Power, BetStars, William Hill, Stan James, Betway, Ladbrokes, TitanBet, 32Red and MarathonBet.
‘Refunds’ (also known as Risk Free offers) - these are similar to Bet £X Get £Y free bet. The only difference is you only receive your free bet if your first bet loses, hence I refer to these offers are refund offers.
This format of welcome offer is, ranging from £10 to £50 refunds, is available on Bwin, Dafabet, UniBet, Totesport, 188Bet, SuperLenny, Genting and 888Sport.
‘Multi Bets’ - these welcome offers require multiple bets to be placed before receiving your reward. It can take form of a bonus which requires to bet £X amount until you can withdraw any winnings, or the form of a cash reward once you have bet £X amount.
This format of welcome offer is available on Bet365, BetVictor and some other bookmakers, however they often require such a large amount of betting that I haven’t included them in this list.
The quickest to complete are the Bet £X Get £Y due to their simplicity, then the next best are the ‘Refunds’ offers.
The Multi Bet offers can be very valuable (e.g. Bet£365’s offer is worth over £150 profit risk free) but can also require much larger deposits in order to place the bookmaker bets and lay these bets in your Exchange.
For details of each bookmaker offer, see this
Welcome Offer List & Guides 2) Which bookmakers have the best offers for existing customers? Bookmakers vary in their level of generosity to existing customers. This is a little subjective, but in my opinion, this is the ranking of bookmakers for existing customers:
Best: Bet365 Bet365 run a £50 Risk Free offer most months (sometimes twice a month during popular football months) which is worth £35. It is very quick to complete (less than 10 minutes) so for £35 to £70, or around £500 a year, it is a great offer.
Plus they have one of the best horse racing offers, up to a £50 risk free bet if your pick a winning horse with high odds. This is a profitable offer worth around £20-£30 a week, or up to £1,000 to £1,500 a year.
Second Best: SkyBet SkyBet run regular £5 to £25 free bet offers on horse racing and football, plus regular £5 risk free offers in SkyVegas.
Third & Fourth Best: Coral and Paddy Power Both these sites run regular horse racing, price boosts and football offers (Bet £20 Get £10 in particular), at least £20 to to be made on every week from these two sites.
Good: William Hill, Ladbrokes, BetStars, Stan James, Betway, Bwin, Betfred, Totesport, 188Bet, 888, BetVictor All these bookmakers run offer(s) each week so it’s worth ensuring you have completed the welcome offer for each of these sites so you can take advantage of their daily offers for existing customers.
3) What is mug betting? If you are only ever betting when you receive an offer, the bookmaker will no longer allow your account to receive free bet offers (this is known as being ‘gubbed’).
To get around this, you should place ‘mug’ bets. ‘Mug’ bets are simply bets that a ‘mug’ punter would place. Mug bets include £1 accumulators (betting on several teams to win) and betting on favourites without an offer.
Most advice suggests that for every offer you receive, you should place 2-3 mug bets.
If you are gubbed, it does kinda suck when you receive the email, as you can no longer profit from the bookmaker’s offers.
It is also becoming increasingly common as bookmakers are noticing more suspected matched bettors, due to its increasing popularity. My advice is to make money whilst you can and take sensible precautions to try to keep your account active.
For more details, see this
Mug Betting article 4) What is a betting exchange? A betting exchange is a marketplace for customers to bet between each other on the outcome of particular events. This differs from a traditional bookmaker because an exchange also gives you the ability to be the bookmaker yourself and take bets from other exchange users.
Standard bookmakers generate profit by offering odds that are in their favour. Betting exchanges explained in terms of how they generate revenue is they charge a commission on any winnings a player receives.
The two market leading betting exchanges are, Betfair and Smarkets.
For more details,
Betting Exchanges Comparison.
5) How we use betting exchanges? When matched betting, a betting exchange is used to place our lay bets (the opposite bet to our trigger bet). So when we place the trigger bet with the bookmaker on one outcome to release the initial free bet, we must also cover the opposite outcome so that if the bookmaker bet does lose we still win on the lay bet - making it risk free!
