May 13, 2008

Betfair Loophole

I’m starting another test today due to the fact that this system has been heavily marketed and quite a few readers have asked about it.

My first impressions of the system are that is should be renamed using a P instead of an L because the actual system bears little, if any, resemblence to the sales page. On the sales page it shows a picture of Cricket Match with a green screen of $480 profit whichever team wins. I’m sure most people reading this knows that to get a green screen like that require staking thousands of pounds and taking a considerable risk too. But thats not the point… the system contained in the manual is actually for laying greyhounds!

Whats going on here then?

Well, I think we can take most of the rest of the sales copy with a pinch of salt.

This system is a very basic lay the favourite between certain odds ranges on certain races type system. Not that there is anything wrong with that, if it’s profitable then thats fine, but you can sum up the actual system in one line (I almost have!) so I do wonder what the rest of the manual is there for.

Ok, to be fair if you don’t know about Betfair then it’s got all that, and it tells you about trading off and greening up and basically all the stuff Betfair actually tell you these days when you open a new account. But since most of us know this already, the nuts and bolts is… lay the favourite in every dog race of a certain type, between certain odds, using a 5% rolling bank.

I paper traded it on Friday using the Grey Horse Bot. This system absolutely has to be used with GHB if you want to retain your sanity because otherwise you will be glued to the screen from around 11am to 10pm at night and still might not make a penny profit. Unfortunately with GHB, unless you are trading live it doesn’t know the results of the bets as it uses your account balance to tell if the bet won or lost. So on Friday I had to go through every bet checking the results manually to see that it had made a loss (imagine that after eleven hours at the screen!).

Even doing that was mind numbing and it doesn’t calculate the 5% rolling bank without live trading so, to give the system a fair trial I decided to withdraw practically all my funds from one Betfair account and use the system live using GHB. As I have just about zero confidence in this system I decided to take advantage of one pretty cool feature of GHB, namely the ability to bet under the £2 minimum threshold. In fact, with GHB you can bet a penny if you want to!

So I’ll test this system for a while to see how it does. The system recommends a 5% rolling liability on each bet but I’m going to do 10% because I started with the princely sum of £12.57 in Betfair so I’d like to see if this system can do anything with that.

All that is involved is setting the system parameters into the bot, importing the days races and clicking Start. Here are Mondays results:

Starting Bank: £12.57

Monday: +£17.11

New Bank: £29.68

Ok, so that was a bit of a surprise. I more than doubled the bank in one day. Don’t get too excited though, lets see how it does on Tuesday!

Filed under Greyhound Racing,Laying by Graham

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