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CPTrader posted a topic in EarningsDo we still think it's possible to earn a good living long tern from pre race trading say £30-40k manually trading without diversifying into writing training courses YouTube etc.
There are several betting exchanges on the market but only some of them are suitable for trading. 2.5.1. Betfair At the time of writing this book (mid 2016), a Betfair account is a must have. But let me tell you a little more about this exchange: Betfair is the biggest betting exchange in the world and it’s the place where the money is. However, I have a few very serious comments about this company. Betfair started in 1999 and revolutionized the way people bet. In the early days, they claimed to ‘Kill the bookie’ by allowing people to bet against each other and by removing the bookie from the betting process. They just took a 2% – 5% commission from winning bets. As a result, people were able to get much better prices and have no limits or restrictions from Betfair. More people were able to make a better living from betting if their skills were good enough. After a few years, in September 2008, they introduced Premium Charge for profitable traders. It was something to the effect, “Those who earn more than £10,000 in their lifetime profits will pay 20% commission instead of 5%”. I was like, “What?”, and this was the first time I was worried about my trading career. But after a few weeks, I accepted this charge and said to myself it’s like giving something back to the company that allows me to make a profit. Betfair claimed it affected only 0.5% of their customers. See this number? It’s the number of people who get over the £10,000 mark on Betfair. Only a few get there. After three years, in July 2011, Betfair increased these charges to 40% – 60% for customers who made more than £250,000 in their lifetime profits. And from that moment, I was like, “Fuck off Betfair!”. After implementing this charge, competitors started growing slowly but steadily and I hoped that one day betting exchanges would be fair again. For me, the second syllable of Betfair is a complete lie. I just want you to know – be careful of these guys. They’re greedy. All they want is “more, more, more” and remember – you’re the one who will be charged. Anyway, I still have to admit they have a monopoly on the market. In 2016, I think more than 80% of all money on betting exchanges is traded on Betfair. So if you want to make good money, you need a Betfair account. My advice in this book is coming purely from trading on Betfair, despite the fact I would be much happier if it were a different betting exchange. Most of my lifetime profits came from Betfair. Video proof that I’m a real Betfair trader can be found here. 3 month Betfair P&L statement 2.5.2. Betdaq Betdaq is the second biggest betting exchange and their liquidity has been growing since July 2011. But Betdaq is still a much smaller player than Betfair. As far as I can remember, Betdaq is great for bigger events, like Cheltenham or Royal Ascot. Betdaq stopped offering its services in my home country a few years ago, so I can’t tell you how it is now. I’ve heard that liquidity has improved and it’s now much better than back in 2013-14. Here is a video proof of my profit on Cheltenham festival in 2013. It’s possible to earn decent money on Betdaq, too I usually traded on Betdaq a few times a year (on bigger events), because there was a good opportunity to earn some extra “non-Premium charge” money. If you can, use Betdaq. I recommend opening an account with them. It’s useful for either big events or as a backup plan when Betfair crashes. 2.5.3. Matchbook & Other I’ve never used Matchbook but they’re the last exchange that has 3rd party software necessary for trading – Geeks Toy. Another betting exchange is Smarkets. As far as I know, they don’t have any 3rd party software you can use for trading. < PREV | HOME | NEXT >