Do Pro Gamblers gamble?

When does a Professional Gambler stop gambling?

IT IS A WELL KNOWN FACT that comedians are at their funniest when on stage. Put them in a normal social environment without the spotlights and cameras and most are unamusing. The art of making people laugh is a skill and it is one learned and practised by the jokester, but he is not a funny man all the time and in many instances lacks wit and wisdom, especially when in an every day situation. Similarly, when filming or on stage, actors have the luxury of being able to assume a part. This allows them to shelter behind an alter ego. It is often noticeable that characters that play, James Bond for example – the epitome of the English gentleman – often dress casually when interviewed on television: Pierce Brosnan sported a beard on one occasion. It is as if they are seeking to escape from the character created, wishing to scream, ‘That is not me! This is me!’ Daniel Craig and Sir Roger Moore apart, most Bonds look as if they have been yanked from the pub when no longer assuming the mantle of 007.

When you think about it this is not surprising. A comedian is an impersonator in much the same way as an actor. When performing they run the risk of baring their all, their very souls, to the audience. So what better way to alleviate this potential nightmare than to hide behind a mask. For an actor that is easy. He portrays a ready-made part and becomes Hannibal Lector, Dirty Harry or Rhett Butler and if it fails to work, well he is merely following a script. The interesting point, however, is that most film actors are chosen to portray characters close to the public perception of them in real life. But the script, the fact that a film is largely a slab of make believe, allows the actor refuge, meaning he can claim, at least publicly, that whatever parts he has played have been works of fiction. In most cases that is true but there has been a central theme running through the roles adopted by the greats. I am talking about the likes of Bogart, Douglas (yes, Kirk and Michael – ever see Falling Down?), Steiger, Redford, Grant, De Niro, Eastwood, Newman, Hanks – the list is a long one and omissions are not intentional. I am straying slightly here and that is because I am talking about one of my great loves – the cinema.

Thank you for your patience – often an essential attribute in my pieces! I am about to come to the point that is relevant to our business which is not as glamorous as that practised by those that live in and around Malibu and Beverly Hills. But, just as an actor sheds his image when off camera, professional punters need to remove their gambling jackets when not at work. Those that are the most successful at betting are not necessarily gamblers at heart. They trade during the day, using their skill and expertise to bob and weave through the treacherous programme that is a racecard. Ask them what they are doing when they place a bet and the chances are prosperous punters will deny they are gambling. Some of the biggest gambles I have taken in life have been away from the racetrack. If you have the desire to live life on the edge, to bet, to drive too fast, to gamble whenever the situation crops up, you may not last long in racing. Betting is not about deriving a thrill. Yes, winning is thrilling and exciting, it is also rewarding in every sense, but if that is your motivation, take stock. Just the same as any writer or actor that is purely driven by the desire to be famous will eventually flip hamburgers, punters who wish to use horseracing as a legitimate way to gamble are likely to find themselves on the night shift at Tesco.

We are of course all different. I can only speak for myself along with those I have come across during my time in racing. And it is true that like tends to attract like so, even if we had moved in the same social circles, I am sure that, much as I admired his wit and recklessness, Jeffrey Barnard and myself would not have got along. He was a man who liked to take chances from the moment his feet hit the floor in the morning – or perhaps that should be lunchtime! I take no pleasure in risk-taking. My intention when backing horses is to remove as much of it as possible. I have seen what can happen, know that messages can often be dangerous in the extreme because they are someone else’s opinion and the one I trust the most is my own. I try to prune the risk before I bet and unless the price is commensurate with that risk, I don’t take it. As a result, there are those that level the charge against me that I am over-cautious and they may well be right. But, by such an approach, I have survived in a business that claims more scalps than the Sioux Indians managed at the Battle Of Little Bighorn.

Some of my contemporaries have a bank balance that must read like the graph at the end of a bed of a hospitalised heart-attack victim. They dine at the Ritz one day and eat fish and chips the next. Some could not wait to light the fuse, burning out like comets streaking across a night sky. Then there are those that plunged into the high life straight away without actually having earned the money that accompanies such a lifestyle. Others, forced into a corner, have bulldozed their way to massive fortunes by scraping together enough cash for one last do-or-die wager that obliged and from which point there was no looking back. Through a succession of poor decisions, I found myself in that situation during my early years, and had the good fortune to dynamite my way out of trouble. But such action is not something to be advocated. Making a mistake does not mean you are a fool. Failing to learn from it does that.

To a degree, how you play this precarious game depends on your make-up although there are parameters. I tend to trundle along, making enough to live a life that more or less suits and always hoping that one day I will pull off the miracle bet. Miracle bets do not tend to happen to people like me because I lack the optimism or the foolhardiness to strike too many of them. I am always looking to protect my investments so the emphasis is on survival rather than upgrading to a Porsche.

I have stated this before but it is worth repeating: If you have hit on a formula that works for you, that is all that matters.

But I do feel it is important is that would-be professional punters do not confuse gambling with betting. The gambler stands in a casino believing, or hoping, he can beat the house at its own game. The punter constructs his rules. He bets in his own house and to his own percentages, taking risks because they are unavoidable and a means to an end. But he does not take them because he likes to or because he enjoys the buzz they give. Become that man and you are the drunk that runs a pub, a dentist that delights in inflicting pain, a psychiatrist that feels superior to his patients.

Each way staking discussion

THE ART OF WINNER-FINDING

FOR THE PURPOSES OF THIS ARTICLE, we are going to assume you are able to do as the above title suggests – namely, find winners. Anyone able to identify potential value bets must accept that backing losers, and plenty of them, comes with the territory. Losers are a given for any punter. The art is to filter them out where possible and to reduce their impact where not.

You achieve this by examining and re-examining the thought process that led to making a certain selection. A lengthy checklist exists that resembles the sort you see on an MOT form. Most of its contents can be eliminated without reference to a formbook or any other publication. Once you find your rhythm and become conversant with form and horses in a way you possibly never thought possible, it is amazing how much knowledge you retain. Do not get cocky though; relying on what you think is a fact regarding a horse can be costly. At the risk of repeating myself, always check the trip of a race. It is so easy to assume a race, like the Portland Handicap at Doncaster for example, is over six furlongs, when in fact is it is run over an extended five. Such a situation can sabotage the best thought out plans. Some courses run races over odd trips: 1m 3f, nine furlongs, an extended mile-and-three-quarter are examples. Then there is the plain mistake made in the complete heat of battle when, excited by the discovery of a possible winner, you will falsely assume a race is run over a certain trip, only to discover that it is over ten furlongs instead of twelve, or five instead of six. This may seem like an elementary mistake, but believe me it is easy to make, particularly when horses tend to interchange over these sorts of distances. When seeing a field that looks as if it belongs over one trip, it is natural to assume that is the distance in question.

Be wary of the weight-for-age scale that can often make a horse look better treated than it is. In addition, it is amazing how easy it is to overlook a penalty in a Group race.

Apart from these seemingly obvious gaffs, others are correspondingly easy to make. Put aside your exuberance when you think you have smoked out a potential winner and take the time to look again, just to ensure you have not overlooked an essential point.

Once you have made what is hopefully a credible selection, the next process is to decide what to do with it. Now, I am likely to lose some of you here because I am not an each-way punter. Colleagues castigate me for this. I know many who often back and lay horses in the place market on Betfair. Laying horses for a place is a different matter but I have no interest in backing them under such a basis. Actually, in this year’s Gold Cup I backed Denman to win and laid Kauto Star for a place. This was on the assumption that Denman might have either put Kauto Star on the floor, or outstayed him to such a degree he finished legless. It turned out well but, had Denman lost leaving the prize to runner-up Kauto Star, I would have been in trouble. Backing twice in a race is dangerous and not a practice I would advocate, although I often do back one and lay against it. I have been caught a couple of times, losing on the horse I backed and paying out on the winner which I laid. It is not a good idea for those of a nervous disposition.

Each-way betting is an obvious way of protecting your stake. Two things I should like to add. Firstly, ask most people what the place odds for a 10/1 chance at one-fifth the odds is and they will tell you 10 divided by 5, or 2/1. Wrong! Those odds only apply if the horse wins. If it finishes second, you are paid 2/1 less your win stake; therefore £100 each-way on a 10/1 shot that is placed returns you £300 for a stake of £200. I make that a 2/1 ON shot! Protecting your stake is prudent and punters would do well to give themselves as many chances of winning or not losing as possible. But to my mind, each-way betting is not necessarily the insurance policy that provides protection for your money. Each-way doubles can be fine, as can each-way trebles; but an each-way single is not as clever as it looks.

If you have identified a prospective winner and it is your only selection of the day, there are other options open to you. Firstly, you can just go for broke and back it to win. You are only risking half your stake as the win part of the bet is unaffected, and you can always use the place part for another bet on another day. I would always prefer to have two win bets rather than one each-way wager. Do not forget, if you are unsure about your selection to the extent you wish to cover it with a place bet, perhaps you should rethink. On the other hand, you can always have another win bet in the race in question to cover your stake. You can also do as I suggested on the exchanges, but when you get it wrong, it will smart so it is not a decision to take lightly.

If you fancy two horses on the day, now you can dispense with all thoughts of an each-way single. Always examine what it the most likely scenario in your opinion. If you fancy one horse strongly and one less so but intend to back it, you could consider any one of several alternatives. Have a single bet on your main contender. Have a small covering bet on your second selection and have a small each-way double the two. If you take this line, do not increase your overall stake. If it was your intention to place £50 each-way on your main selection, then you have earmarked a stake of £100 to play with. Instead of risking £50 each-way, you could stake £65 win. Assuming the price of your other selection is somewhere in the region of 5/1, have £15 win on that and a £10 each-way double the two. Now you have four ways to win or cover all or part of your risk. Let us examine them in turn starting with the least likely, which is the win double. Okay, you are possibly throwing away £10 on the win part of the double, but should they both oblige it is a bonus. The place part of the double is your next piece of insurance. Assuming the horses concerned are at least 5/1, you have negated the win part of the transaction by the fact that the cumulative odds of the places roll up. Two places at 5/1 at a fifth the odds equate to a 3/1 winning bet or, taking your stake into account, even-money. So even a £10 place double returns £40 – knocking a hole in your losses if everything else falls apart.

