Now I mentioned before that I have no real gambling experience (Other than working as a programmer building banking solutions for online casinos) and know very little about horse racing, so I had to do a little reading on the sport before I got stuck into the Lay betting experiment.
Here are some key points that I have learned:
- It's easier to Lay bet than back bet as picking a loser is easier than picking a winner
- People who Lay bet generally have a calculated formula
- There are some great Lay betting formulas out there to purchase
- BetFair can be a lot of fun, but if you have an addictive personality, stay away!
Right, so as you know the main objective in these experiments is to turn a profit, so I intended to arm myself with the tools to do so. Make sure you do this in this order:
- When you sign up for a BetFair account use this Refer and Earn code (WCEK6CMHG) and you get £20 ($40) Free to play with, trust me, use it and when the extra money shows up in your balance you'll thank me.
- Purchase a Lay betting formula. There are quite a few out there, I bought "Lay Formula" which cost me £59 ($120) - You need a formula, unless you just want to gamble. Myself, if I'm going to take a risk, it needs to be calculated.
- Go make money having fun doing it.
| Race | Stake | Liability | Profit/Loss |
| Newb 14:00 | £5.00 | £20.50 | £5.00 |
| Newb 14:30 | Scrapped | Scrapped | Scrapped |
| Newb 15:30 | £5.00 | £20.00 | £5.00 |
| Bang 14:20 | £5.00 | £40.00 | £5.00 |
| Bang 14:50 | Scrapped | Scrapped | Scrapped |
| Bang 13:20 | £5.00 | £17.50 | £5.00 |
| Ling 16:15 | £5.00 | £45.00 | £5.00 |
SUMMARY
Initial Deposit: £62.00 ($124.00)
Winnings: £25.00 ($50.00)
Losses: £0.00 ($0.00)
Closing Balance £87.00 ($174.00)
So, that's a £25 ($50) profit for 2 hours work, well its was actually a lot of fun with all the excitement.
You will notice that same races I scrapped, this is because the formula I used recommended that it would be difficult to pick a loser accurately for these races so I did not place a lay bet.
This Lay betting this has got me pretty excited. There is about a 92% strike rate if you use a good formula. That said 8% of the time you may lose, but generally you win, and apparently if you stick it out, the long term results can be a good monthly income.
My next step is to try out something else a came across which is a piece of software you can download which, based on a formula can automatically place your bets at BetFair without you having to do anything. Basically, Start the program, Go out for the day, come home and review your daily winnings. Sounds cool, I'll check it out and let you know how that goes.
Have fun at the races,
Oh, and those of you that celebrate Christmas, have a good one!
The prof
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