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frustrating newbie question
What country are you in and what bookie was offering those odds?
You appear to be three hours behind us but UK bookies were offering around 8/1.
I used to make a fair amount of money arbing on US racing because UK bookies didn't have a clue how to price up them races so maybe you could have a similar opportunity to arb?
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BetScalper
- Posts: 1139
- Joined: Sun Jul 02, 2017 10:47 pm
Now it Makes sense.
When you said locally, I thought you meant at the race track in Ireland.
Basically, you are being ripped off by www.hollywoodraces.com, who are offering poor odds to on-line punters in the USA and then backing them on the exchanges via a third party based overseas.
Therefore, they are win a total WIN/WIN situation, more so than a normal bookie with book over rounds etc.
They must be raking in millions!!!!!!!
Sorry to say it but you have been screwed big time....
When you said locally, I thought you meant at the race track in Ireland.
Basically, you are being ripped off by www.hollywoodraces.com, who are offering poor odds to on-line punters in the USA and then backing them on the exchanges via a third party based overseas.
Therefore, they are win a total WIN/WIN situation, more so than a normal bookie with book over rounds etc.
They must be raking in millions!!!!!!!
Sorry to say it but you have been screwed big time....
USA-east coastDerek27 wrote: ↑Mon May 14, 2018 7:46 pmWhat country are you in and what bookie was offering those odds?
You appear to be three hours behind us but UK bookies were offering around 8/1.
I used to make a fair amount of money arbing on US racing because UK bookies didn't have a clue how to price up them races so maybe you could have a similar opportunity to arb?
He didn't say he was betting with the bookies - he was asking an exchange question, but more importantly, he says it sometimes happens the other way round!BetScalper wrote: ↑Mon May 14, 2018 7:48 pmNow it Makes sense.
When you said locally, I thought you meant at the race track in Ireland.
Basically, you are being ripped off by www.hollywoodraces.com, who are offering poor odds to on-line punters in the USA and then backing them on the exchanges via a third party based overseas.
Therefore, they are win a total WIN/WIN situation, more so than a normal bookie with book over rounds etc.
They must be raking in millions!!!!!!!
Sorry to say it but you have been screwed big time....
If UK bookies betting on US racing is anything to go by, an outsider could be priced as the 2/1 favourite but conversely the true favourite might be 16/1. I've seen William Hill make an absolute cock-up quoting a horse at 33/1 that was quickly backed down to 2/1 favourite - and went in!
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BetScalper
- Posts: 1139
- Joined: Sun Jul 02, 2017 10:47 pm
I understand bookies make mistakes but in that picture they are offering 2/1 on the favourite which is 7/1 on the exchange. He said it happens allot therefore something stinks to high heaven. The punter over there in this scenario is being shafted big time.Derek27 wrote: ↑Mon May 14, 2018 7:56 pmHe didn't say he was betting with the bookies - he was asking an exchange question, but more importantly, he says it sometimes happens the other way round!BetScalper wrote: ↑Mon May 14, 2018 7:48 pmNow it Makes sense.
When you said locally, I thought you meant at the race track in Ireland.
Basically, you are being ripped off by www.hollywoodraces.com, who are offering poor odds to on-line punters in the USA and then backing them on the exchanges via a third party based overseas.
Therefore, they are win a total WIN/WIN situation, more so than a normal bookie with book over rounds etc.
They must be raking in millions!!!!!!!
Sorry to say it but you have been screwed big time....
If UK bookies betting on US racing is anything to go by, an outsider could be priced as the 2/1 favourite but conversely the true favourite might be 16/1. I've seen William Hill make an absolute cock-up quoting a horse at 33/1 that was quickly backed down to 2/1 favourite - and went in!
If it happens the other way around then all good if you can get the bets on but I bet its not that often.
But to go back to the original question its obvious whats going wrong with his gambling/trading etc.
You'll be surprised! Just look at the price the favourite opened at. Needless to say that I've been barred from all bookies that price up US racing.BetScalper wrote: ↑Mon May 14, 2018 8:06 pmIf it happens the other way around then all good if you can get the bets on but I bet its not that often.
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northbound
- Posts: 737
- Joined: Mon Mar 20, 2017 11:22 pm
I'm going to give you some advice which I'm following myself and which brought me from losing consistently to at least breaking even. Which is a good starting point to then try and develop an edge.
1 - Treat trading as roulette: each trade is a spin. You win some, you lose some.
2 - If you have a bank of £1000, don't risk more than £10 on a single trade.
3 - Which means enter in a way that if it goes a few ticks your way, you win £10. If it goes a few ticks in the opposite direction, you lose around £10.
4 - Trade only markets which are not too static nor too volatile (forget Ireland). Enter during the last 3min before the off, as this is where the bulk of money starts arriving in the market.
5 - Enter a trade by BACKING first, at odds that result in a positive imbalance in payout. Look at the picture below: if you back something at 3.50 and it goes 10 ticks your way, you win way more than you would lose in the opposite direction.
Your goal (and my goal) is to gain experience and slowly improve the quality of entry points, so to go from a 50-50 record to a 60-40 record.
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great stuff northbound. It's funny because I was considering not trading Irish races (except maybe the big ones?). I think my staking is about right. I started trying mostly lay bets at lower odds because I was getting burned by the back bets. In particular the type that stays in the trading range up and down for most of the pre race time and then just drifts out to oblivion never to return 
I was just starting to gain confidence because the last two weeks I was consistently winning many more trades than I was losing. My main issue is damage control when a bet goes the wrong way. I will say " ok, if this goes against me 5 ticks I'm out". Five ticks later I'll say " let's just give it another minute to see if it comes around"
I was just starting to gain confidence because the last two weeks I was consistently winning many more trades than I was losing. My main issue is damage control when a bet goes the wrong way. I will say " ok, if this goes against me 5 ticks I'm out". Five ticks later I'll say " let's just give it another minute to see if it comes around" -
northbound
- Posts: 737
- Joined: Mon Mar 20, 2017 11:22 pm
I know full well all these feelings, Stefanstefan084 wrote: ↑Mon May 14, 2018 9:58 pmgreat stuff northbound. It's funny because I was considering not trading Irish races (except maybe the big ones?). I think my staking is about right. I started trying mostly lay bets at lower odds because I was getting burned by the back bets. In particular the type that stays in the trading range up and down for most of the pre race time and then just drifts out to oblivion never to return
But you have to be ruthless with yourself, become ice cold. In victory and in defeat.
Set a stop loss and let it trigger. It's just a spin.
I have winning days and losing days with this approach. It's fine.
Roulette trading is a great exercise in mastering the psychological aspects of trading. Not chasing losses. Not going on tilt. Knowing that you win some and lose some. Realising that your goal is to go 60-40, not to win every single bloody trade.