The two win singles speak for themselves. If the main bet wins, instead of having only £50 at win odds, now you have £65. The forfeited place part of the bet is incidental. Place odds are for insurance purposes only.

Many each-way bets in competitive races are not the cast-iron propositions they appear. If a horse is ridden to win a race, it can often fail to place because it has given its all in a valiant attempt to succeed; whereas those that have not been seriously put into the contest can often poach a place from exhausted rivals. Each-way betting is at its most effective when thieving, especially when the favourite is a short price. Obtaining such bets for serious money is difficult and will not endear you to layers that, like it or not, you need if you wish to be accommodated in the future.

Like boxers, punters should strive to protect themselves at all times. Yes, I know it is a line from Million Dollar Baby, but I cannot always be original and it is appropriate. When you win, the game is easy. Name the right ones and you cannot go wrong. But always take into account that the converse can be the case. As a punter, always assume the worst even though homework pays off and you know what you are doing. Never forget that once the stalls open or the tapes fly up, events are out of your hands. That is when 6/4 chances can become 6/1 chances in seconds.

Note From Bob

One of the things I love about Spy is he has strong views. That’s essential in the team of advisors you consult with and whose opinions you value enough to want to. There’s no point in consulting every day with people who hold the same view as you do. All you do is reinforce that view and it can become a bit “Emporors New Clothes”

We disagree on each way betting. We’ve always disagreed and had many lively discussions on the subject. I’m an inveterate each way punter and yet there are many situtaions when i’ve bet each and made a mistake.  Spy is right to point out for example that horses ridden to win sometimes fade badly precisely because they’ve given their all. He will rarely bet each way and I will almost always. We both win so does it matter? There are as many winning approaches to this game as there ae types of races to specialise in.

So if you have a confidant who has a winning formula respect his view even if you don’t agree with them. I learn a lot from our discussions precisely because we don’t always agree! It’s the discussion the disagreeing stimulates that can unearth some wonderful betting opportunities you may have overlooked on your own.

A Day in the Life of a Professional Gambler

THE ART OF WINNER-FINDING

A Day in the Life of a Professional Gambler

using jockey’s as an unusual role model …

I HAVE LONG THOUGHT jockeys are a breed apart. Consider the qualities required. Apart from the weight constrictions, necessitating considerable discipline for all except the fortunate few over both codes, they have a mental make-up that surpasses most mortals.

Even if most of us were technically proficient enough to be jockeys, I suggest our characters would let us down. Jockeys have to be risk-takers. They also have to be implacable, undeterred, brave under pressure and impervious to criticism. For Sam Thomas at present that must be tough, but he seems to be coping one hell of a lot better than most of us would under the wretched set of circumstances fate has chucked his way. Making a decision on a racehorse is not as crucial as those surgeons regularly face, nor is it akin to trying to decide what jumper to buy Auntie Vie for Christmas. And let’s face it, that is the closest most of us get to decision-making. That and what joint to roast on Sunday, whether to take the country route or the motorway; let’s face it, compared with jockeys who are making career-based decisions on a regular basis each and every day, most of us have the dash and daring of Noddy.

If you ever watch a jockey being interviewed before or after a race, you will see a person focused but totally laid back. The latter quality is extremely important. When handling animals, the last thing you want to be is excitable. Frankie Dettori may be a bottle of gas after a big race, but observe him beforehand and he is an iceman. They all are. Watch them nonchalantly enter the stalls on some stirred up beast and they give the impression of being half-asleep. They are not of course, but they can transfer such quiet determination to their mounts, giving the partnership its best possible chance, even though horses may be plunging and rearing all around them. I cannot think of any other sport that requires its participants to be so cool beforehand. Footballers are tense and volatile, much the same as tennis players. I guess golfers are pretty laid back, but then they don’t exactly make life or death decisions on a regular basis. They need the constitution of a poker player.

For all their steely nerve – and it does take nerve, real nerve to race ride – jockeys are the sportsmen that get the most stick from the public. That is presumably because they carry other people’s cash, meaning they run the gauntlet of punters’ frustration or dissatisfaction.

As a punter, the ability to take a similar stance to that of the man on top will serve you well. Most of us do find that hard to do. Unlike jockeys, we do not own half of Newmarket or Lambourn or have shares in pubs and restaurants – results therefore assume drastic proportions as we are merely working for a living on a no win no fee basis. For obvious reasons it is not one I recommend, but serious punters have little choice. However, cultivating a jockey mentality will help you enormously. Any business based on a success rate, with no retainer involved, places plenty of pressure on its operator. And pressure leads to nerves and nerves mean that you will make poor decisions. The decision-making process of a professional gambler is a delicate one. He needs to have his wits about him at all times and be totally calm and focused, just like the jockey. Picking winners is not enough, it is knowing what to do when you have unearthed them that counts. It is not what you say in this business, it is what you do! For that reason, remove the pressure and give a card to Aunt Dolly, and she will probably come up with a winner or two. Ask her to do it to order and her strike rate will rapidly dwindle. For that is the trick – being able to perform on cue. That is what jockeys, actors, footballers and musicians do. As a professional punter, you have to do it too.

Using jockeys as a role model is not a bad idea. For if you are to make it in this business, a great deal of self-discipline is required and emotions need to be kept in check.

I have said before that there are basically two types of backers in this business: those that formulate their own opinions and those that accept others are better at winner-finding than they are and who leave it to them. But it is the final decision that counts. That is the one that decides who wins and who loses. So, whichever route you choose, allow me to take you through a typical day of a professional punter, or at least this particular professional.

It should start at about 6.00am. That is to stay you are shifting the brain into gear at about that time. Personally, I get up around then in the summer – later in the winter as there is less to do and it is colder. I work out and have breakfast, aiming to be looking at the Racing Post around 7.15am. Working out is not obligatory, but if you lead a sedentary life working from home, it is not a bad idea to keep in shape. Most successful businessmen keep themselves sharp physically as well as mentally. I am not saying you will not become successful as a punter by drinking six pints of lager a night or swigging a bottle of wine, it is just I would not recommend it. Nor would I advocate that just because you can, you slop around all day in a dressing gown or a tracksuit, not bothering to shave.

If you accept that a degree of discipline is required to be a success at anything – let alone something that requires a great deal of effort and concentration – then you need to act and feel the part. Shuffling around like vagrant, piling on pounds because you drink too much and exercise too little, will not help your self-esteem and therefore will not spur you on to perform to your best. You need not go to the lengths I go to: I often wear a suit, treating my office as if it is a place of work and as I would if I were logging-in at a company. Now, we are all different and I am sure some of you will chuckle at this concept. You can ignore my extremes but I insist, if you are serious about making a business out of betting, you should shave and shower every morning and at least be smart casual. Look the part; think the part and you might just act the part!

We have arrived at 7.15am. I hope that we can have breakfast – time is tight so make it light. Tea and toast whilst you read the paper; then by 7.30 it is office or shed, or corner of the dining room – whatever it is you are using as your work area. Spend the next ninety minutes brushing up on your knowledge of the day’s racing. You should have done plenty of work on the cards the day before and formulated opinions. This is crucial, as opinions formed without external influences are important. Once you take the Racing Post as our starting point, even subliminally, you are putting yourself in the hands of others, for you are bound to be swayed by what you read. Take on board the opinions of the Post team by all means, but it is better to form your own first.

Now you should be doing some last minute checks. Make sure there is nothing you have overlooked, that any potential selections have optimum conditions. It may sound obvious but it is so easy to make a mistake over the distance of a race. Because it is full of sprinters, you assume it is over five furlongs when in fact it is run over six. You assume it is a ten-furlong race (which suits your selection) but it is over twelve (a trip it is unproven over). It is worth reading the Spotlight section as a last minute fail-safe device. And a word of warning: sometimes we get just a little bit excited when we think we have uncovered something. That is when we can overlook a vital component. It could be the horse has not run for six months, which is always a worry. He may have never won this way round, over the trip, won on the going, or perhaps he is one of those idiosyncratic types to run all his best races on downhill tracks. These things may sound trivial and sometimes they are. Better to know them before you strike the bet than after though! That way you can at least address whatever niggles exist. Which brings me to another point: No bet is perfect. The clue is in the title. It is a bet – a wager – you are taking a chance. The object as far as you, the backer is concerned, is to strip that risk down to a minimum.

By now, we are approaching 9.00am and a good chunk of the day’s work is already over. Most people in office-land are just arriving at their desks, clearing their heads from the night before and having that first cup of coffee. Already you are ahead of the game. With luck, you have washed, shaved and changed. If not, you are about to. You are ready to face the challenges that lie ahead whilst some of the opposition – the bookmakers for example – are still rubbing sleep from their eyes.

It is around now either I make a phone call or receive one. I speak seriously to one other person. Like me, he is a professional and I respect his judgement. We agree most of the time but not always. But I always look at his ideas a second time before disregarding them as he does with mine. Very often, he will see things I have missed and vice versa. I need all the help I can get and this is no game to egomaniacs. He will often have information I do not have and, again, vice versa. He is a man I trust implicitly; therefore, there is no game playing.