Similarly when we are placing the free bet bet with the bookmaker we then lay off that bet using the exchange and because we’re using a free bet but being paid out in cash, this is how we turn free bets into withdrawable cash.
We only ever use betting exchanges for lay bets.
ADDRESSING COMMON CONCERNS 1) How sustainable is matched betting? Matched betting over the past 6-9 months has become harder. Most bookmakers have realised they are thousands of matched betters taking advantage of their offers and so have either reduced the generosity of their offers or have made the daily offers more complicated.
However, there is still intense competition between the bookmakers, meaning they will always run special offers to an extent.
By spending a few hours a week, you can still make £300 to £500 a month, whereas in past year(s) this figure could have been £500 to £800.
The biggest issue matched betters face is being
‘gubbed’. As explained in the mug betting FAQ, this is when a bookmaker restricts you from receiving free bets and bonuses.
There are various theories as to how a particular bookmaker decides to to gub a customer. Reasons include taking up too many offers, winning a high % of bets, withdrawing regularly, placing bets far in advance or at irregular times.
The truth is nobody really knows precisely why people gubbed. However, you can expect to get gubbed at some point from a particular bookmaker, it may be 2 months, it may be 2 years, it is hard to know.
I really think though that everyone can make up to £1,000 from the Welcome Offers and at least £300 to £500 a month without any problems. I think the issues comes when you are making £1,000+ every month which sooner or later bookmakers will catch up that you are taking up a lot of offers.
Having said this, some people say they have been making £1,000+ every month for years, so maybe it is possible if you are using a wide variety of bookmakers and consistently placing mug bets.
2) Will it impact my credit rating? Having betting activity on your bank statement does not impact your credit rating.
The only thing to be wary of when making betting deposits and withdrawals is that it can affect your application for a mortgage. So if you’re planning on applying for a mortgage in the near future then I’d recommend using a separate bank account to that which you’ll be applying for the mortgage with.
3) Do the bookmakers have terms to stop customers from withdrawing? The vast majority of welcome offers do not have any withdrawal restrictions.
A handful of welcome offers do but this will be state in the terms and conditions. It is much easier though to use a matched betting website as they will clearly highlight the key terms of each offer (see ‘Which websites teach matched betting’ section below).
Casino offers will almost always have withdrawal restrictions, however for the matched betting welcome offers we are focusing on sports betting.
4) Do I need to know about sports? Not at all! You do not need a sports background or have any sort of betting knowledge, many matched betters do not know anything about sport or betting before learning matched betting.
You may learn matched betting a little faster if you have sports betting experience but it really isn't important at all.
WHICH WEBSITE TEACH MATCHED BETTING - YOUR OPTIONS There are 30+ websites that three key stages to matched betting:
Stage 1) Learning matched betting Stage 2) Completing the Welcome Offers (for new customers) Stage 3) Profiting in the long term from Daily Offers (for existing customers) Below I have tried to cover the main sites that will help you with each of these stages.
In summary, I may be biased :p but I think the: Stage 1) and Stage 2) best approach is to use TeamProfit.com Stage 3) Join a paid membership site, either OddsMonkey.com, ProfitAccumulator.co.uk or ProfitMaximiser.co.uk to continue to make money from the Daily Offers. FREE SITES: TeamProfit.com (link) I really believe Team Profit is the best site to learn matched betting and complete the welcome offers, but compare us to the other sites and see what you think!
Learn matched betting with animated videos
(link) 25+ Welcome Offers using the step by step guides
(link) A free Facebook group to provide help to you anytime you need
(link).
MoneySavingExpert.com (link) The
advantage of MoneySavingExpert is the sheer volume of content, covering all aspects of matched betting.
The
disadvantage of MoneySavingExpert it is not well structured as it is just one forum with a long lists of posts so it takes quite a while to find relevant threads and miss key information.
