Make Money On Betfair – 3 Keys To Success…
It’s more than possible to make money on Betfair. It doesn’t take a lot of looking around to see there are plenty making well over the average annual income from trading sports.
And a handful are making mind-boggling amounts… the problem for most is; starting out – what do you need? where do you look? what’s important and what’s not?
Chances are with a lot of browsing and googling you’d find all the answers you need, it’d take forever though (trust me I know).
So I’ve put this post together to help anybody just coming into this great game of ours on their way. Or at least point you in the right direction to make money on Betfair!
Let me elaborate with these 3 main points:
You’ll Need An Edge To Make Money On Betfair
If you’re taking this serious in the long term making money on Betfair an edge is what you need.
So what do I mean by an edge? An edge can be many things, but in general it’s a piece of knowledge you have over the rest of the market. Sometimes it’s not even something others don’t know, but a case of getting there first. A pattern, something that happens routinely. Something where the payout is more than the risk, or chance of winning is higher than the chance of losing.
As an example; If two major football teams are about to clash for the title, but team A’s star striker isn’t in the starting line-up when everyone expected they would be. The market (prices) will move, no question about it. And so there is an opportunity to make money on Betfair as this happens. This kind of edge is no secret, just a case of who can get their bets matched first! It’ll still be an edge over the majority of market participants, think about it!
Everyone that knows how to make money on Betfair has an edge of some kind. Without it, you’re just gambling.
So where can you find an edge, or even a selection of edges?
Often those that know their edges well will make good money from them. And be reserved about sharing information, understandably so. Particularly if they know their edge is small and un-scalable, after all it’d be reducing their chance of success.
The best edges come from understanding the market conditions, how it works and behaves. By doing that you can react again and again (and be first). It’s not a one-size fits all, it’s far better than that.
On-line there are plenty of places that give out information for free. This blog is one of them over the years. Although most of the free resources will require you to do a bit of thinking in addition to the information given.
Trading software forums can be useful in places (you’ll need to work out who’s worth listening to). YouTube gives away some useful hints too!
Whatever you do, remember an edge is difference between those that make money on Betfair through trading and those who don’t.
Related Article: Horse Racing Trading Strategies
Software Is Best To Make Money On Betfair
To consistently make money on Betfair you’ll need some trading software. It’s quite possible to make a few quid on the website, although if you’re serious it’s best to get some software.
There’s quite a few on the market these days. Although the most used 3 are GeeksToy, BetAngel and Gruss, probably in that order. I’d stick to one of those three, with a heavy preference for the Geeks Toy. It’s what I’ve been using to make money on Betfair for the last few years.
The main benefits to using software are;
- Speed of bet placement/cancellation
- Market depth and profit/loss status (see above)
- Market refresh (200ms supposed to manual clicking)
There are plenty of other features although these 3 advantages are the ones that make it a lot easier to make money on Betfair over the long term. It’s far less stressful than the website too!
Other features can be of benefit too depending on what you prefer to trade.
Below is a screenshot of mine just before the US Open was about to start for the day. You can see im able to monitor seven different tennis matches at the same time using the software. You can have as many as you like, this makes it considerably easier to make money on Betfair.
Geeks Toy gets my recommendation every time, it’s the most customizable and affordable at £20 for 3 months… (click image to enlarge)
Related Article: Tennis Trading Strategies
Mental Strength Is Required To Make Money On Betfair (Making Big Amounts)
With a mixture of software and edges you’ll be in the position to make money on Betfair. Although if you’re looking to make serious cash, it’s best to look at your own personal outlook sooner rather than later.
It’s something that goes unnoticed by many, for a long time. But if you ask any serious trader on Betfair, it’s something that you must be aware of at least. If you’re looking to make a lot of money anyway.
Why? Once you’ve got an understanding, and learnt to make money on Betfair. It’s quite likely you’ll want to up the stake to increase profits. Doing this is a great way of sky-rocketing profits, although it can play havock with your mind. Particularly when big numbers are on the line.
You only need to look at some of the biggest traders profit and loss sheets to realise this. In this post you’ll see Paulo Rebelo’s statement, even the strongest stomach is required with a good edge playing stakes like that. Although im sure it took him years to make money on Betfair at that level.
Although with that said, learning to trust your edge with a calm mind can result in some pretty hefty results. In my experience it’s the glue that holds everything together and makes the magic happen!
Related Article: Football Trading Strategies
Many come into trading Betfair from a gambling background, I did. It just makes sense, although the only problem for those that come via that route is learnt behaviour.
If you’ve conditioned yourself to go on ‘the chase’ when you lose money, doubling up stakes to make up for losses. At first at least, you’re going to find it hard to make money on Betfair through trading. Purely because the inclination is to bet when it goes wrong. If you look far enough back through this blog (2010 I think) you’ll see the troubles I had with this.
The sooner you realise betting doesn’t work the better. From there keeping to an edge, using the software you choose, and keeping to the plan without being seduced into betting becomes easier.
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