None of this: I will get my bet on first and after the price is gone will tell you what I have backed nonsense. That works both ways but you cannot afford to have this sort of arrangement with more than one, or at most, two other people. An arrangement founded on duplicity will never last. The fact that my chief contact and I operate a totally open business relationship is one of the reasons it has endured the rough and tumble of this business for so long.

I might make one or two other calls, possibly receive one and that, as far as I am concerned, is that. I run a tight ship. My time is valuable. I am not here to tip to the bloke down the road and the butcher – time is money. It is my time and my money! I ration both sparingly, refusing to become entangled in long drawn out counter-productive conversations. Once you establish yourself as any kind of judge  there will be no shortage of people wishing to phone you up. They will not have put in the work you have, nor will they have the contacts you have. They are spongers. Do not let them feed from your plate as they will take more food from it than you. Only deal with people than can reciprocate and people you absolutely trust.

This is a funny business and you never fully know with whom you are consorting. For all you know the matey matey guy that you gave your number to at Newmarket marks Corals’ card.

By now it is mid-morning and should know your plans for the day. If you can squeeze it in, find time to look at tomorrow’s cards. With racing starting so early now it is difficult I know, but at least familiarise yourself with likely opportunities for the next day. You can return to the cards in the evening if you have the heart and the energy after a day’s punting, but this is a personal matter.

Some people (including myself) like to have a laid down ritual of working. I try to work to a set number of hours; otherwise, I run the risk of burnout. To do this job properly we would all start at dawn and finish at midnight. That is not feasible and you will soon get sick of the business if you do it to death, opting to work at B&Q for an easier life. Use your time wisely but do not push yourself beyond a reasonable limit, particularly when you first start, as it will take a while to slip into a routine. You will probably work more hours in the first few months than you will once you are on top of the job – rather than it being on top of you.

Give yourself a break for lunch. A sandwich is all that is on offer I am afraid. No stodgy stews or anything heavy and definitely, never, never, under any circumstances, any alcohol. Betting and alcohol do not mix.

I have never forgotten this story related by Jimmy Tarbuck. Whilst hosting the London Palladium, he drank half a glass of offered champagne in the wings. On his return to the stage to announce the top of the bill, he completely forgot whom it was he was supposed to be introducing. That is the power of even a small amount of wine. Alcohol is fine but it does not mix with any business transaction of any kind. Drink or bet. Don’t attempt both.

By now, racing is about to start. I tend to listen to music in the morning, which some might say is a bad habit, but it gets me away from the tirade of all day racing. Once I have switched on the racing channels it is time to concentrate on the day’s trading. It is time to put all my work into practice. On busy days, I don’t try to watch every race but I always detach the cards from the Racing Post and staple each meeting together. That way I can make two piles: one covered by Racing UK, one covered by ATR. I accord priority to the main meeting of the day or the one I am most interested in and ring any other race or races of significance. Sometimes, just getting to see the races is a full-time job!

I try to finish at 5pm this time of year; writing up any notes on the day’s racing, but of course, there is still evening racing to contend with. Luckily, not too much of it needs close attention. Now is the time to have a meal, enjoy a glass or two of wine or beer if you wish; but only if you have rung down the curtain on the betting booth.

If all this sounds like fun then you too could be a professional gambler. That is basically how I do it, although I am sure there are others that will use a different approach. If you find you can pick out winners from the back of a dustcart swigging cider as you go, good luck to you. Just don’t take out any long term loans!

And remember I have outlined just one day. There are 360 or so racing days a year. That is an awful lot. You need to pace yourself; even jockeys and Coldplay get more than four days holiday a year!

Personally, I make sure I take at least two, normally three breaks a year. I find that way I return refreshed and ready for business. I never worry about the winners I may have missed whilst on a beach somewhere, but make sure I fit such breaks into a suitable period of racing. Normally I go for winter holidays, short breaks in the spring and a week in the autumn.

You will be surprised how much you have missed whilst you have been away and how much catching up there is to do but, if you are chained to this business for the rest of your life then I contend it is not much of a life, irrespective of how much you may be winning.

Be a Professional Punter?

Foreword by Bob

Here’s another of Spy’s inimitable views.

When you read it take some of his modesty with a pinch of salt! He actually does very well with his betting and racing has provided him with a living for some 20 years now!

But I absolutely agree with his fundamental point. One man on his own just  hasn’t the time or the ability to go through all the racing, formlines, vidoes and sift  views from a stable of contacts in 24 hours. You need help. Help from experts. Expert form advice, expert race readers, and  expert contacts.

To do well in this business you would be well advised to do one of three things. Either

  • Build  a team

    • … of form experts, race experts and contacts whose opinion you trust implicitly. This does NOT mean you will always be right no matter how good the team is. Apart from the normal good luck/bad luck in racing from time to time team members will fall for “put-aways” and be put away by connections, just like anyone else. It’s part of the game. But a good team will identify more fancied horses and spot more “moody” put away plays than most do.
    • This is the most satisfying as you will enjoy the camaraderie of your team (albeit mostly by telephone as generally they are widespread geographically and incredibly hardworking because they love racing and they love the challenge of solving the racing puzzle)
    • It will also be very expensive because your overheads will be enormous and the only income is generated by betting. The more successful your betting the harder it will be to get bets on (in your own name) It’s a wonderful “Catch 22” and yet we all love the buzz of this business so much we are hooked for life!
  • Bet for a Professional Gambler

    • … Find a Professional Punter or group of Professional Gamblers and bet alongside them. You wouldn’t ask a road sweeper to perform barin surgery so surely it’s smart to take advice from someone who already has proven he can win and not someone who just claims he can.
    • The best way is to place bets for them but you will need an enormous float if you do and you must be VERY sure you are dealing with a Genuine Professional Punter who really can’t get bets on or you could be ripped off – too many con -artists use this sort of story as a scam. To handle a Professional’s business you will probably need to be able to guarantee getting bets of £1,000-£5,000 on at a time, secure prices and be on call 24/7 as well as having the ability to move large sums of money in seconds. If you’ve ever bet live horses you will know how hard that can be! I have many clients who have already had their accounts limted for betting “live” horses in hundreds let alone thousands!
    • PS If you can get £1,000’s on, can secure the odds and will guarantee to pay me when I win then please email me right away!
  • Work with a Genuine Professional Gambler

    • … and share the burden of expenses or getting money on. This is the method I offer as it makes it possible for a part time Trader to enjoy access to genuine information without a huge financial committement.

THE ART OF WINNER-FINDING

Professional Punters

I OFTEN START my pieces with anecdotes and see no reason to break that precedent today. The story that precedes this offering concerns a boxer faced with the doctor during a bout at Madison Square Garden. It had been a bad night thus far for the pugilist, who was slumped in the corner between rounds whilst his seconds frantically worked on his cut face. As was his job, having witnessed a punishing round, the doctor needed to establish the battered fighter was Compos Mentis. Correct with the number of fingers held before him: next the question if the fighter knew where he was. ‘Sure I know where I am,’ he replied, spitting blood as he spoke, ‘I am in Madison Square getting the shit kicked out of me!’

Told he could continue for the next round, the boxer then had to listen to all the advice from his corner. ‘If you’re so god-damned clever, you get in there and finish it off for me!’ he replied before the clang of the bell.

Boxing is a tough game – it is a tough as they come. It requires a team of experts to groom the boxer to give his best in the ring. And the paradox is that, as with sportsmen of all types and performers in general, those dispensing said advice are theorists as opposed to operators. That is to say –  they tell those that can do what they cannot –  how to do it! That is the job of a coach and is no reflection on either party.

The same applies to horseracing and betting where there is no shortage of advice proffered to would-be professional punters. Not all the theory in the universe will make you into something you are not. If you are not cut out to be a professional punter, it is important you cotton on to such a fact sooner rather than a few grand later.

We have looked at some of the finer points of punting for a living but one of the most important components in this business is your make-up or personality. For the purposes of the point I wish to make, I will take myself as the role model for this article. I will analyse my qualities and lack of – warts and all.

First, my strong points: I am pretty good at dissected races and quick to jump on a betting opportunity, which often means I can identify a race that presents a distinct advantage. This is where you doubt the credentials of a leading player for whatever reason and feel it is ripe to be opposed. Often I find that, for all the time one can invest, the true good thing jumps out of the paper even before you have waded through the business of deciding whether the formbook suggests it can win. This is something of a contradiction to many of the other scraps of formulae I have passed on. I keep hammering several points home; one of them being there is no actual blueprint for this business. Like the bout of boxing, such a movable feast requires constant adjustment so those who succeed have to think on their feet.

Therefore, technically I know what I am doing. Now to the part that cannot be quantified – the ability to transfer theory into practice. In the case of being a professional punter that is the bit that involves actual betting – the decision as to whether to bet or not and how much to stake. Here, we are talking my weakness. Most successful punters I know have at least one grey area. They identify it and use others to plug up the gap or gaps. Surprisingly, most successful punters know little about actual form, less about horses. But they are good at betting. They are the equivalent of the city traders who can be fearless. Their sixth sense does not come in evaluation of cards and races but in knowing when to lay down their cash.

People who are good at winner-spotting would also make good detectives as there is a fair degree of sifting of facts required. They achieve much of the work on instinct and intuition.

Successful backers take all the advice on offer, have a knack of deciphering the difference between a message or opinion that reflects hope as opposed to confidence, and act accordingly. And when they bet, they bet. They pull up serious money and make it count.

One of my biggest weaknesses is timidity. I have to admit I am not a fearless punter. I keep my head above the roaring ocean waves without going under but am never on the prow of the ship. And I like to make my mind up on the day’s proceedings in advance, hating to be at the whim of messages that may trickle through during course of a day, particularly in races in which I have no view. I do my work either the day or night before, finish it in the morning and that is it as far as I am concerned! This is a failing but one I cannot address. I am not intolerably opinionated, but I dislike putting myself in the hands of others. I will always listen, in some cases bet solely on messages – some of which are top class – but I dislike striking a bet that has not been properly thought out – at least by me. That is my approach and it means I miss backing plenty of winners. Subconsciously, I feel I have done the work on the day and that there should be no need for further reference to the formbook. Instantly unfathomable messages are largely ignored. I repeat – this is a failing.