MatchedBettingBlog.com (link) The
advantage of MatchedBettingBlog is the clear layout of the daily offers posted each day for with step by step instructions. It’s a good site to check to avoid missing the best and easier daily offers. The forum community also helps to post additional offers on top of those listed on the homepage, and also provides general advice on completing daily offers.
The
disadvantage of MatchedBettingBlog is it is relatively limited in terms of teaching matched betting and does not provide a clear list of welcome offers. Also, for those looking to make £500+ every month, it doesn’t provide any software to help with the more advanced types of matched betting with daily offers, such as horse racing refunds and accumulator refunds, that the paid member sites offer.
Additional free matched betting sites include:
Matchedbettingfree.co.uk
(link) (Reddit thread link) Freebets4all.com
(link) PAID SITES: Paid sites usually charge £15 to £25 a month.
In return, they will teach matched betting, provide list of welcome offers and provide daily offers too. Additionally, most paid sites will also provide software that helps to make you more money plus save you time.
OddsMonkey.com (
link |
non)
OddsMonkey charge £15 per month or £150 per year.
They are the most well known provider of matched betting software. Earlier this year, they added the full range of matched betting services, so now they provide all of the below:
Tutorial articles
Welcome offer step by step guides
Daily offers calendar
Software: OddsMatcher, Horse Racing Refunds, Tennis Refunds, range of calculators and spreadsheet
Forum
The
advantage of OddsMonkey is the exceptional value. They have the best range of software and tools for matched betters to maximise their profits, are consistently bringing up new tools at no added cost. At only £15 per month it is one of the best options to consider.
The only
disadvantage is the forum is not as busy as the next two options, ProfitAccumulator and Profit Maximiser. Though the forum is still a sufficiently active to ensure any questions have you are answered quickly.
Profit Accumulator (
Link - Chazmer87's I don't have one |
non)
Profit Accumulator charge £23 per month or £150 per year
Profit Accumulator helped to bring matched betting to the main stream with a highly active community. There are clear similarities between OddsMonkey and Profit Accumulator in terms of their high standard of software and offers.
The
advantage of Profit Accumulator is their very active community. There is a great deal of advice in virtually every aspect of matched betting and the information is all well structured. Plus they have a very good offers coverage.
The only
disadvantage to Profit Accumulator is the higher cost. The membership itself is £23 per month, plus their version of the Horse Racing Refunds software is £10 per month, or £115 a year. So in total you are paying £33 per month versus OddsMonkey’s £15 per month.
Profit Maximiser (
Link |
non)
Profit Maximiser is run by the original matched betting guru Mike Cruickshank.
Mike has been building software for matched betters for many years and has a very active Facebook Group.
Each piece of software is sold separately, I believe the below is accurate, each have their own £1 free trials:
Bonus Bagging £27 plus VAT - provides a list of all welcome offers and teaching (
Link |
non)
Profit Maximiser £97 plus VAT - provides all daily offers (
Link |
non)
Each Way Sniper £47 plus VAT - provides a horse racing betting system (
Link)
Accumulator Generator £149 plus VAT - provides a football betting system (
Link)
I believe Mike may have a couple more tools, if so I’ll edit this post if you could please comment / send me a message.
The
advantage of Mike’s products is that there is no monthly recurring fee, so if you intend to do this for many months, it may work out profitable to do so. Plus from what I understand their Facebook Group finds some lucrative casino loophole offers faster than other matched betting providers.
The
disadvantage of Mike’s products is that you have to buy each product separately rather than having it all within one simple account. Additionally, the total cost if you were to buy all 4 above listed products is £320 + VAT (total cost £384) whereas you could receive all these tools for £15 per month from Oddsmonkey. Having said that, Mike’s products do come with a £1 free trial, just be careful to cancel before the trial ends if you don’t want to continue.
Additional free matched betting sites include: Yes Bets
link Pure Profit
link ADDITIONAL 1) Depositing and withdrawing To ensure you qualify for the Welcome Offer, use a bank card to deposit into your newly set up bookmaker account. Most sites will allow Paypal too though check the terms and conditions.
