Can you tell me about your background in Horse Racing and using the Betting Exchanges?

I became interested in Horse Racing about 30yrs ago. My brother had bought a share in a horse which failed to win any races. Through this he became friendly with a commission agent and occasionally assisted him in backing certain horses. When this man said sell your house and put it all on, they won. I don’t know why but my brother lost contact with him, but I had got the bug. I can think of no better way to spend an afternoon than at a race meeting and if you are winning then it’s even better.

I have had the pleasure of naming a race horse. I had joined a race club run by David Baron and he had purchased a horse for the club and ran a competition to name it. I won and named the horse Icanspell, but like my brothers horse this one did not win either.

It has taken me quite a while to start to use Betfair and the betting exchanges. It was a trust thing. Was the site secure enough? I did not want others to hack in and get to my money. I have to say though that my fears were unfounded and I now use exchanges everyday. Having the ability to be punter or bookie or in some cases both is a refreshing change to how things were a few years ago.

Would you describe yourself as a Betting Exchange Trader or a Punter?

Both, at this moment in time I am trying a system that looks very promising. Having checked the results from Jan 1st until 25th Feb there had not been a losing day and so I started to use the system for small stakes and as to date (8th March) there has still not been a losing day. I still need to check this over a longer period but it is going in the right direction.

I have traded as well. My only problem with trading is that if you back a horse and then later lay it at lower odds to level stakes you win if it wins and lose nothing if it loses. You have created a free bet, and so in theory could trade all afternoon and win nothing, ok you lose nothing either but the aim of the game is winning. If on the other hand you want to guarantee a win no matter what the outcome, and since most trades are made around the favourite (this is where most of the money is), you need to use large amounts of money for small albeit guaranteed returns unless you are lucky enough to trade on one that either drifts or shortens dramatically.
It is a great feeling though knowing that you will win no matter if the horse wins or loses.  

Over the time you have been betting, would you say you have won more that you lost?

I have lost more than I have won. This was mainly down to lack of experience and trusting to luck in the earlier years. I was lazy in as much as I could not be bothered to research the horses that I would back.  I now look at the horse in more detail. I use ATR (At the races) web site for research and also The Racing Post web site as well.

Do you use and Betting Bots and which ones would you advise using?

I use Bet-IE. You pay a one off amount and then any upgrades made are free. With some bots you have to pay an ongoing monthly amount as well as the initial payment.

Bet-IE has everything that I need and I even use it to calculate my bets for the system that I have already talked about in an earlier question.

Bet-IE is simple to use and not only lets you trade but you can also Dutch, and Hedge as well as having a stop loss feature.

What is the most costly lesson you have ever made when either betting or trading?

My costliest lesson was a horse that my brother had received info about. He gave me some money and I was to go to the bookies and get what I thought he said was the first price, he claims however that he said the best price. I listened for the prices and heard 11/4 and so I went up to the counter and asked for the price. The lady looked a little surprised and asked if I was sure? Yes I replied. I took my slip turned around and the looked up at the board (no screens in those days just a man with a felt tip pen). My heart stopped for the horse had opened at 2/1 and was drifting. By the time the race was off it had gone out to 11/2. This was the first time that I had ever wanted a horse to lose. The jockey had other ideas however and the horse won in a photo finish.

When I returned home my brother had a massive smile on his face. Did you see the race he said brilliant just brilliant.

His face after he found out the price that I had taken was more of a blackish red. He went ballistic. Unbeknown to me most of the money had been commission money and we had to make up the difference.
Now I always check and double check.

What would you say to anyone who is just starting to bet or trade?

The most important thing to remember is only bet what you can afford to lose and never chase money lost. If you are having a bad day, then walk away and try again another time.

When starting out trading then paper trade first. Only use money when you are confident enough to do so. This way the money stays in your pocket not somebody else’s.
 
Have you followed any Horse Racing Tipsters in the past and what did you think of them?

I have tried a few tipsters. I must be a jinx on them though because according to their literature they have the most fantastic results. Some have boasted a 70% strike rate that is until I try them. Then their strike rates take a nosedive. The losers roll in and my confidence drops as well.

There are probably some very good tipsters out there but I have not found a decent one yet but I still live in hope.

Do you have any further information or help you could give someone who has been betting or trading for a while or is just starting out?

I’ve already discussed trading earlier but if you are just starting out then don’t rush into things. Start with small stakes and build up gradually. I know that some people don’t like betting banks but I do. I use 5% of my bank for any given bet this way long losing runs do not cripple you.

Open a new Betfair Account and get a Free £20 bet and bonuses