My best course of action would be to employ someone to listen to what I say, to my evaluation of races and then who, in a dispassionate manner, places the wagers. There would surely be no shortage of applicants for such a position; but I am equally sure such a relationship would not work. The reason is I like to maintain control and am reluctant to delegate when it comes to money. Therefore, as a result, my business suffers, as it would be far more effective if I worked in tandem with someone else.

However, importantly, I know and recognise this weakness and work round it. Personally, I will never be a Bob Rothman, Harry Findlay, or a  Patrick Veitch. That is not solely because they are richer than I am, but that they have the temperament to take enormous risks when the time is right. They will increase stakes when winning, whereas I tend to protect profit and throttle back, playing it safe. That means I jog along, not getting into too much trouble but not roaring round London in a Ferrari either.

If you are tempted to try this business, then it is important you give yourself a reality check. Even if you fail to become a big-hitter in the ring, it should prove beneficial. Eventually, betting on anything – be it cards, roulette, horses or football – will expose your weaknesses from which there is no hiding place. Kid yourself you are right when all around can see you are not and you will pay the price. Punting does not allow a margin for error. But consistency can make up for deficiencies. I am not advocating being consistently wrong, but so long your actions are consistent, to a degree you can work round your shortcomings.

Being a professional punter is akin to being a professional in anything. You are effectively in the same position as writers, actors and sportsmen. There is no one paying your National Insurance stamp, no one shelling out sick and holiday pay, no guarantee that you will be insured by the trappings those conventionally  employed enjoy.

As I said at the beginning, some are better doing the fighting others saying how it should be done. So long as the mixture is correct, it can work. The problem comes when the fighters are doing the directing and the corner men the fighting!

Professional Gambling – The Hidden Costs

THE ART OF WINNER-FINDING

The Hidden Costs of being a Professional Gambler

By Spy an ex Odds Compiler turned Professional Gambler

I FEEL I CANNOT STRESS the importance of temperament enough in these pieces. We can all find our own method of working, and of course, if we do not deliver the necessary quota of winners we will fail. But the reverse and perverse side of the coin is that it is possible to even exceed the required amount of winners selected but still lose owing to a basic character fault. Such a fault is not something to be ashamed of, it may mean some adjustment or it may mean you have to face facts and accept you are not cut out to be a professional gambler, in the same way as some people will never be actors or salesmen. One of life’s important lessons is to be comfortable in your chosen profession. If you are not you cannot expect to perform to your best and it is preferable to turn your attention to something that suits.

For some reason, the attraction of being a professional gambler is a strong one for many and it traverses all walks of life. I have known lawyers and doctors who envied the lifestyle they perceived mine to be. I do find this strange, as I see nothing remotely glamorous in working seven days a week, hardly leaving the office in your house whilst being a virtual slave to what is happening at various venues throughout the country. It is not a relaxing way of life. Salesmen may be pressured five days a week, but have the luxury of leisure time at weekends. Professional gamblers have to poach time. Even in the summer, catching an hour or so in the garden is prone to an interruption by phone calls and even if it is not, you are somewhat on edge, waiting for the call that may never materialise.

Between races, you have to keep an eye on the clock. You mow the lawn at set times, aware that the first race is due from Sandown at 6.20 and you have one hour after the last at Nottingham to grab a bite to eat and lug the lawnmower out of the garage in no particular order.

Decide to escape for an afternoon to do some shopping or meet some friends for lunch and your eyes are constantly on the clock. Rarely does a day go by without you having to watch at least five or six races, in some cases because you have a vested interest. It is not a pursuit for those that wish to be part-timers. Put bluntly, if you have any friends outside racing, they will consider you a pain in the backside and they are not wrong. For you seem permanently preoccupied, which, sad to say, if you are doing the job properly, you will be.

Then there are the losing runs. The times when the expenses do not cease but the profits do – in fact, they become losses – so money going out piles up on top of money going out. During such a period, you are unlikely to be the life and soul of the party – that is if you are ever invited to one.

Expenses can be a killer in any business; but when profits are not guaranteed they become a millstone. It is therefore important to assess how you will react to the dark days that inevitably lie ahead. You may not actually be losing money – you may just not be making it – which is the position most people I know find themselves in now. Frankly, there is nothing to make it on. But the expenses keep tapping through the letterbox like the bailiff at the door. Imagine that scenario when you are losing, and you have an idea of the constitution needed to make a success of this business.

Firstly, you must have a bank and it must be large enough to withstand the bad times. Once you start to fret about a depleted bank balance, your attention is diverted and you are vulnerable. Making money at gambling is all about making the right decisions. I have tried in preceding articles to explain how I arrange my life so I am in a position to function at my best. To do this you have to be ruthless with yourself.

You will gain useful life-lessons, even if you discover this business is not for you. Firstly, you have to take a protracted look at yourself. Examine your make-up; what makes you tick; what you can cope with and what draws the sting out of your effectiveness for such a job that demands intense concentration. If you are the sort of person that is easily upset, this is probably not your game as there is plenty to be upset about from the minute you wake up to the minute you go to bed.

The Racing Post can be late for a start. If you have it delivered, either the little git responsible has contracted one of those ailments teenagers get constantly and has let the newsagent down; or, if you live outside London, it may not arrive at all because the van from Reading or Manchester has broken down.

The computer can freeze for no apparent reason. You are working from home so the cistern might have developed a leak, the car a flat, a panel of fencing blown over.

I know these things can happen when you have an office to go to, but somehow they never seem so bad when you are in someone else’s employ. At least you leave them behind when you are on the train. On the other hand, at worst you can take a day off to fix what is wrong or call in sick. When you work for yourself, such indulgences mean potential lost revenue that may not come your way again. The bricklayer can defer work, so can the mechanic; the professional punter may not get another chance to back a 20/1 winner for six months – if ever. Pressure is counter-productive as well as being a killer medically speaking.

We are all susceptible to pressure in its various forms. Where possible, get rid of it. Other people cause most of the pressure we experience, so a couple of basic rules: remove anyone from your life that is responsible. Those that contact you at inconvenient times or treat you as if you are some sort of premium rate telephone service they do not have to pay for, need ejecting from your life.

Plenty of people in this business feel compelled to talk before and after a race, rambling on about a jockey who came too soon or too late or a horse that failed to sustain his effort. If you allow it, they will use you as a refuse dump into which they can empty all their pent up feelings. You are not a social worker. I have been in this position with people that have been some use to me; but their nuisance factor outstripped their input. Even constant nudges followed by blunt rebuffs failed to change their attitude, rendering them lost causes. I am afraid it is no coincidence that most professional gamblers are either single, or have very long-suffering partners that are independent.

There is nothing you can do about the Racing Post, the flat tyre or the rest of the stuff that has, or is about to go wrong, but you can cultivate a kind of immunity to adversity by placing it into perspective. If you fail to cope with the prospect of a leaky cistern, imagine how easily you will fall apart when you lose heavily and have to write cheques for the privilege.

Expenses are the enemy. They are an army you know is out there, but you want to confront as few of them as possible. This business has changed over the past few years. I contend it is no longer necessary to subscribe to a formbook. Everything you need is on the computer and, if you have taken my advice about compiling your own points of reference as opposed to those of others, it is merely your opinion that counts and to an extent, you already have your own book of reference.

You do not necessarily need two phone lines unless you are especially active. Presumably, you will have a mobile as back up but, again, it does not have to be state-of-the-art technology. It does not have to download Coldplay’s latest album, take pictures or sing God Save The Queen. Do not get a contract, buy a basic Pay-As-You-Go phone for about £30 and keep it topped up. Keep chat to a minimum, particular at peak times and, as stated, get persistent babblers off your phone altogether.

You will need a basic Sky package in order to receive the racing channels. Resist the temptation to get the History Channel, The Movie Channel or Red Hot Mammas as extra because you will not have any time to watch that sort of stuff anyway.

The expenditure of the Racing Post comes to about £700 per annum. That should be your biggest outlay. But when you add that to the Sky package, the phones (which you should be able to get a deal on with either Sky or linked to AOL), backing horses is not a cheap way to attempt to make a living.

Nevertheless, looking on the bright side, you have no travelling expenses unless you wish to go racing, which I suggest is more of a social occasion than a business one. Even so, without the cushion of a ready-made wage, such expenditure, aside from day to day living costs, will stretch your budget at times when things are going badly. That is when you find out your limitations, and we all have them. I have already confessed that mine is a somewhat timid approach to betting once I am in front. People who thrive on gambling say you must press up when you are winning. Being more of a logical thinker, I tend to take the view I have used up a chunk of luck and should be extra careful, so I am cautious, not wishing to squander winnings. This is a perfect example of knowing yourself. All I know is that this is the right approach for me. The big hitters move in for the kill when they sense Lady Luck is riding on their shoulders, whereas I am more inclined to conclude that once I have broken through the percentage barrier, I am heading for a reversal in fortune. It matters not who is right: there is no right and no wrong, only what is right for you.

Selecting the right horses is only part of the complex plan of making a living. You still have to decide what to do with them, and of course the final paradox is that you only know they were the right horses after you know the results, by which time it is too late to do anything other than what you have done.

