I've never really looked into it, but I'd guess it's an automated software, where say you deposit £500.00 into your Betfair account and it will automatically back/lay certain events at prices to guarantee you a profit. For example, backing Stoke pre-match yesterday at odds of 2.2, laying Stoke when they scored for 1.5 and guaranteeing yourself a few quid profit. Obviously there's a lot of risk to it.
Pessimist!!Yeah, it looks like it has one built in to lay draws so I have that running.
Don't actually understand what it is doing.
Deposit £500? Just put a tenner in and will be doing 50p bets until it goes!
Had it running today, got brave and put it on real money.
I am up 28p after about 200 bets.
Saving up for a chomp from the shop
Can you see what sort of sports/markets the bot was betting on and whether it was backing/laying?
Yeah, it was doing mostly horses and it is backing and laying and then trying to get a small difference by the looks of it so you dont lose too much, but then you dont win too much either.
So it backs / lays and then the odds difference is where the loss or profit is.
That was one of the built in strategies, there are a few more but they are preset to like £150 so I have steered clear.
Did you do it manually or with a bot?I used to do this for about 3 years - laying and betting and picking up the spread. I focused on League Winner in the Championship and Leagues 1 and 2 because I discovered that on Saturday afternoons the market became less liquid and every club who won shortened significantly and then later lengthened again. I started with £25 and built it up to over £2,000. HOWEVER, my wife got pissed off with me checking my position frequently and I cashed out. Money can be made there.
I am up 28p after about 200 bets.
Did you do it manually or with a bot?
Ah, that would need serious time going into it to studyManually.
I've spent quite a bit of time trading on betfair, mostly on the immediate pre-race horse markets using a tool called Bet Angel. That's got some built in tools for creating bots using your own strategies and tied into Excel, but I've never entirely trusted them because it can expose you to a big risk if you get it wrong (esp. on the lay side). It also does all of the calculations and placements for hedging, which is key when you're trading into a fast moving market (literally jumping around by the second). Mr Trench clearly had a calmer, more ordered method.
I've never made any great amount of money out of it, but then I've never lost too much either. If you haven't got a genuine exit strategy though, especially for when things go against you (and they will), then in truth you're not really trading, you're gambling - and that can be a slippery slope! In truth, I'd say that even trading is gambling, it's just a slightly more considered form.
Bet Angel does come with a practice mode, using the real markets fwiw. If you think you've got a good system you could use it to test. I should say that I don't work for them, and there are other tools out there, 'Geeks Toy' is another one...
I also got it to follow a Tipster who had a 70% win ratio on greyhounds.
He has lost me a quid so far, not too happy with him.
Where do we find and how do we use the Bots Nick?
So you pay £30 a month to lose 3/4ths of your money.
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