How would you like to trade a market where you get large regular price swings every 10 minutes in the afternoon, seven days a week. A
market where all prices are set purely by supply and demand, few transaction costs, no middle men and you only pay commission if you win? Where you can freely act as a market maker and where you have direct market access and where you can create a spread for others to take?

Betfair has revolutionised the betting market and created an open platform for exchanging risk on sports events. This market is now viewed much more like a traditional financial risk market than an old fashioned betting market. Smart users have realised that there are huge opportunities on Betfair because they can buy and sell risk in much the same way they would in a normal financial market but without the burden of cost or the restricted access that is usually associated with traditional financial markets.

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'Not a lot of value out there so I'm going to wait til half time I think and look for a 0-0 then back the home team.'

This was my statement so I'll answer that one.

Most of the home teams were red hot favourites last night, so much so that the odds on offer were as low as 1.2.

In those circumstances I prefer to wait for the match to progress in the hope that the home team don't score and consequently their odds drift.

At some stage at or near half time I would back the home team for reasons which will become apparent on Scrip's course.

Basically I was waiting for the right entry point, much as we do when trading the financials.

Unfortunately for me I did not get that opportunity last night.

Nevertheless, some of us occasionally revert to 'having a flutter' on the odd horse or match. Discipline is as much a part of this game as it is trading the financials and it is one of the hardest things to maintain as we all know. It has been discussed many times before on this thread.

I hope that answers your question.

Pth,

"At the moment, I am gambling, attempting to judge which way an event will go, hope it goes the right way and then green up."

I have to disagree Pth. What you describe is no different than trading a share.

You look for evidence to guide your decision and entry point and, as soon as your trade meets your criteria you take your profits by greening up.

You may need the rough edges smoothing with the benefit of Scrip's course but what you describe is not, in my opinion, gambling.

Harlosh

Understand what you are saying, but one may state that trading shares is a gamble, albeit aided by considered research! Personally, I am not going to get to wrapped up in that particular arguement, suufice to say you are totally correct when you say that you have to judge an entry / exit point based on that research. As far as footy is concerned, my decisions are based on my knowledge of the game rather than the odds offered at the time. probably not quite the right approach, I'll find out tomorrow.

:-))

pth

Edit: At the end of the day, it worked out for me last night, 3 out 3 wins, so quite happy.

I think both come into play P. Knowledge and odds.

Well done last night by the way.

Cheers both , appreciated.

everyone has there own way of playing markets only time will tell if this is the right way for each person

Dil,

Just thought I'll add my penny's worth.

I fully agree with what Harlosh has already said. It's all too easy to associate betting exchanges with outright gambling which I originally did before I attended Scrip's course. At that time Betfair to me was no different to the likes of Ladbrokes and other High St bookies.

Scrip's course certainly opened my eyes to what I could do on betting exchanges.

I certainly look for decent entry/exit points, value, etc, etc. Luckily, I have a decent knowledge (or at least I think I have) of most sports to be able to make my decisions. Yes, I do admit to getting it wrong and losses can be both financially and mentally very terrifying.

Personally, I don't think this is too dissimilar to trading the money markets. We all have our favourite indices, shares, sectors, etc. Entry/exit points are gained from charts with the aid of support and resistance. There are numerous ways to trade eg, level 2 scalpers, daytraders, long term investors, to name a few.

Yes, I do admit to having an outright gamble from time to time, all part of the fun. However, there are mugs out there who use betfair purely as a bookie which I'm grateful for as without their liquidity I can't adopt the strategies that I use.

A life sized and autographed cardboard cut out of Sir Clive is in the post....LOL

For those that are on Scrip's course tomorrow...Enjoy!

When people ask me what I do for a living now I just say, "As little as possible". It's too difficult to explain anything else. My wife doesn't even understand.

I will only get the chance to do three days on the horses this week but in that time I have managed to place 538 bets on just the horses. I think that shows you the difference between gambling and using an exchange to its full potential.

Scrip,

Do you really write "As little as possible" in the occupation line when applying for loans, mortgages etc?

Then again, you probably don't need a loan and you've paid off the mortgage many times over with your betfair profits ;-)

Backing Milan, Real Madrid and the draw for L'pool v Chelsea this evening

I shall mostly be 'trading' ;~) Sibneft fc

Dil

Apologies for the delay in response.

I think your view is correct to a certain degree - there is a fine line between gambling and trading. To me, the horses is pure trading, which i would compare to charting in terms of shares and my performance at this is far more consistent than any other (except the ashes this summer on which i had a field day). The football is more a case of spotting value, some of which is based on stats provided by scrip, some is personal gut feel (where ultimately the line is crossed!). A lot of the football trading I do is similar to the way we both traded the lions games - based on opinions that the prices were wrong and hence there was value in doing so (and your undying faith in SCW of course lol). Hence on the panathanaikos game, a side who were 3.3 prior to kick off and traded as low as 1.2 when 2-0 up, were basically then taken to pieces for 30 mins. At 1.8 to win at half time, i thought this was underpriced and hence looked to lay it (i didnt as i got caught up in the arsenal game thankfully as i was wrong in this instance).

When trading the horses I expect a far higher success rate looking for a small number of ticks whereas with the football (and most other sports) the sort of positions i talked about yesterday i am looking at a lower success rate but a higher return on those successes.

Hope this helps, would certainly recommend the course as a lot of what scrip provides is stats based analysis as to where there is value in regularly placing similar bets which over a period of time will be successful.

3 minutes gone AC Milan and its 1-1.

Anyone getting involved tonight - tempted to back Inter vs Rangers

PTH

Real look a bit skinny at 1.3 to me - been struggling of late, especially early in the game (cue an early goal for madrid)

As i said - Raul scores for MAdrid - well done PTH

I was on Real but nothing else for me tonight. I'm having the night off and watching instead. Done enough already this week and need a rest.

odd were not that great on Real and only a small bet so greened up. Money in the bank! :-))

Backed Inter at 1.57, 10 secs later they get a penalty and the idiot hits the post - grrrr

Greened up on the pool v chel game
just need Inter to score now
mind you if they are missing penalties??

pth

get in Milan