Getting bets on. The Professional Punters dilemma

THE ART OF WINNER-FINDING

 Professional Punters  betting challenges

Getting bets on

OKAY, THE TITLE IS ALREADY SOMEWHAT MISLEADING! We have covered many of the aspects of actually identifying the sort of horse that is liable to make you money. This time I am addressing a persistent problem for the successful or semi-successful punter: that of actually placing bets.

Before launching in to the rights and wrongs of the uneasy game of financial chess played between bookmakers and punters, a thorough grounding in debate, or arguing if I am truthful, dictates I ought to present both sides of the argument.

Perhaps we can look at the punter’s case first. He contends that bookmakers invite bets by pricing up horses and if they are incorrect, it is his prerogative to revise his betting accordingly. Therefore, when the bookmaker offers 8/1 about a horse he priced the night before and the going has altered, or there is a noticeable change in draw bias, the punter bemoans the fact he cannot avail himself of the price. After all, his argument will meander, the price did not stipulate, ‘only available if nothing has occurred that is likely to alter the chance of said runner since this price was framed.’ Refusing bets on this animal is tantamount to saying 8/1 is only available providing the horse is not three lengths clear with a hundred yards to cover. The bookmaker that assessed its chance as being 8/1 realises he may have got it wrong and is restricting how much is available. Surely, such behaviour is scandalous!

Okay, let us look at this from the bookmaker’s perspective. He has priced up the race in good faith, assuming that the prices reflect a rough betting pattern on the event in question. So in the case of the 8/1 chance, he would expect approximately eleven percent of all punters betting on the event to back that particular runner. When it is quite plain that, for whatever reason, instead of eleven percent of punters wishing to back it, something like twenty-five percent of punters wish to be on [making it a 3/1 chance in real terms], one of two things has occurred. Either the bookmakers have made a massive collective mistake, or something beyond their control has manifested itself making demand for the 8/1 chance radically increase. Possibly the horse is a Pricewise selection or, as earlier illustrated, circumstances have altered.

Understandably, the bookmaker needs and wants to take evasive action. That means from his point of view two things must happen: he has to restrict the bets he takes on the horse and, at the earliest opportunity, the price must be altered to a more realistic one.

At the risk of stating the obvious, I will state it anyway as it seems to be overlooked by many a disgruntled punter. Bookmakers are not there to provide a service. They are in business to make money. They are not obliged to accommodate punters at all costs. In their defence, they do try to cater for regular smaller-stake clients, those they perceive as comprising their core business. But the first sort of customer to receive a knock-back is the one they do not really want – the one that plays for high stakes.

Allow me to deviate for just a paragraph here and cite the current situation facing banks. On the face of it, their reluctance to pass on the interest rate decrease appears shameful. But is it? Despite what would be protestations to the contrary, Government has engineered this change in interest rates. By reacting in a prescribed manner by the Bank of England, banks and building societies are running the risk of exacerbating present financial problems. Government is attempting to refloat the economy by stimulating borrowing. In part, that is how we find ourselves in our current situation. As commercial businesses, banks are unprepared to be Government-managed, making them reluctant to lend money at disadvantageous rates and to people or companies that are likely to be poor risks. I am afraid under the present crisis that means all of us have to be including in this category. (However, the passing of the borrowing rate to existing mortgage holders would be a reasonable compromise.) So a present stand-off exists between commercial companies of great strength and influence, and a Government whose policies are crumbling but that holds enormous power. The fact banks are resisting, demonstrates the strength of the free market. Money does not lie; not in world economy or on the racecourse. Unless we live in a police State, enterprise and a free market will always face up to the might of Government when it suspects it is in its interest to do so.

Know thy enemy! As punters, it is important for us to understand the way bookmakers operate, just as they know how we tick. In the example given, I can sympathise to an extent with the bookmaker’s plight.

Another popular complaint from punters is that they cannot get on. Half-hearted punters will tell you they are constantly knocked back. The inference is that they are too warm for the bookmakers to handle. The truth is that often they are taking the piss. Ask to back the second favourite each-way for serious money when the favourite is odds-on and the bookmaker will not want to know. Would you? It is a snide bet. No wonder this request is refused; such a punter is nothing short of a nuisance and is prejudicing his future chances. Try asking your local greengrocer if he will sell you 3 kilos of apples (or apples’s as greengrocers spell them), at cost, and he will soon tell you where to go. The principle is the same! Give a decent bookmaker a chance of winning from you and he will reciprocate by giving you a chance of winning from him. Ask the punter that tells you he is holding his own, breaking even, or beating his bookmaker one question: ‘Did your bookmaker send you a diary this year?’ If the answer is yes, the punter is a loser! Bookmakers do not send free diaries to customers that cost them money!

In some cases, heavy-hitters or very shrewd or well-informed punters cannot get on pure and simple. To put the bookmaker’s case, their bets can be so large they tip the scales of what is supposed to be a balanced book wildly out of kilter. No bookmaker wants a field book that contains ten £20 bets and one of £3,000. The clue is in the title. He is attempting to make a book and clearly cannot do that if it is top-heavy. What the £3,000 bettor is forcing the bookmaker to do is to gamble, and bookmakers are not in that business; after all that is supposed to be our province. To restore some equilibrium to the argument, bookmakers should know by now that no book is balanced. Most races only provide three or four runners that attract significant support. But there are occasions when all those for money get beaten, meaning the layer has the luxury of a clear book. It comes and goes. I do sympathise with punters known to be warm that open accounts with bookmakers. They phone to place a bet in the region of £800 (only part of their overall bet but a reasonable request for an individual firm) only to be told they can have £25. That is a disgrace! Bookmakers should refuse to either conduct business with select punters lock stock and barrel, or accept their wagers without too much question. The problem with the present system as far as hot punters are concerned is that, rather like the betting in-running players on the exchanges, they only get accommodated on potential losers. This means the bookmaker is dictating the extent of their business, which is bad news. The money belongs to the punter and if denied the chance to back horses identified as potential winners by the bookmaker, his chance of winning overall is greatly reduced. I have known many a big-hitter that has subsequently backed only short-priced horses, safe in the knowledge he will be accommodated. Now, they are in potential trouble. The reason they get on is that they are backing horses whose chances are there for all to see. They are firing into the Master Mindeds or Kauto Stars of this world. Bookmakers will soak up that sort of business all day. After all, the chance of such horses is common knowledge. Some win, some lose. Some whip round at the start, some unseat, some break legs. But not enough of them win to give the punter an advantage; and as I reiterate, without an edge, you will not win in the long run.

Being able to back what you wish to back is imperative for the professional punter. Depending on the individual concerned and the type of his business, to place his bets successfully, he has to be prepared to adjust his approach. Some very big players have a network of people who place bets for them. Bookmakers categorise punters’ business. Good customers, (that is to say habitual losers) are A Grade and their system slides down according to the win-to-lose ratio of the client. Placers of bets on behalf of others normally hold losing accounts, so bookmakers are reluctant to refuse their bets even if they know they are backing a warm horse. At first they will surmise such a bet could be a coincidence and will accept it on the assumption that even if it wins, they will get the money back. But the intelligence of bookmakers is sharp. Please note, by intelligence I am not necessarily talking about their IQ factor. No, I am referring to their ability to isolate what is happening, their MI5-type capacity if you like. Once they know you are placing bets for one of the big ten or twelve players in the business, you are tagged and reoccurrence of such business means refusal. As a result, the really big players are always on the lookout for new agents to handle part of their business, which, if mixed in with everyday stuff, has a chance of slipping under the wire.

Some of the bigger players open deposit accounts on behalf of ordinary people and run the business as if they were the individuals concerned. The bank details are all correct, cash is withdrawn and deposited at the behest of the punter and the real person, who is impersonated when the punter makes his phone calls, paid a commission. Some of the most successful and biggest players have to go to such lengths in order to place bets.

You may wonder what sort of punter is forced into taking such action. Firstly, there is the big hitter – the man betting in unquantifiable sums. His instructions can often be to ‘Get on as much as you can.’ No limit; no strings attached: £100,000, half-a-million, a million. He will accept whatever is returned. As you can imagine very few such punters exist. Even with the guarantee that such business guarantees the procurement of inside information, possibly of the highest calibre, I would dissuade involvement. Anyone dealing with this type of player is liable to sleepless nights. Being owed half a million by the King of Zongo Zongo is all very well, but should he be mauled to death by a rampant lion in his sleep, obtaining it is a different matter. Apart from the obvious drawback of getting paid (everyone dies – ever thought of how difficult it might be to persuade Mrs Zongo Zongo that you are owed the money – particularly if she ushered the lion into his bedroom?), your personal betting, if you are counting on King Zongo Zongo’s connections, will always involve you taking under the odds. By definition, your function is to ensure the king receives the best odds available. You are merely receiving the crumbs left on the table, or in this case, possibly the bones. No one, other than a close ally, blood relative, or someone you owe money to, should be granted credit. Some rules in life are incontrovertible. This I suggest is one.

So if you are successful in this business and bet in reasonable sums, just how do you get on? I shall use myself as an example because that way I shall not offend anyone and I am addressing a subject I know something about. As far as I am concerned, the fewer people privy to my business the better. But it is an unfortunate fact that the bigger the player you are, the more likely it is that you are compelled to recruit helpers. Personally, I am not big enough to resort to these tactics. And although I often use commission agents, I have a fair relationship with one firm that allows me to do business on advantageous terms because my stakes are not so big that I knock them over, and they respect my opinion. I realise some of you may accuse me of consorting with the enemy but mine is a one-off case, which, without going into detail, I can justify. Putting it bluntly, I used to work for the firm concerned. I play the game with them; in return, they play it with me. But I am under no illusion, they will do me no favours and the bigger my stake, the less likely they are to be obliging.

I have been in the business a while and built up useful contacts along the way. The same will happen to any aspiring punter who makes the grade but, as with all matters, it takes time.

