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

Having been quite successful with occasional ‘intuitive’ horse racing bets, I began betting regularly in the late 80’s, my interest in systems arising from having been given a few free by someone I was working for. However, I soon realised that these ones were unreliable so off I went in search of better systems, a quest which I believe has more or less ended in the last few months, when I’ve found several excellent methods. I began using Betfair while working abroad four years or so ago, a time when I first started using a computer. Since then I’ve used Betfair for 95% of my bets.

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

I am mainly an Exchange punter, although recently I have begun to experiment with trading, especially on tennis matches.

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

No, I have definitely lost far more than I have won. However, I believe that I stand a very good chance of reversing that over the next year or two.

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

I have looked at XBots’ win and lay daily suggestions, without incorporating them into my strategies yet. I haven’t yet reached a conclusion about these.

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

I have had to realise that there is no such thing as a ‘dead cert’ (like most of us, I imagine)! For example, I noticed a few years ago that Andre Agassi was playing an ‘unknown’ and had easily won the first set. So I placed 3000 pounds at Betfair on him to win the match at very short odds, around 1/20, I think. Agassi lost. There have been other occasions, less extreme than this, but with a similar theme, but I have learned the lesson now. This ties in with the very sensible dictum ‘Never chase losses’, although this can still be tempting, especially when what looks like a ‘certainty’ is staring me in the face. 

Another lesson has been not to believe in claims made for a system until after having tested it, no matter what figures and results have been placed in front of you by the vendor. A few years ago It took me a few thousand pounds lost to realise that two systems I’d bought from someone regarded as reputable were in fact unreliable. Believe me, that experience was very demoralising, especially as due to adverse health I’d been relying on those methods to achieve a reasonable income.

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

Realise that successful betting demands mastery of one’s mind and emotions, so realise that it pays to be extremely careful and don’t let yourself be fooled into thinking that consistent profits are very easy to make. Along the same lines, absolutely do not allow yourself to be taken in by commercial tipsters, who have proliferated over the last couple of years or so, as perhaps 95% of these people are lying. 

Get advice, if possible, from trustworthy people who ‘know the ropes’. These may be hard to find, but perhaps a good place would be an Internet betting forum, eg Goodbet. Be satisfied with small, regular profits rather than aiming for large single wins, i.e. don’t be greedy!

Research statistics and trust them (e.g. at Adrian Massey’s extraordinary website) rather than so-called ‘inside information’, the vast majority of which is rubbish.  Try to find a professional advisor with integrity, who understands and uses statistics and who provides his/her home telephone number and address. You can learn a lot from such people, as well as profiting from their betting advice.

Keep records of your bets, which can be an invaluable resource, at whatever stage you’re at. Without this, it’s very easy for the mind to get a false idea of how you’re doing, which invariably is worse than you’d like to imagine!

Set aside a betting bank consisting of money you can afford to lose and use a staking plan that is geared to maximise profits and minimise losses, according to expected strike rates and average odds.

Have you followed any Horse Racing Tipsters in the past and what did you think of them?

I have followed a number of tipsters, none of whom was worthwhile and some of whom were simply con-men.  However, that experience has sharpened my ability to recognise the false, i.e. the vast majority, especially those that use mail shots and glossy brochures.  About three years ago I came across one, however, whom I still use, who operates an excellent and consistently profitable method involving betting on two or three horses per race. And the other I use provides very good systems. As I indicated before, both these people make themselves readily available to clients, which I find both reassuring and useful.

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?

Take a good look at Lay and Place betting, as well as Win betting. But do your research and ask for advice first before you actually risk your money.