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leedsleeds
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Post Posted: Mon Dec 15, 2008 9:17 am     Post subject: Can I earn a living from Betfair. Reply with quote

Hi all, I'm fairly new to this site and I'm sure the question above has been asked many times but I was just looking for some advice/comments

I am working at the moment as a recruitment consultant and earning an ok wage. However due to the Economic climate, most jobs are no longer safe nowadays.

I have been betting for over 10 years now and use Betfair quite reguarly but am looking to try and make a living from it. I dont want to be greedy and looking to make enough to cover my wage.

I have a starting bank of 500 and looking to earn around 300 per week. I have had quite a bit of success laying horses and am looking to perhaps Lay on each horse race to win 2.50 per race. So if there are 3 meetings per day and 6 races per meeting that would give 45 per day on the horses which is 315 per week. On top of that I would have the football at night too where I use various markets. back and Lay the draw etc.

I know some people will think I am mad to consider this considering I am in full time employment but I have always wanted to do this and considering the way the things are in the world at the moment, I think this would be an ideal time to start. If I do it and I fail then at least I have had a go at it.

Any thoughts would be very much appreciated and if anyone else has had the same thoughts or even taken the plunge and does make a living from Betfair then I would appreciate your comments.
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Dammo Qwirky
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Post Posted: Mon Dec 15, 2008 9:35 am     Post subject: Reply with quote

I was in a similar position to u a few years back. I was doing my betting at work tho so getting two salaries. Dunno if u can do that. My work wanted to move my teams to Manchester as it was cheaper to staff there. I didnt wanna go so took redundancy. Went to buy a nightclub in Marbella but that fell thru so I had to decide if I wanted to return to the slog of work. Gave myself 6 months to see if itd work and I managed to surpass my yearly salary and I havent looked back since.

I would say b4 u contemplate giving up u paper trade for a few months to see how u average out. Use playbetfair if necessary.

I would also recommend u have at least 3 months wages tucked away for safe keeping and u dont touch that. Open a separate account for yer betting so u can keep track. Keep records. Be disciplined.
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leedsleeds
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Post Posted: Mon Dec 15, 2008 9:49 am     Post subject: Reply with quote

Thanks for the advice Dammo.

Yes I have some money tucked away. I am thinking of working til Xmas to get my last pay cheque and start on Betfair in the New Year.

Regarding doing both, I would love to but unfortunatley could not get away with it where i work. I have tried putting bets on before I go to work but doesnt work as good as being able to Lay just before the race.

I am keen to do this so will be very disciplined and treat it as a business. I understand that it will be a full time thing, up early get the papers etc and weekend work too but the advantages far outway the disadvantages.

Are you still doing it full time? What kind of pot would you say I needed to start properley?
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Dammo Qwirky
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Post Posted: Mon Dec 15, 2008 10:31 am     Post subject: Reply with quote

Ive managed as a pro for a few years, but its getting harder all the time wot with accounts being closed, firms going out of business, capped stakes, Betfair introducing premium charge etc.

I dont work, but I wouldnt say i was full time pro any more either. I went at it hard last year to see how much I could earn. I passed that easily this year so Ive sat back and enjoyed life more recently. Im definitely getting lazier and more complacent but I tend to do a coupla hard days work per month and then just feed off a steady drip.

Im not really sure about the size of yer pot but theres a fairly good chance u r gonna encounter bad runs and u should allow for that. U need to allow for time off when u hit a bad streak. Ive never really paid that much attention to a betting bank so someone else will prob be better qualified on % etc.
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Betfairalfie
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Post Posted: Mon Dec 15, 2008 10:31 am     Post subject: Reply with quote

If youve got a job then keep it until your a proven long-term profit maker on Betfair. This is no time to be giving up your day job !

But to be a bit more helpful....

Betfair in the last year or so have introduced two new features which help people who work and want a punt. You can select bet (Lay or back) @ SP or Keep (when it goes in-play). Therefore you can Lay at SP or you can select a price and then if that isn't matched pre-race you get either matched at SP, or the bet goes in-play and is hopefully matched there, or you can cancel. These will enable you to bet before you work, during tea breaks etc...

You can also access Betfair at work no matter what blocks your employer has. e.g. you could use Betfair telephone betting service or you could download the Betfair mobile product and bet on-line via your private mobile phone.

Laying can seem deceptively easy at times but it usually comes back to bite. Its very hard to beat the market margin and/or commission rate by just punting even if its only laying. Trading, especially low risk pre-race stuff, is a safer route but thats hard to do whilst doing a real job.

It really is a case of don't give up your day job until your proven.
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leedsleeds
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Post Posted: Mon Dec 15, 2008 10:38 am     Post subject: Reply with quote

Thanks for your advice guys.

I thnk I will paper trade over next couple of months to see how things go.

However I am intent on having a bash at this full time because I can at least say I have had a go. After all I think 10% of my bank is acheivable.

In the past when I have been disciplined, I have done well, its just when I get silly and use a high percentage of my bank.

I think if I am doing this for a living, I wouldnt be doing that as I know this is the only salary that I have coming in.
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Betfairalfie
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Post Posted: Mon Dec 15, 2008 10:44 am     Post subject: Reply with quote

Anyone who tells you that punting/trading fulltime is easy is most probably trying to sell you something.

Its hard :x and its stressfull :rant: and you'll miss the Christmas Works Party Smile
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leedsleeds
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Post Posted: Mon Dec 15, 2008 10:57 am     Post subject: Reply with quote

Lol Alfie. Missing the Xmas party where I work is not such a bad thing I can tell you lol.

I see you have a lot of good advice to give out. Do you do this for a living?

From your experience what would you say are the best markets to punt/trade on?
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fairfranco
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Post Posted: Mon Dec 15, 2008 12:23 pm     Post subject: Reply with quote

Alife what about when the company is doing so badly that they cancel the work do anyway Crying or Very sad

Good advice guys, leeds how long have you been laying for?
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leedsleeds
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Post Posted: Mon Dec 15, 2008 1:11 pm     Post subject: Reply with quote

Franco been laying for couple of years now but only got into laying horses over past few months but have only been able to do so at weekends and night meetings.

I am confident I can do well doing it full time but was just looking for some advice from you guys as to whether leaving my employment would be worth it.
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Betfairalfie
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Post Posted: Mon Dec 15, 2008 1:46 pm     Post subject: Reply with quote

If the Works Xmas Party don't give St John's Ambulance people an invite then it aint worth going too. I've been to a few mobile phone company do's Embarassed

Cancelled the Xmas party FF Shocked I've resigned for less Smile

Leeds - I've been a fulltimer since Apr 07 when i resigned from a large mobile phone company for something relatively silly. Its my third attempt at making it pay and its been the most successful, albeit with a poor disciplined hiccup or two. I'm doing okay but I'll challenge anyone who says its easy. It can play havock on the hairline, relationships, safety of household pets and personal sanity. Gambling for fun and gambling to pay the bills are two very different beasts.

You could always take the easy way out and sell your profitable lays to others Laughing


Last edited by Betfairalfie on Tue Dec 16, 2008 7:29 am; edited 1 time in total
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leedsleeds
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Post Posted: Mon Dec 15, 2008 2:11 pm     Post subject: Reply with quote

I had a go part time last year. Started with a bank of 1000, got up to 3800 and started getting greedy putting big money on short priced football teams. I had no plan in place and just used it for a bit of fun so will have to be a lot more disciplined to make it pay full time.

After Xmas I hope to start things off and will update you on how I go on.
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