I have two additional pieces of advice for those wishing to make a living backing horses. We have established it can be done but is very difficult. Unless you are Michael Tabor, in which case I suspect I lost you a long time ago; as expressed in my last piece, expenses make life hard. If an opportunity presents itself to make money from a sideline allied to your racing prowess, then take it. Most professionals do have regular incomes of some sort. It takes pressure away from those losing runs and means you have a specified amount coming in each month, even if sometimes more goes out. My situation is a perfect example. Bob Rothman (a man I have known for a long time) pays me to write up my racing notes and compile articles for this site. He underpays me of course, but because he is a  pleasure to work for, trustworthy and does not encroach on my lifestyle, I do it. As I write, it is an arrangement that suits us both admirably. In truth, I am paid to do something I enjoy and most of the input to the site is the result of work I would be doing in any case. The only downside is that I am allowing private thoughts and opinions to enter the public domain. However, such is the nature of the beast – the price those of us in search of a regular wage must pay. Many of the horses I nominate on Bush Telegraph shorten up in the market. Now, there are two reasons for this. Firstly, if I back them then I am in-part responsible. This is not because I smash horses up as my employer might do, but because those who handle my business respect my opinion and they are liable to follow me, often for higher stakes.

Secondly, most of the time what I say is correct. Therefore, because I have hit on the right horse, others are waiting in the wings to invest their cash, which will affect the betting market. If that sounds conceited, that is not my intention. I have already explained that I spend a great deal of time watching and analysing races. This work pays dividends and often means I know more than the opposition. It does not guarantee success but means most of the time I know what I am doing.

As I write, I have narrowly failed to receive a payday on Whistledownwind, a horse foolishly campaigned over an incorrect trip before going to Jeremy Noseda and inched out today over a more suitable distance. Unfortunately, the cat is out of the bag and Whistledownwind will not be available at all prices from 10/1 to 7’s next time. But it is an example of how, when you feel you know what is not obvious to all and sundry, you can mop up while those who were on their third pint as you worked are left scratching their heads.[/vc_row]

The Art of Finding Winners

THE ART OF WINNER-FINDING II

MY CONTENTION when last tackling this subject was that it is better to use your eyes than a slide rule when trying to pluck winners from the tree of racing. As a result, I have been prompted to demonstrate what was meant, isolating some of the issues mentioned.

So I will start with one of the most intricate, perhaps vital components when trying to read a race – that is horses in general. After all, it is difficult to assess the future of an animal without forming a judgement of its physical positives and negatives. Let us start with the paddock. Appraisal of horses in the paddock is not as difficult as those that do it, and therefore wish to preserve their monopoly on a pursuit few tend to query, wish to have us believe. Start with the most obvious. If we are evaluating newcomers and maidens, look at a horse in the parade ring as if you are weighing up someone at a social gathering. Does the horse look at ease in its surroundings, is it comfortable. Has it a swagger in its walk. You often hear paddock observers say a horse is a good walker. Walking does not have too much to do with racing, but a horse that has a John Wayne-type gait is probably confident and capable of running up to its best. If it appears curled up – the equivalent of a shrinking violet at a party – is sweating and edgy, chances are it cannot wait to get back to its stables and is unlikely to show too much in a race. Its ears should be forward, possibly flicking back and forth with interest, its head held high and coat shining. It should not be carrying condition – that is weight round the tummy – whilst ideally its backend should rise from its middle with its hindquarters well-muscled. Remember that the engine of a horse is its hind legs. They are the pistons. The more built up a horse’s backend is, the greater its power. Sprinters often have backsides like butcher’s dogs or cooks. They have to be all muscle and speed, often running on one breath from stall to line.

Apart from fitness issues, these remarks do not normally apply to seasoned handicappers, some of whom, aware it is merely another day at the office, can walk round the paddock all day like old sheep. Horsey people will tell you that equines do not fully mature until reaching the age of six. That is not necessarily true of racehorses; but be prepared for them to improve physically from two to three and again when they become four. Some horses are only shells in their younger days. These are unfurnished animals, yet to fill their frames. They appear leggy and slightly gangly and are similar to the teenager in the playground whose body is sprouting in all directions waiting to take a solid shape.

The debate over paddock-watching is an ongoing one as not everyone likes the same thing. Just as some men are attracted to blondes or brunettes or women wearing glasses, some horse-watchers like big rangy types that can often be weak, ignoring at their peril athletic and compact types that, once fit, are ready to shoot from the hip.

Note how a horse goes to post. You want to see it striding out with some zest on the ground not scratching to post as if on a gravely road. But horses that pull hard are bad news. They are fighting their jockey, expending energy in the process. If they pull on the way to the start, there is every chance they will do the same in a race, in which case they are unlikely to get home.

If the ground is soft, it is unlikely to suit a horse with a low action. Fast ground it can skim over is what is required and having to handle soft ground corresponds to a human running in wellington boots. On the other hand, soft ground will suit the sort of horse with a rounded action, which is one that resembles a rocking horse, and that hits the ground hard with its forelegs. Imagine those front legs thumping down of fast ground and you get an idea of how it feels for the horse – rather like racing on hot coals. Wingwalker is an obvious example of a horse that climbs when faced with fast ground and predictably, it proved his undoing at Newmarket. There is a saying that horses will go on any ground once. That holds water to a degree but sensible trainers do not ask questions their charges have difficulty in answering. Once again, breeding will help provide a clue or two as to how a horse will handle extremes of going. There are too many stallions to list individually here but a couple of general rules apply. Sire of the moment, Galileo, produces stock that is best on firm. The same applies to Elusive Quality. Oasis Dream’s offspring, along with Pivotal’s, like some give. American-breds are invariably best on fast ground; although those like Street Cry (responsible for imposing horses) and One Cool Cat, who were proven on dirt, can produce stock that handle easy ground.

There is another saying often muttered around paddocks and in betting rings. That is, when dealing with extremes of ground that, it is the same for all. Actually, it is not! No horse wants a bog to race on. Similarly, few, if any, want to gallop on the equivalent of the M1. Some are better equipped to handle such conditions but it is never the same for all of them!

Assessing a race is the easy part. Always question form from slowly run races that have developed into a two-furlong dash. Races with the best record are run at a proper end-to-end gallop, often the case with handicaps. Handicappers are the literal workhorses of the industry and know what they are doing. They settle well, can squeeze through gaps; their experience and professionalism means they are often hard to beat when faced with winners of maidens. And because they have been around for a while, they are often streetwise enough to save something for themselves. They also carry few secrets. We know their optimum conditions and at what time of year they tend to bloom. Whether they invariably need a run and whether they have a left or right-handed preference. The last point may seem trivial but horses often have a preferred lead leg, something that can be crucial on tight tracks like Chester. If it is their off fore, a right-handed track suits them better than one that requires them to change leads. Overall, Flat horses are less likely to be as affected as those who jump fences or hurdles, who are required to be in a greater rhythm.

Some maiden winners can look impressive when showboating to a hard-held easy success. Check to see what such horses have beaten. Watching a horse cruising away from a horse rated 75 does not mean you have seen a 90-rated animal. Similarly, horses hemmed or boxed in, snatched up, or otherwise unlucky, never find what you might at first glance think they might next time. Two lengths is a lot to find. Watching unlucky horses can be deceptive. Just as horses that veer from a true line have never given away the distance you presume them to have, those that get a run via the high street can mislead. Halve the impact their apparent misfortune will have next time and you will be about right.

A top class horse has the ability to quicken in a race three times. Once to angle for a position, again to challenge or maybe inch into the lead, and one last time when confronted. But there are not too many of those; maybe I have seen twenty. Most, even Group 1 winners, have two gear changes. I would have said New Approach had two-and-a-half gears, Lush Lashes had two and that Zarkava, never fully tested, probably had three.

However, we are starting at the top. Most animals have one change of gear and it is just a question of for how long they can sustain it. Some have a short sharp burst, others can lengthen and keep up a strong gallop for a couple of furlongs. Watching the lesser end of the spectrum, it is noticeable that once let down, poor horses may try but they cannot accelerate. So they go from seeming to be travelling strongly to just plugging on at the same old pace. This is especially useful to remember if you are an in-running player. Inexperienced race-readers often label such animals as dogs but that only demonstrates they do not know what they are looking at. For this reason, it does help to know and understand the animals you are watching. The gift of speed has been bestowed on some horses, allowing a change of gear, whereas others have only one pace. Rather like people, they can only achieve what is within their capabilities.

Better horses can accelerate, some even battle back when headed. Although not a advocate of sectional timing – mainly because I feel the work involved is not commensurate with the end product – the time of a race, in comparison with those on the same day, providing the going is constant, will provide a clue as to the worth of a race. Once again though, this does depend on the way the race was run. But if a race is recorded in a slow time for no obvious reason, then it is an event to be wary of until proved otherwise. As a potential race-reader, the ability to pigeon hole races is vital. Bad or moderate races will throw up that sort of horse. Those that are visually appealing and start to produce subsequent winners are worth paying attention to. Wingwalker’s maiden at Newmarket was a notable example this year as it produced a host of mid-summer winners including Delegator, who later went on to finish fifth in the Dewhurst.

It can be just as useful to identify bad or average races. Those that do not put in the work are likely to assume that because a horse won at one of the major tracks, it was a decent performance. Even if you formed no particular view at the time, clues are always in evidence. What did said horse beat? Did the market suggest it was a strong contest with several fancied horses lining up? Alternatively, were there silly plunges on big-priced horses caused by the awareness by shrewdies that nothing was fancied and they could have a blast on a long-priced half-chancer. The betting is often a good guide, particularly in maidens. When they bet 5 or 6/1 the field, clearly there are no standout messages for the participants. Unless something streaks to an unexpected wide margin victory, as Your Old Pal did at Newbury, chances are the race contains little of substance. But always be prepared to rethink. If a week is a long time in politics, two months can be a long time in the life of a two-year-old.

