Day 3: Cheltenham Festival 2023

Quick update here after a busy Cheltenham Thursday…

I didn’t find time last night being pretty exhausted and in much need of a few beers. Trading Cheltenham can be pretty intense at the best of times, particularly on large stakes.

Hopefully today is a bumper result with less stress!

I always enjoy the Cheltenham buzz but yesterday was a bit frustrating. It was the typical problem…

Drowning in Money:

I found myself caught up in the masses of unmatched cash waiting for what seemed like an eternity to get filled. It happened on several occasions. Being over-defensive, scratching trades and re-opening them at the top of an unmatched money queue regularly feels like a mistake in the Cheltenham markets, especially if you’re on an outsider.

Remember, protect the bank is rule number 1. Don’t get suckered into impatience, I found myself doing it in the second race of the day.

Today will no doubt be similar…

Where’s The Money Coming From?

Cheltenham attendance is reported to be down, although exchange liquidity is up.

Could it be that extreme stake restrictions over the last year have forced more people onto the exchange?

There are so many variables it’s hard to pin it on one thing. Short-priced favourites turning over more money, the price of a pint, the cost of living, affordability checks, no doubt they are all contributing in some way. However, it’s nice to see the fill rate is decent…

Yesterday’s post spoke about the importance of finding gaps in the market where there’s lots of matching and less unmatched money. I could have done better yesterday in this area and shall focus on it once more today. Milking those small edges over and over makes a huge bottom-line difference, hopefully, there are more delayed starts (but not too long).

If you’re new to Betfair trading, and this is your first festival, be ready to witness turnover like never before. The Gold Cup is like your average betting market on steroids.

It’s time to be bolder with that late last-minute scalping. The Gold Cup won’t come again for another year. Good luck!

Related: Cheltenham Trading Day 2 – Fun Fun Fun

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