masterK Registered User
#46

This may be of interest for those new to Betfair

http://www.amazon.co.uk/exec/obidos/ASIN/0470028564/202-4275714-9075028

wb Registered User
#47

masterK
This may be of interest for those new to Betfair

http://www.amazon.co.uk/exec/obidos/ASIN/0470028564/202-4275714-9075028



Looks good masterk. While we are at it, can I reccommend this book:


http://www.amazon.co.uk/exec/obidos/ASIN/1905153023/qid=1146823469/sr=2-3/ref=sr_2_1_3/026-0182848-5693258

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.

Kent Brockman Registered User
#48

wbailey
Bots:

A Bot is basically short for robot - something that automates certain tasks, such as placing bets and updating odds. There are a few free ones and a few pay ones available that are compatible with betfair. If you are to consider in-running or trading (trading will be discussed later) it is essential that you have a bot. I use betangel basic, which is free to download, There is a more advanced version that you have to pay for, but the free one covers my needs for the moment. I don’t use any other bots, so I will only be refering to betangel while talking about bots.
There are a few advantages that a bot offers which can give you a slight edge above other non bot betfair users. (Although bots are becoming more and more popular by the month). When you log in, you will be faced with a screen similar in layout to your normal betfair screen.
With a good broadband connection, the prices are automatically updated every second. These updates are only a small edge, but you need every edge you can get in this game.
There is no time delay/confirmation screen when placing a bet. Once you enter the stakes you want to use, they will stay there, even carrying over into the in-running market. Then when you see the price you want, you only have to click once, and the bet is fired in immediately. When a price is coming in, or going out, the normal betfair is only refreshed every few seconds, so you may miss out on a price if you don’t have a bot. When you are trading (I will discuss this later) it is essential to have a bot to catch these in-between prices

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?

wb Registered User
#49

Kent Brockman
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?


Yes.
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.

Philbert Registered User
#50

wbailey

Trading with a bot.

If you want to take trading more seriously, you need a bot. I must state here that I am only doing this a few weeks, so I am still learning. The best time to trade is 10 minutes before the off, because of the amount of money going in and out. The advantages of using a bot are the 1 click bets and the 1 second refresh rate. You could back a horse, then the price may lower for only a second or two (this change would not be seen on the normal screen), but if you are fast enough - Bang! You fire the bet in and move on……..
Also, there is an option to ‘green up’. This means instead of taking a free bet like in the example above, it will spread the free bet money on all the other horses ensuring a profit no matter what horse wins. Believe me - This is a fantastic feeling.
But, sometimes, things wont go your way, and you MUST bail out taking the loss if the price keeps rising. Depending on your stakes, you may be only making a few cent on a race, so to lose a few euro could take dozens of trades to make up. I currently use €20 as my stake, and usually make anything between 5 cent and 1 euro on a race if things go right. So as you can see, it is a lot of effort for a small amount, but not too risky if you know what you are doing. I wont go into any more detail at this point, as there are videos available on the bet angel website explaining the whole process, also, I am only learning myself. But if anyone wants to discuss it further, feel free to ask.

On a personal level, a great feeling for me when trading is 'greening up' - and you sit back and watch a race knowing you will profit no matter what wins. That said, I don't get the same sense of satisfaction and accomplishment from trading as I do from picking a winner from form reading. When trading, you must change your mindset, and not let your feelings get in the way. I try to become emotionless when trading, and just deal with figures, and that takes some of the joy of the sport away from it. But money is money after all.

Hi,

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..

Tia

masterK Registered User
#51

Philbert
Hi,

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..

Tia


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.

wb Registered User
#52

Hi Philbert.

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

TwistsAndTurns Registered User
#53

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.

masterK Registered User
#54

eirebhoys
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.

wb Registered User
#55

eirebhoys
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.


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.

DeadParrot Registered User
#56

Keyzer
I'm confused now...

I just went onto to betfair and setup a bet with the lays odds it gave me...

Flamingo Guitar
You are betting against Flamingo Guitar
Backers odds 5.4
Backers stake €43

Payout €232.20
Liability -€189.20

Do i get 232 back if it doesnt win?
How come your lays are only doubled?

I know nothing about betting...


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

KamiKazi Banned
#57

ok you have me convinced, you are a genius.

how about todays bets?

KamiKazi Banned
#58

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

smiling_time Registered User
#59

quick q! how do you lay the loser using boyles sports online?

wb Registered User
#60

KamiKazi
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


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)

Want to share your thoughts?

Login here to discuss!