I spoke last week of betting as a business and looked back at some of the articles I’d written this year to help you become more successful in your approach to betting. If you missed that you can read that here.
Onto this week and I was asked by one of our readers how to avoid bookies shutting our accounts down. Now I know some of you won’t have had this problem but if you follow my advice in each of this years articles you soon could be experiencing this problem. It is a bit of a myth that bookies simply shut you down for winning too much money. I used to work for them so I know 😉
A bookie will let you bet all day and all year if you simply just back favourites. Let’s say you start out and win a few grand by simply betting on a few favourites. They wouldn’t shut you down as they will expect your betting pattern to stay the same and I assure you that you’ll give it all back. I’ve known some punters to be several 10’s of thousands in profit for a few months and then slowly give it all back.
I was talking to a friend of mine just the other day and he’d had his account closed after just 50 quid in profit. So what’s the difference? It’s all to do with the margins. If you consistently beat the SP you will lose your account. The bookie knows that you will turn a profit slowly and consistently. I won’t explain why as I have on so many occasions and regular readers will know how it works. I told my friend to go back and look through his accounts and look at the prices he’d taken compared to the SP and sure enough he’d beat them almost every time. That’s why he was shut down for a measly 50 quid.
So what can we do to stop this from happening. It’s quite a long and lengthy process and takes a lot of record keeping but it can be done and you’ll be able to bet for a long time with a bookie.
The simplest step to take is to bet with one of the exchanges but the problem with these is that there can be very small liquidity available in the morning and when there is enough money to be matched you’ve missed the price. We can use the exchanges to our advantage though. After we’ve made a small profit with the bookmaker we simply start blind betting on a few favourites and lay these off on the exchanges. You will lose a small amount in commissions but once you’ve lost in the bookies account you’ll of course have the winnings in the exchanges. That way the bookie will keep accepting your bets and you can take advantage of their commissions and early best price guarantees. I know that will appear daunting to some of you but I will cover this in more detail as the months progress.
So just to re-cap. So far this year you should be looking into selection processes and tipsters and starting to record your bets. We’ve still got 4 weeks of getting this process right so any questions please let me know.
I hope you where on board my massive day last week where I gave a 12/1 and 9/2 winner on the same day. Two bets and two massive winners. I know a few of you where and what a great evening was had by all. VATR still dominates the all time leader board and as far as I’m concerned will stay there for as long as I keep tipping 😉
Good luck with your betting and please let me know how you’re getting on.