OK, so for some post general election fun, I am going to start a topic where I will post the trials and tribulations of my lay betting journey. I have bet on horse racing for many years and in some years won some money and in other lost some. This is not going to be a tipping service and I don't encourage anyone to follow my bets or place a bet at all. I only bet with money I have already won and usually clear my account out each year if I'm having a good year and leave a little in to start again. I recently re-started with £50 after drawing out profits accumulated through the summer and my bets and results for December are posted below.
I play lay bets on Betfair on selected races/horses at SP (starting price) for a fixed liability. Don't know what a lay bet is? read this:
https://betting.betfair.com/how-to-use-betfair-exchange/beginner-guides/placing-a-lay-bet-010819-51.htmlAt some point I have followed every tipster going and tried every system. Over the years I have developed my own very simple lay betting selection process and staking plan that works for me and can make gains slowly over time...if I remain disciplined! My biggest downfall has been not being disciplined and chasing losses after a losing bet. This is the quick way to go bust so discipline is key but this can mean that after a few losing bets it can take some time for the betting bank to recover and then move on...but, it does eventually if I keep with it and take the long view.
Lay betting can give a bit of a saw tooth pattern, a bit like the stock market but the general trend over time should be upwards. I am staking high at present as I know what I'm doing (I think) but stakes would normally be 5% liability of the betting bank. I am staking £25 fixed liability a bet at present and will keep at this level until the bank reaches £500 and then move on from there. My selection method typically gives 1 or more bets daily through the summer, but can miss a few days through the winter jumps racing season.
Due to work and general life distractions I will typically post my results after the fact but occasionally may post them as I place the bets but before they run, if I can.
This is only for shits and giggles, only takes a few minutes a day of my time and is a bit of fun. If it goes belly up I have lost nothing, if it make a few ££ then all good, I don't have a target in mind let's just see where it goes. It could be a long slow ride so don't expect this to be a get rich quick adventure, or it could fold before Christmas.
You join the fun with my results for December and there are a couple of potential bets for today as I have my eye on a couple of races. I need to see how the races price up nearer to start time and will decide if I'm placing bets or not, I usually make my decisions and place bets around lunchtime.
Today's potential races to bet on:
13:55 Cheltenham
14:55 Hereford
Results for December with a 19% profit month to date:
Comments
EDIT: The supplier was prosecuted for including unfit/unidentified meat in their products. A swift name change fooled nobody.
Interesting stuff this.
Thanks Gary.
The odds went a little higher than I expected at 10.38 SP
Might add a sound track along the way with occasional songs from my iTunes collection reflecting my mood on the day. Today's track is Eva Cassidy - People Get Ready
Chips are "Plant-based" no matter how you cook them
Donald Trump needs kicking out of a helicopter
I'm personally responsible for all global warming
I was doing another system based on each way bets that I got up to like £4k profit on over 12 months. Upped my stake to £5ew, lost £500 in a day and ran for my life haha.
I'm really robotic in general and don't put emotion in to gambling as I don't even like sport, it's more like a maths experiment for me. However, it suggested I put £250 on a football game as the odds boost was massive. I immediately knew that was out of my comfort zone but I decided to compromise and do £100. Still more than I'd staked before, but I was fine with it.
Oh my goodness. I was watching the score constantly, my heart was in my throat. I was thinking stuff like "oh Arsenal will score again" but based on absolutely nothing as I don't even watch the games. I was horrified with myself.
Arsenal started winning all the way to injury time, then the other team scored, the 90 minutes ended and I just burst out laughing and said never again.
It wasn't even that I didn't want to lose the £100, it was that I really wanted to win the £450. Just for that brief excited moment. There wasn't anything I wanted to buy. I didn't need the money, it would just get reused in the betting bank. Absolutely mad and I can definitely see how someone could combine it with a love for sport and ruin their life.
Thanks
I've been thinking about starting my each way betting again, but queuing a lay on the win that I leave in play. Just not sure if it would annoy me the times the horse went on to actually win.