Keeping a record of horses and races that have made an impression will help greatly in your future strategy. Like everything connected with this business, it requires plenty of work and to avoid burn out, you should concentrate on those aspects of the game you are best at.

Try to do it all and you will end up gibbering to yourself in some quiet corner somewhere.

THE KNACK OF WINNER-FINDING

THERE IS a story that concerns a man who owns a factory that makes components for motor cars. A vital piece of machinery malfunctions. Without it, he is unable to manufacture the pistons and valves that are the focal point of his business. So he calls in an expert, a man who mends intricate pieces of machinery for a living. When the man arrives at the factory he circles the offending piece of apparatus, looking at this, looking at that and tutting the way tradesmen do. After a few minutes, he delves into a bag of tools and produces a hammer. Then, to a hushed ensemble, he lifts the hammer high over his head, bringing it down sharply on a nut. He asks the owner to press the start button; and low and behold, the machine kick-starts into action.

Once the factory floor churns back to production, the owner calls the hammer-hitter into his office and asks how much he charges for his services.

“£1,000,’ is the reply.

‘That’s scandalous,’ retorts the owner. ‘You have only been here for five minutes. Would you care to itemise your bill.’

‘Certainly,’ says the tradesman. ‘£1 for hitting the nut: £999 for knowing which nut to hit.’

In other words, the man had a knack known only to himself. He knew how to restore the machine to working order. How he arrived at this was somewhat incidental.

Possessing a knack for anything is a precious commodity. Actors can be taught how to act, footballers how to score goals, jockeys how to ride horses. But what lifts the good from the very good; the very good from the excellent, is something that cannot be taught and that is a knack. After all the theory has been exhausted, it is the person that can operate without recourse to a manual, the one that can improvise, the one that has an in-built auto-pilot, that will be the best.

Some professional punters try to narrow winner-finding down to a fine art. They approach it as if they are architects that need a blueprint. To a degree, there are certain elementary things you need to know. Just as the actor has to look natural and listen for his cue, the punter must be conversant with his script. He needs to know that a high-numbered draw at Chester is hard to overcome as it is on the round course at Thirsk. In a sprint, it is handy to know where the pace is likely to come from so that a selection is not likely to be cast adrift in the middle of the ocean. A view needs to be formed when a selection is tackling a trip it is unproven over. If dealing with a steeplechaser, an impression of the horse’s jumping capabilities is required. Knowing a little about breeding is desirable. That will help evaluate whether a certain horse is likely to handle the ground it faces.

It is also advantageous, particularly in non-handicap events, if a punter can segregate the quality of a race he has watched. He needs to know whether it is poor, moderate, good or top class. That way, he will be able to read how dangerous future participants from such a race are likely to be. He will then know whether to overlook them with a degree of safety in favour of horses that appear to have contested better events. Sometimes finishing sixth in a good maiden is preferable to having been second in a moderate one.

Many of these points are basic but it is surprising how many times you hear so-called pundits falling into the various black holes espoused here. ‘That was a really good effort last time,’ they will often say, ‘So and so was only beaten a length at Newmarket.’ But how many winners came from that race and, more importantly, if the race was recently run and nothing has surfaced from it, what sort of a race did it look to be to the naked eye?

Now we are taking knack. Successful punters need to be good race-readers. They need to spot when a horse fails to stay; therefore, it is possible to forgive a disappointing finishing position. Similarly, they need to notice a horse staying on at the end of a race that was patently too short and make sure they pay special attention to its chances when a more suitable trip is presented.

So, let us return to the punter that takes the blueprint approach and wants to cover every angle. I know one enormously successful punter who takes this approach. Actually, I have worked for him on and off. I have read races on his behalf, helped compile sectional timing, assisted in surveys on ground analysis at various tracks but, largely, I thought most of it was piffle! I cannot argue with his results and some people like to be doubly sure before they bet. It is the belt and braces approach and if that gives them comfort then fine; but I contend if you do not know what you are looking at, then you should do something else.

I should say here that plenty of successful punters do not know what they are looking at. They employ people like me to tell them. That is a different matter. They have accepted that evaluating form and watching the confirmation of horses in the paddock and scrutinising the worth of races is not their forte. What they are good at is collating all information put before them and acting accordingly. They make successful decisions regarding betting in the same way managing directors take judgements based on expert opinion.

But unless you are in a position to employ a work force to feed you data, and then have the courage to act accordingly, we have to assume as a fledging pro-punter, you reach most decisions yourself.

Personally, I feel sectional timing is nonsense. Once you start introducing such clutter into the winner-finding process, you then have to agree an accurate going description, measure the wind direction and, Oh Lord, by the time you have worked it all out, you might as well have gone to university for five years and qualified as a lawyer. Forget that nonsense! Use your eyes!

I once told the punter I was describing; I thought Notnowcato would win the Juddmonte. ‘Couldn’t back him,’ was his reply. ‘He’s never done a decent time.’ He only won by a short head but he won and I backed him at 8/1 with the pro punter choosing to disregard the opinion he paid me to supply. I also told him to ignore news from Newmarket that Soviet Song had been working badly prior to her win at Ascot, as four-year-old fillies can often doss at home. This is something I know because I understand, in part anyway, how racehorses function.

He did not. If it was not there in some wad of paper, then it was not worth bringing to the table. Of course, on plenty of occasions, he was right and I was wrong, but the point I am trying to make is that not everything can be quantified. Some things have to be the result of intuition and often they are the best decisions we make in life.

Think back to all the good and difficult decisions you have made: perhaps regarding buying or selling a house or a car. There is no way under these circumstances you can cover every eventuality. Ultimately, some thought process has to kick in and you make a decision often based on scant information. But it is information you trust allied to a general feeling. If buying a house, you like the fact that the neighbouring houses all have well-tendered gardens, that there is not a rusting fridge stuck out on someone’s back yard and three doors down there is not the sight of a car jacked-up on bricks. These are positives but do not ensure the house you are contemplating buying does not have dry rot, is not haunted, infested with rats or that that well slanted lawn is not about to succumb to subsidence. However, they are clues.

I started with a story and will end with one. It just happens to be true and as a tale is nothing more than an example of Lawrence Olivier’s inflated ego. When Dustin Hoffman [a very fine actor] worked with the great man on Marathon Man, he needed to appear out of breath for one scene. Hoffman set about running up several flights of stairs prior to the take, eventually bursting in on the set gasping. After the scene, Olivier asked Hoffman why he had put himself through such a vigorous rigmarole. ‘So I was genuinely out of breath,’ Hoffman replied.

‘Why don’t you try acting dear boy,’ replied Olivier. As I have said, I can imagine him saying such a thing in that supercilious way the British cultivate when they feel they are superior. But the point is well made; it just would have been more dignified had Larry kept it to himself!

Bugger the times! If you think Notnowcato can beat Dylan Thomas over ten furlongs and on ground that is ideal for him, back him! Don’t wait for some boffin with a slide rule to confirm what you suspect may be right.

Try to winkle out a knack, be it for racing or for hitting the right nut with a hammer. The man with the knack will always sit down to eat at night. And who knows, in the coming winter months that could just be important.

Horse Racing Tips, Information or the Formbook?

THE RUSSIANS ARE COMING…

INFORMATION is regarded as the Holy Grail. Ask any punter what he would prefer. The formbook or information – and he will invariably say information.

Ask any professional punter and he will say the formbook. Both have their merits and in a balanced attempt to back winners, both are essential tools of the trade. But whereas it is possible to bob along without information, it is difficult without reference to the formbook. The reason is simple although many of you will have difficulty accepting it.

So let me put it this way. If I claimed to have seen a UFO and that I could provide a picture to prove it and that William Hill were offering 100/1 about such an occurrence, would you be tempted? Hopefully not. The reason for this is that past records suggest that I am incorrect. I may not be mad or deluded. But I am almost certainly wrong. What I saw was likely to have been an air balloon, an aircraft of some kind, a shooting star, or even a trick of the light: in other words, the formbook points to me being wide of the mark.

But if you were a Buddhist monk or someone who had spent a lifetime in an Amazon jungle, you may be inclined to believe what I say could be true. That is because without the aid of a chronicle charting countless false sightings in the past, my argument and my photo seems plausible.

Horseracing information can be similarly misleading. Conveyed with the best of intentions, it often originates from a source that may have interpreted what it has seen incorrectly. Now if the formbook can back up what is being said, that is a different matter. But, in the case of unraced horses or those with little or no form, you are relinquishing your judgement to someone else.

There was a time when information was eagerly awaited. The phone call the night before informing you that a certain Newmarket yard was about to unleash a flying machine the next day. Yippee! You sleep fitfully, planning next day’s betting plans. You spend the money in advance: a holiday, a new car, a weekend in Amsterdam minus the missus. You are up as it is turning light, you are at the newspaper shop as the shutters rattle and there it is, priced in the betting forecast at 6/1. Even allowing for a few other people being in on the coup, it would still open up on course at 10/3 at worse.

Nowadays you switch on the internet or open the paper with numbed resignation. The Newmarket correspondent naps it. Everyone seems to know what you know and its forecast price is 11/10, meaning after the first chunky bet it will be a universal 4/5 chance.  Whether it wins or loses is now irrelevant. Back horses like this on a regular basis, however good they are reputed to be, and you will lose in the long run.