If you use Skrill or Neteller, typically you will not qualify for the Welcome Offer (bookmakers have this rule to prevent fraud) but you can check the terms and conditions.
Withdrawing is easy, you should receive your funds within 1-3 working days depending on the bookmaker.
2) Sending identification documents Occasionally, bookmakers may require to send in identification documents (passport or drivers licence for example) and a copy of your bank card. This is to prevent fraud. This usually happens if you are not listed on the Electoral Roll or there is a difference between your home address and billing address. Simply take a photo of the documents they ask for and email them back.
THAT COMPLETES THE MEGA FAQ GUIDE TO MATCHED BETTING! If you have any questions, comments or suggestions, please do post a comment thanks! I get asked a lot for ‘tips’ from people. What do you like TODAY, what do you think about X’s chances? My answer is pretty much always the same but ultimately is “You need to think LONG term and develop a strategy“.
Most shrug and move on (hint: that’s usually the 95% of bettors that lose money over time) when I give the initial answer about developing a strategy but those are the ones who will consistently struggle with their betting as it involves effort that few are willing to put in, and there are few shortcuts. Other people work hard at it and those are the ones who give themselves the best chance of being successful with their betting, winning and showing good profits in the long run.
Personally, I have made £150,000 clear profit since the 2010 flat season so ‘on average’ around £26,000 per year which I am both happy with and proud of because making long-term profits through horse racing is a very hard thing to achieve. There can be losing spells which can be tough to deal with psychologically but is very much about adapting a winning mindset and a belief in your methods.
Now don’t get me wrong, I lost for many years but I learned a tremendous amount from those days which have made me the profitable value investor I am today. I’ve listed some of the key tips to profitable betting below, there are plenty more but if you don’t have a grasp on these 7 I suspect you will always struggle to get any kind of decent return from betting.
1) DON’T BE A LAZY GAMBLER "Laziness travels so slowly that poverty soon overtakes him – Benjamin Franklin"
So many punters I know bet ‘on gut’, follow favourites or tipsters blindly or just try to make decisions based on summaries in the Racing Press or online but there is a reason why some ‘professional gamblers’ resort to punditry on TV and a reason why these ‘experts’ are working for media companies. It’s mainly because they talk a good talk or have had success in the past before the market wised up to them. A lot of punters also just don’t learn or adapt with the times, which you have to do on a regular basis. Many gamblers looked up to the big-betting exploits of Harry Findlay but has anyone heard from him lately? Last I heard he had filed for bankruptcy back in 2012. You need to stop being so lazy and start using your time more effectively to understand your own betting and formulate your own choices.
2) SPECIALISE AND FOCUS "If you chase two rabbits…you will not catch either one – Russian Proverb"
There is a LOT of racing out there, more than there has ever been. My general advice to punters is to specialise and focus. I personally look at Class1/2 handicaps at the big meetings for my main bets but also look at Group races. Occasionally I will look at good Class 3 contests if I believe there is value. I will avoid maidens, novices, sellers, claimers, hunter chases, 2yo contests, fillies’ only contests and a few more that I consider to be ‘volatile’. This means I can focus on just a few races each weekend or at the main festivals and be more selective. So don’t overload yourself, find a race type you are good at or enjoy and learn everything you can about it.
3) DON’T BE AN ACTION JUNKIE "Any kind of novelty or excitement drives up dopamine in the brain, and dopamine is associated with romantic love – Helen Fisher"
There should be no such thing as a ‘fun’ bet – the only fun bet is one that wins you a heap of cash. Don’t bet for an ‘interest’ in a race or a football match just because your team is playing. It’s one of the biggest problems punters get into trying to win every race or over-betting for the dopamine release into your brain. Like being a junkie, it’s a short-term rush and the longer-term results are an emptier betting bank and a feeling of deflation so ignore these Twitter Tipsters that are so prevalent nowadays asking you to ‘post your slip’ or bet for Yankees, Lucky-15’s every day. Ask whether they bet all these ‘tips’ they give out, there is a reason why they don’t record their results and plug affiliate links constantly, they basically want you to lose so they earn 33% commission off your cumulative losses. It’s difficult enough to find one winner let alone 4 and the bookies will always welcome your custom. One way to really tell if you are a losing action junkie is whether you still actually have a betting account that accepts your bets.
