This may be of interest for those new to Betfair
Looks good masterk. While we are at it, can I reccommend this book:
It was by far the best gambling book that I have read. I did a review of it somewhere else, Ill have a look later to see if I can root it out.
Thanks for the info. Just downloaded that free BOT and tried to use it but it asked for my betfair login details. Wasn't too confident about doing this so i was just wondering if this is normal practice before I put in my betfair password?
Because the bot needs to interact with your betair account, it needs your log-in details. Once you log-in, you will be faced with a screen similar to betfair. I can give you my word that it is entirely safe, and regulary used by many people including me.
Once you select the market you wish to gamble on, make sure you change the refrest screen to every 1 second, instead of five. I would also reccommend turning off the 'confirmaiton' of bets. once you do this, you can enjoy one click betting, but just be careful not to click on the wrong button, as the bet is fired in on one click, and there is no going back.
Thanks for all the helpful information so far. I have one question regarding trading. Is there any trend to the way the prices move (in general) through out the day and up to the last few seconds before the race? ie: Do prices tend to start higher and eventually settle slightly lower (on average), or the other way around? Or not at all..
There's no real answer to that question. Some prices start higher and shorten while others start lower and drift. The skill in trading is trying to predict selections that will drift/shorten and then back or lay accordingly.
If you ever see the book percentage (the number above the back column) going over 105% then the prices in that race will generally shorten as the percentage figure will get closer to 100% before the race meaning the average price will be less, however this doesn't happen too often and even if it does it still doesn't mean every horse will shorten.
IMO in order to be able to trade with any success you need to have some notion of what price a horse should be in your opinion, if it's much higher than that price then it is a good nomination to back in the hope of trading off at a lower price.
MasterK sums it up there really.
It takes time and a lot of market watching to learn how trends go, and then still, very often, it does not work out.
I'm afraid there is no set pattern, but if you concentrate on the top horse in the betting, in the last 10 minutes before the off, the prices will usually swing both ways slightly before settling down a bit.
While learning the trade (pun intended ) you should stick to short priced horses (under 4.0) becuase you WILL lose money learning. When you get more confident, you can up the stakes a bit.
The most important thing when trading is to have 'bail out' points. EVEN IF THIS MEANS ACCEPTING A LOSS. Losing sometimes is part of trading. Personally, my 'bail out' point is 3 price rises. For example, if I back a horse at 2.14, and the price starts rising, I will bail out as soon as the price hits 2.20 and accept the loss. Don't hang around waiting for the price to fall back down because very often, it wont, and you dont want to be left with a bet that you did not want. Remember, if you are using say €20 as your stake, you will be only making a few cent per race, so you simply cant afford to lose ten or twenty euro, as it would take dozens of sucessfull trades to recoup.
To trade within the last 10 minutes, you will need to get a bot (betangel basic is free and easy to use once you get the hang of it) and dont let it carry into in-running because this is a minefield.
Hope this helps. Feel free to ask any more questions
Just started to play for fun on betfair but going to open an account at the end of the week. Thanks for all the good info, its explained in easy man`s terms, nice and simple. Will be using this thread for references in the future for laying as I didnt understand it fully. Thanks for all the info again.
Make sure you use one of the bonus codes signing up to get the €30 free.
Thanks for the kind words eirebhoys. I lost close to €1000 in my first few months of betfair, mainly from jumping in where it was too deep, and not understanding what I was doing. While it was a costly mistake, I learned some very valuable lessons and now consider it money well spent, in a funny sort of way. Most of the mistakes people make happen every day on betfair, and are avoidable. Hopefully this thread may save someone a couple of euro sometime. Good luck with the laying - be careful, and don't be afraid to ask any 'stupid' questions on the forum. It can be difficult when starting out, but extremely enjoyabe too.
Keyzer, have a quick look at the betfair sticky on the main horseracing page.
Basically, you are the bookie, you are putting UP €43 for someone to back against and are offering them whatever odds you want.
e.g, you and yer mate bet each other a tenner that Robin1982 is the devil incarnate (or a spy from betfair trying to disuade us all to cash in )
However, you are that sure that he's the devil that you offer 10/1 to your mate for his tenner
Thus, you have a potential payout of his tenner PLUS 10/1...or thereabouts
Just read the sticky its much better than the above
ok you have me convinced, you are a genius.
how about todays bets?
just a quick question, i tried to pay money into my betfair account using 3v, but it says "Your bank has declined the transaction. Please refer to your card issuer for further details. ".
but i this isnt possible as my bank arent involved with 3v cards
quick q! how do you lay the loser using boyles sports online?
I dont think that they accept 3g vouchers. There are other ways to fund the account though such as bank transfer, cheque etc. (see the 'betfair explained' sticky)