But suppose you spot a horse in a handicap that is exposed but is back on a mark lower than it has won off, has reasonable recent form suggesting it has not regressed, has its ground, its trip and wins at this time of year. It is lightly tipped and is 6/1 in the betting forecast. To top it all a good jockey has gone out of his way to take the ride. Now this is an interesting prospect. If you have the opportunity to ask the question, all you really need to know is if the horse is well enough to do himself justice. Time and time again so called informants let horses like this run loose. But ask them whether the animal in question is all right, okay, or in form and they will reply, ‘Yes, of course, he is going there to win if he can.’

‘Well he can,’ you reply; ‘what’s more I think he will.’

‘I wouldn’t put you off backing him,’ is the response.

You have been handed a free bet!

Maybe the horse wins, maybe he loses. But I know which of the two outlined bets I would rather be on: a horse that is close to even money, possibly odds-on, that I don’t know the colour of, or one I have worked out that only needs to run to form to win or finish second and is 6/1.

You may have noticed the title of this piece refers to our friends the Russians. During the cold war, the KGB were past masters at the game of espionage. They had little else to spend their money on, so invested millions on potential informants and contacts in the knowledge that many would be next to useless. They would cultivate sympathisers, or fellow travellers as they were then known, in the belief that one day, one of them could provide a scrap of information so vital, so beneficial to Mother Russia, that it could alter the course of history.

Whilst waiting for such critical and influential news, they would keep everyone on the payroll happy. They would give them tickets to the Russian ballet when it was in London; send occasional cases of vodka to their doors; take them to dinner at fancy restaurants and make them believe that the information they were supplying was of utmost importance.

Bear with me here as I am coming to the point, and like all good points it needs setting up. Let us say that the KGB recruited a lady – let’s call her Gladys – in charge of rations for aircrew at RAF Brize Norton, the place military aircraft take-off from. Year after year, Gladys has been given tickets to see the Bolshoi Ballet and has been made to feel important by her other employers, despite the fact she has never been able to tell them anything more salient than whether aircrew prefer chutney or Piccalilli on their sandwiches. Now, on the eve of a confrontation between East and West, she suddenly contacts her controller, stating that instead of supplying the usual rations this Friday, she has to make arrangements for fifty-times that amount. From a simple, almost innocuous piece of information, Russia is able to deduce that there is to be a major military move on that day. Gladys has paid them back a thousand times over and her information could alter the course of a significant showdown.

That is what I term the KGB factor. The sleepers who one cultivates to relay the bleedin’ obvious in anticipation of the day when they will impart something that makes all the difference between a winning and losing year.

To keep such people on board can be expensive: being told what you already know, or have no interest in knowing, can be frustrating – particularly if it costs you money. Gone are the days when information was reserved for the privileged few. Now, it is only a newspaper away.

To keep such people financially happy is often not cost effective. Only the biggest players can afford to maintain such a situation. But used in conjunction with the formbook, information can tip the balance between profit and loss. It is a pendulum that can tilt in either direction and one that requires fine-tuning.

In our next article on this subject, we will discuss how you go about making sure you are adequately informed.

Laying Horses

Laying Horses …

PSST! DO YOU WANT TO know a good thing today? I have a cert, a sure thing; this cannot get beat! There is of course a drawback: it is only 1/3!

Faced with such an offer the chances are your enthusiasm is tempered. How many punters actually set their stall to make a large profit at such short odds? Not many I would suggest. So why should Betfair punters be prepared to lay horses at 3/1 – or in some cases at even bigger odds? Bearing in mind that everything becomes reversed when you become the layer, opposing a 3/1 chance is the equivalent of backing at 1/3. If you would not back a horse at those odds, why lay it?

Forget what you know or think you know about the horse, football team or boxer in question, backing at those odds means you have reduced your margin for error to such a level that you cannot show a profit in the long run. You need to be correct 75% of the time just to break even. Nobody is right 75% of the time about anything! The best you can expect to achieve is to be right 50% of the time and that is an ambitious target. Consequently, those thinking of laying horses are advised to concentrate on short-priced horses they consider to be flawed. Laying a horse at 1/3 means that it is 3/1 against you being right but, instead of having to be right 75% of the time, now you only need to be right 25% of the time to break even. On the occasions you collect, because the amount you win is three times the amount you risked, you can afford to be more adventurous with your liability.

Okay, there are not many 1/3 chances that we can confidently lay. Most of them appear to have outstanding chances hence the price, and most face inferior or poor opposition. So as a layer you have little in your favour and, at least on paper, are faced with a horse who only has to go down and come back. The other problem with taking chances with long odds-on shots is that, because you will find yourself on the wrong side of the transaction most of the time, there is little opportunity to recover losses as 1/3 chances that you feel are opposable are thin on the ground.

Laying horses is surprisingly tricky. Personally, if I think I have earmarked a wobbly favourite, I am more likely to try and spot the value against it – in other words – if possible find the winner.

But there is a school of thought that says if you lay a market-leader, you have the rest of the field running for you, meaning there is a strong chance something will emerge from the pack to foil the favourite. That is the bookmaker argument: that something will save their bacon but they do not know what that might be. That line of argument is too vague, too haphazard for my tastes. I need to have reasons to oppose the favourite and a couple of rivals in the field that I feel are capable of so doing.

Herewith, are a couple of areas we touched on in previous articles. Remember, just because a horse you do not particularly fancy is overpriced it is not a bet; conversely, do not fall into the trap of thinking that a horse you think will win is too short and therefore becomes a lay. Such thinking means you are bookmaker-driven. You are allowing them to decide your mindset and the object at all times is that you are in charge of your thought processes. There are occasions when the price is too low for your taste. That means you do not back it – simple as that.

To go back to the lay situation, I do have a train of thought that will horrify some and doubtless prompt objections a-plenty. I have often laid one horse and backed another in the same race. On the face of it, that seems a recipe for disaster. You are running the risk of losing twice. If the horse you have laid wins, you lose and of course forfeit your stake on the horse you have backed to boot. It is not for everyone but is not as daft as it sounds. If you are going to lay a horse at around 9/4, chances are you are not going to win much if it loses because its price means, as already stated, you are betting at odds-on. You are risking £90 for every £40 gained. You can turn that round by backing the horse you think has a strong chance of beating it at, say, odds of 6/1. Because you have already money in the bank on the assumption the favourite will lose, you do not need to lay out much on the horse you fancy. Should it win, as well as having run the risk of losing twice, you now win twice. This is not necessarily a recommended course of action on a regular basis but, like everything in this business, a flexible approach can pay dividends on occasion.

There are also times when to all intense and purposes there are only two possible winners of a race. Laying one of them is tantamount to backing the other. Yes, I know you have the rags running for you but, once again, by relying on them, you are playing the Zero on the roulette wheel – something that only obliges once in every thirty-seven spins. My own take on laying, unless I am handed an opportunity to lay a short one that I am convinced is not going to win and I am forcing the backer to bet odds-on, is to lay as part of an overall package or strategy. Identifying races that have a punter-friendly look to them can be as important as finding winners. You may be one of the best form students in the business, but you are going to need the gods to dish up a dollop of good fortune to collect in the Hunt Cup or the Ayr Gold Cup.

There is nothing more satisfying or confidence boosting than knowing before a race that you have read it correctly. That when you have identified only two runners and have taken 6/1 about yours, you are confident you only have one to beat. It may be a close-run thing and you may lose out to the one that was your biggest danger but, in running, as one horse after another drops by the wayside, you can be sure that sooner or later, your selection will be launching its challenge. Such confidence cannot be achieved on every race, or even on every day. But when it can, I submit that is the time to count your chips and place them on the green baize.

Personality has a great bearing on your success or lack of it and there is no perfect beast to build here. Take advice from those that have made this business pay and work round those aspects of their success that suit your style best. Do not put yourself under pressure to work to someone else’s methods if they do not suit you.

However, I am of the opinion that the more effective you are at sifting through the formbook and information received, the less bets you will need to strike. Scatter betting is for those who are playing percentages and nothing more. It is for accountants!

If you can identify winners and races where you can make the wheel spin in your favour, then it cuts out a lot of chagrin, a lot of unnecessary heartache and reduces the game of betting to something you are conducting on your terms.

Betting Exchanges

bigstockphoto_Computer_Earnings__1559353_241x349What Are Betting Exchanges all about?

This blog is the result of an email from RE of Littleborough. He asked me to expand on ‘Betting Exchanges’…

Traditionally, betting on the horses has been done on course – a transaction between punter and bookmaker – or with registered bookies. In the old days, before mobiles or the internet, it was still possible to place bets remotely, using illegal ‘bookies runners’ – taking bets scribbled on the back of fag packets and running to the officially registered bookie.

Now there’s a wealth of different approaches, including on-line betting.

Betting Exchanges, though, are something else. They’re an on-line service where people can bet against each other, rather than against a bookie. Some will ‘back’ a horse to win, others will ‘lay’ a horse to lose.[/vc_column_text]

What are the advantages?

  • The ease of placing bets on-line
  • First, it offers more opportunities to win (backing a horse to lose)
  • Increased eanings. It cuts out the bookie, who typically takes 20%, so returns can be higher
  • Wins/losses are reported immediately. This is real-time gambling
  • The fun of ‘being a bookie’, betting against different online punters. In fact Bookmakers use the exchanges to cover their own risks.
  • By backing at one price and laying the same horse at another, it is possible to virtually guarantee a return. This is known as Arbitrage.
  • Better odds. Online punters have the option of not taking initial offers on their bets, asking for better odds.
  • Not being banned. Bookmakers often effectively ban a punter who keeps winning (don’t I know it!). This doesn’t apply to exchanges.

What are the disadvantages?

You are really entering the world of professional gambling, so novice beware. My advice? Use the HorseracingPro Arbitrage service and get the best of all worlds – a high degree of safety, with the possibility of ‘locked in’ profits, all with an insider’s knowledge.

Remember, successful betting is all about understanding both the odds and using ‘value’ as the guiding principle.