4) RECORD YOUR BETS – ALL OF THEM! "We all make mistakes, have struggles, and even regret things in our past. But you are not your mistakes, you are not your struggles, and you are here NOW with the power to shape your day and your future – Steve Maraboli"
It’s vital to your long-term success to record ALL your bets, all of them and every possible detail you can about them, whether the horse was a favourite, the odds, the race type, the trainer, the jockey etc. etc. The reason why is that patterns in your betting reveal themselves over time. You will see the type of bets you are not so good at, whether you bet the same trainer or jockey regardless of the horses chances, whether you are rubbish at 2yo maiden races (like me!) and just really where your focus should be. This allows you to plug the leaks in your betting and develop a much better strategy as mentioned in Step 2 and also falls in with Step 1 of not being lazy. The effort you put into recording your bets is well worth it and one of the main reasons I managed to turn my betting around to maximize my yield. Record your results and analyse them closely.
5) THINK AND PLAN LONG TERM "Someone’s sitting in the shade today because someone planted a tree a long time ago – Warren Buffett"
Most punters are looking for a quick-fix, have a closed mind, are lazy and want ‘tips’ spoon-fed to them but the main issue is that they have a very short-term mindset. I can pretty much tell which type of bettor someone will be within my first few interactions with them. If they have a run of bad results over a week or even a month then they will look to blame anyone but themselves instead of adapting the long-term mindset and the ability to examine their results which comes back to the previous step. What is long-term? Well some might consider it a few weeks, some a few months, some a season, very few consider a year or 3+ years but that is how it should be viewed. When you go for a job interview, unless you are a contractor, you don’t ask how much the weekly or monthly salary is…you are interested in the annual wage and that is how you should view your betting AT LEAST over a year.
6) SEEK THE VALUE "All intelligent investing is value investing – to acquire more than you are paying for. Investing is where you find a few great companies and then sit on your ass – Charlie Munger"
This should probably go to number 1 to be honest but value means different things to different people. I make my own oddsline so I can see value in EVERY single race thanks to the automatically generated odds-lines for each race. Does that mean you should bet every single one? Well, no…that is where the ‘Specialise and Focus’ step comes in but if you are not backing horses at bigger odds than the market estimates their chances then you will really struggle to make a long-term profit. You could back a horse at 6/4 that should be 5/4, that is value but I would rather back a horse at 20/1 that should be 10/1. There may be longer losing runs but the payoff for me is far better. Of course this depends on how good you are at selecting long-odds shots but on Betfair you can get some crazily overpriced top-rated horses who pay 50/1 instead of the 33/1 SP for example. So don’t look for winners of races, look for overlays within the race.
7) PRACTICE DETACHMENT "Manifest plainness, Embrace simplicity, Reduce selfishness, Have few desires – Lao Tzu"
This one is trickier and I find most struggle with. I find that yoga and meditation help tremendously with this but if that is a bit new-age for you then just lift some weights or go for a run to take your mind of things as you will make poor decisions if you base your betting on emotions. If you reaction to a losing bet is to blame the jockey, the trainer, the tipster first rather than just shake off a losing bet and moving on, then you need to practice detachment. If you are value betting you also need to accept you will back a lot more losers than winners but it’s important to get out of the winning/losing mindset, detach yourself from recent results and accept that losses are part of being a profitable long-term value punter.
Ultimately you need to believe in yourself, work hard and use data that the majority of the market does not have access to.
"The definition of insanity is doing the same thing over and over again, but expecting different results – Albert Einstein"
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