Bet Fair Maverick

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Transcript of Bet Fair Maverick

Betfair MaverickIntroduction Welcome to the Betfair Maverick course. This manual will give you all the tools and knowledge you will ever need to make a great second income from Betfair. Over the course of the next 60 pages or so you will taught a completely new way of trading on Betfair that very few people will ever know about. The course has been designed so that even a novice can pick it up and start almost immediately. If you already have a good working knowledge of betting exchanges and trading then you will probably only want to skim read the first couple of modules of this guide and you will be familiar with a lot of the content. However I wouldn't recommend skipping them altogether as you may find a snippet of information that will help you in your future trading endeavours. In the first module I am going to explain all about betting exchanges and Betfair in particular. I will also introduce the concept of trading on a betting exchange. In the second module I will take you through the Betfair Maverick trading strategy that I have used to great success over the past couple of years. Finally in the third module I will introduce you to software that will make a big impact on your trading habits as well as showing you how to trade even with a full time job.

Module OneThis module is aimed more towards people who have little experience with betting exchanges. If the notion of trading on a betting exchange is new to you then I would go through this section very thoroughly otherwise the principles in module 2 won't make much sense. If you are well versed with trading on the betting exchanges I would still skim read this section as you may still find some information of value. What are Betting Exchanges? The advent of the betting exchange at the turn of the century has revolutionised the gambling industry. A betting exchange is simply a platform that allows customers to exchange bets. Unlike traditional betting where there is a bookmaker who sets the odds and punters who either take the offered odds or walk away, a betting exchange is simply a website where visitors can bet against other visitors on a range of events. All bets on the exchange have been placed there by users who either want to place a bet in the normal way (back), or offer odds to other punters (lay). Bets are matched between people with opposing views. Just as ebay matches up buyers and sellers via the internet, betting exchanges' matches up customers who want to strike a wager. A betting exchange is a fluid market, much like the stock market, which means that prices (e.g. bet odds) move up and down in real time. This enables us to trade on the market and take a profit whatever the result. You never know who you are betting against, your privacy and the confidentiality of your bets are maintained by a secure site. To become a member you simply have to register a debit or credit card and place some funds into your account.

Once you have done this you can start to use the account straight away. There are a number of different betting exchanges out there but you do not need to bother signing up to all of them. I would advise only joining the two biggest; Betfair (http://www.betfair.com) and Betdaq (http://www.betdaq.com). These two exchanges should offer all the liquidity you will need to get your bets matched at decent prices. Now of the two Betfair is the most popular by far and later on we are going to look at it in more detail. But first let's talk about backing and laying in more detail. Backing and laying A Back bet is a bet on something to happen a horse to win a race, a football team to win, a person to be evicted from Big Brother etc. Its just like the bet youd regularly place with a traditional bookmaker or tote, or even with your mates. For example if you back a horse called My Fair Lady at odds of 5/1 for a 10 stake then you would get back 60. (50 profit and your stake money back.) If the horse lost you would lose your 10 stake. A 'Lay' bet is a bet on something not to happen a horse not to win a race, a team not to win a football match etc. It might sound new, but youve probably been doing it unconsciously for years. Have you ever had a bet with a mate? It might have been over a game of pool, or on a football match on TV. Two opposing sides, two opposing opinions. Hes backing his team if they win, he wins. If they lose, you win youve effectively layed his bet by betting on something not to happen. Lets get back to our My Fair Lady Example.

