Rookie Trials and Tribulations at BetFair.com
I must admit it was with both excitement and fear / trepidation that I opened my first BetFair.com account a few days ago. Some highlights of my wild ride during the past half week:
- On Day One I managed to bet $6CDN four times on the same horse as I thought my order hadn't filled but in reality each time I placed it there was a fill.
Tip: After seeing your order come up on the screen and Confirming it, click Place Bet again to bring up a blank screen, then immediately click My Bets to see your active positions.
- Got a partial fill on a stink bid of 350-1. Even though only 66 cents of my order filled, it meant the race went live with me having 66 cents at stake, a chance to win $200 (the payout on the .66 wager), and being locked in at odds of 350-1 even though the horse was going off at 60-1.
- Learned this last night, and I believe it will be key if I am to succeed as a Betfair market maker / trader. I had been starting with a high odds long position (betting on a horse to Win, or a "Back" bet), and then looking to Lay it off at lower odds. Then something dawned on me... if I start with a short position ("Lay" a horse, or bet against it winning), then I can cover the position by going long at either Betfair or HPI (HorseplayerInteractive.com, Canada's top horse race wagering website). If I go long first, the only option to cover the position is at Betfair, as you cannot Lay a horse through the parimutuel system offered at HPI and similar Tote Board sites.
- Got a partial fill ($1.16 at 23-1) yesterday and the horse won, made $25 on that race.
- Secured a couple of long positions at high odds that could have easily been covered but was greedy, went live with both of them and neither one, so I learned a good lesson there. If you can cover your position and lock in a profit, why gamble?
- The very next race I was ready to cover, but the market moved fast and the horse's odds drifted up, so going long first worked against me. I was caught with a long position at Post Time again...
- The next race I had my first successful arbitrage, whereby I took a long position at generous odds and then covered it off (in a panic, I could have got a better price 30 seconds later but the previous two races had me on edge). I was guaranteed a 37 cent profit if my horse won and $1.49 profit if he lost. Funny thing, this was a Clocker's Special that I liked and would have been better to leave uncovered, as he romped to victory at about 5 to 1, but the 37 cent profit was even more satisfying as it was lockerd in as my minimum profit even before the race began.
That's it for my first few days, though I am sure there will be more stories to post in coming weeks.
If you are a horseplayer or sports betting enthusiast in Canada, the UK or Asia (most countries except the United States), I suggest that you JOIN BetFair.com and get great CASHBACK Bonuses!
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