If you didn't think the horse would win you could place a lay bet at odds of 5/1 with the same 10 stake. Now if the horse doesn't win you would win 10 however if the horse won you would have to pay out 50. Usually when laying your potential liability is higher than your potential profit. This just means to be successful you have to have a higher strike rate. Quick Guide To Odds Just in case odds are new to you I will quickly go through them now. Odds are referred to as the "price" for a horse in a race. The bookmakers set the prices according to what they believe is the horse's chance of winning. The more likely they think a horse is to win, the "shorter" the horse's price will be. That is to say the smaller the return will be for a punter who backs the horse to win. For example if a horse is priced at 4/1 then the bookie is saying that if that exact race was run 5 times that horse would win it once. Or to put it another way the horse has a 20% chance of winning. In England the odds are usually present in fractions however on the betting exchanges the odds are in decimals so I will quickly run through the differences now. British - Fractional Odds The traditional British way is to describe the odds as a fraction e.g 5/1 or "Five to One". When the first figure is higher than the second it is called "odds against". The amount won will be greater than the original stake. For example if the odds offered were 5/1 then for every 1 staked you would win 5 profit. When the first figure is smaller than the second it is called "odds on" and the amount of winnings will be smaller than the stake. For example if the odds offered were 4/6 then for every 6 staked you would win 4.

Below is an example of an on-line race card using British Odds;

Betting Exchanges - Decimal Odds Unlike the British fractions the betting exchanges deal in decimals. The figure quoted is the return a punter receives (including the stake) based on a bet of 1 unit. To transfer from British odds to European odds simply divide the first number by the second number and add 1. So odds of 5/1 become 6 (5 1 + 1 = 6) and odds of 4/6 become 1.67 (4 6 + 1 = 1.67) Below is an example of an on-line race card using European Odds;

Introduction To Betfair Betfair is by far the biggest betting exchange and it is the one I personally use for trading. If you haven't yet got an account then follow the instructions below to sign up and claim 20 for free. How To Sign Up To BetFair and Make 20 Lets get started. First of all visit BetFair here: www.BetFair.com You will be taken to the BetFair Homepage. Youll need to click the JOIN NOW or the OPEN AN ACCOUNT button at the top of the screen. Both take you to the same page:

This will take you to a signup page where you can enter all your details. *IMPORTANT* To claim your free 20 you must enter the code HKVKENPGW when it asks for you Refer and Earn Box like below:

Navigating The Betfair Screen Click on the 'Sports' tab indicated below:

This will bring up a list of sports down the left hand side. To access the horse racing either click on 'Horse Racing - Today's Card' or simply 'Horse Racing'. The left column will then change to show the upcoming horse races in time order. When you click on an individual race the race card will appear as below:

Now this may look confusing at first but once you understand it it will seem very straight forward. The blue half represents the back bets and the pink half is the lay side. The blue column represents the best odds we can get for backing the horses and the pink side shows us the best prices we can get for laying the horses. The numbers in bold represents the odds and the lighter numbers underneath represent the amount of money available at that price. As you can see the current favourite is Woody Waller. If you wanted to back him the best price you can get at the moment is 2.86 and if you wanted to lay him the best price you could get is 2.88. Let's look at the favourite in more detail:

As I explained before the sums under the odds represent the amount of money available at those odds. This is known as unmatched money. So the most we could back Woody Waller at odds of 2.86 is 217. Now lets say we wanted to back him with a 300 stake. We could either take 217 at 2.86 and 83 at 2.84 or we could take 217 at 2.86 and leave an order for 83 at 2.86. This would simply mean that the numbers would shift to the left. The best available odds to back with would now be 2.84 and the best available odds to lay with would be 2.86. This is what we mean when we say Betfair is a dynamic market. Just like the stock market the prices are constantly changing. If we click on the little graph symbol to the left of the horse's name the information box comes up like below:

This shows us what has happened the the price of this horse over the whole period

of betting. As you can see the odds of Woody Waller started out at 4 and have now moved all the way down to 2.86. It is this changing in price that enables us to trade on a horse and guarantee ourselves a profit whatever the result.

Introduction To TradingNow that you understand Betfair and the principles behind backing and laying I will introduce the mechanics of trading. As we have seen a betting exchange is a dynamic market with horses' odds moving all the time. The principles of trading on Betfair are the same as the ones for trad