Documenting my Horse Racing Bets - Started: 26-DEC-2018

[KingZee]

I can understand how easy this might look for you, plus you already made about 50% of your initial balance back which is great.

My current account balance is €5,060.79, initial deposit was €4,008 and €2,000 was withdrawn already.
So €3,000 out of €4,000 is 75% of the initial balance (and not 50%).

Ah I only accounted for the 2k withdrew / 4k balance so that's nice, congrats man!

But it still took you around 100 bets, with so much money on the line, one small fluke/mistake could cost you your full balance. How can you be sure there isn't any horse manipulation some day and you end up losing all your balance for some mafia to make profit?

This is not a low-risk investment, this is a high risk investment, because you can return your capital within a week or definitely within a month if you bet a lot ... nonetheless as you can see I took several precautions to minimize risk which is partial withdrawals (so if I lose the capital I won't lose 100% of it), and secondly I am actually looking right now to stop this - you have to stop at certain point because if you would blindly bet against 100-150 horses/dogs - you would eventually get burned ... it could happen after a long time, but imagine I would have broken even and withdraw my "Deposit" and then on the next few bets lose the lot.

So for me it's time to stop. I am now going to send an email to BetInAsia asking for a withdrawal.

I generally never bet on dogs/horses because I just have no idea about how it works, but it is interesting how much money gets tossed around. Pretty mature decision for you to withdraw the lot, a lot of people don't know when to stop. Hope it ends well for you and congrats again on the profits

[reactorjuno]

Bet #112:

Crackadawn had 1000 pre-race, managed to hit 40-50 in live odds !!!

I told you man, it will happen more often than you think. Last year I saw odds of 1000 win twice. Your strategy can win for a while, maybe 1 month, maybe 2 months, but you might eventually lost your whole bankroll on a bet. It is good that you withdrew 2000 of your profits already. Hope that you'll manage to double your bankroll after a few weeks.

I don't think there is any automatic strategy to make money on horse racing, and laying long odds certainly is not the miracle recipe (unless you know the horses very well and can manage to lay odds at 100 before they hit 500 or above before the start).

[Get-Paid.com]

I have a question regarding BetinAsia, is it in your opinion better than Asian Connect to withdraw big money?

Lately I am reading stories about Asian Connect making it very difficult to withdraw (never-ending KYC procedure). Thanks for your reply.

BetInAsia allows you to withdraw large amounts (e.g. 4 digits) without any major problems. I have never been in a position to withdraw 5 digits or so, but I don't think it's a problem.

Yes, AsianConnect88 used to be a monopoly in this business, but not anymore - there is a reason why so many people look elsewhere because AsianConnect is subject to lots of scrutiny and regulation from the sites they work with simply because they have too many customers, so if you get "stuck" with them it could be for several days.

I think BetInAsia started a thread here in Bitcointalk but there isn't much discussion about it, I would send them a link on Skype to look at this thread, and if they wish to add anything - they can do so here.

[reactorjuno]

I have a question regarding BetinAsia, is it in your opinion better than Asian Connect to withdraw big money?

Lately I am reading stories about Asian Connect making it very difficult to withdraw (never-ending KYC procedure). Thanks for your reply.

BetInAsia allows you to withdraw large amounts (e.g. 4 digits) without any major problems. I have never been in a position to withdraw 5 digits or so, but I don't think it's a problem.

Yes, AsianConnect88 used to be a monopoly in this business, but not anymore - there is a reason why so many people look elsewhere because AsianConnect is subject to lots of scrutiny and regulation from the sites they work with simply because they have too many customers, so if you get "stuck" with them it could be for several days.

I think BetInAsia started a thread here in Bitcointalk but there isn't much discussion about it, I would send them a link on Skype to look at this thread, and if they wish to add anything - they can do so here.

To access to Orbit Exchange I contacted BetinAsia, and also Asian Connect, and the last one was Premium Tradings.
Premium Tradings gives me 4% commission, and Asian Connect 3% so I went for Asian Connect but since I have 3500 euros there I worry a bit (it is not a huge amount but they seem to be picky). I passed the KYC verification to withdraw 300 already but we'll see if I ask to withdraw more.

There is also betonFootball.com which provides Orbit Exchange but the commission is a ridiculous 6%     What is your commission with BetinAsia? Forgot to ask them this.

[Get-Paid.com]

By the way these are incredibly risky. I know they are very long shots but there is a horse @ 1000 that won a few months ago. Yes, odds of one thousand before the race started > https://www.racingpost.com/news/in-running-carnage-as-125-1-shot-feel-glorious-stuns-goodwood/341070 Felt sorry for the layers here.

Personally I have never heard of Goodwood, but it's a good thing you brought this ... I tend to stay away from 100ish ones if these are young horses, this was a maiden race i.e. a race where none of the participating horses ever won before.

In Australia places like Port Lincoln and Sunshine Coast are quite solid when it comes to 100ish horses, but indeed, there are no guarantees anywhere, and the unthinkable could be thinkable for sure.

[Get-Paid.com]

Hey. Using Orbit Exchange I see. Very nice service, but just curious, is the platform slow for you?

I have only signed up like a month ago, I manage to trade offplay, but find it very difficult to trade inplay especially on the horse racing markets? Is it me or did you notice the same thing?

If you use a mobile device then using Orbit is terrible, but if you use your PC then it all works smooth as silk.

[Get-Paid.com]

What is your commission with BetinAsia? Forgot to ask them this.

The commission is Orbit's commission which is 3%.
There are no commissions besides this but they do allow only 1 free withdrawal every 30 days (not every month), any other withdrawal is subject to a 2% fee.

[Get-Paid.com]

Bet #113:



I have slowed it all down, picking only 100+ ones now until the withdrawal gets processed.

[Get-Paid.com]

I told you man, it will happen more often than you think. Last year I saw odds of 1000 win twice. Your strategy can win for a while, maybe 1 month, maybe 2 months, but you might eventually lost your whole bankroll on a bet. It is good that you withdrew 2000 of your profits already. Hope that you'll manage to double your bankroll after a few weeks.

I don't think there is any automatic strategy to make money on horse racing, and laying long odds certainly is not the miracle recipe (unless you know the horses very well and can manage to lay odds at 100 before they hit 500 or above before the start).

There is never any sure strategy and you're right about it.
You can pick old horses, not in maiden races, with odds of 100+, you should expect high odds in BetFair...

Gambling, some say, is like an art - there isn't any one way to explain it all ... you could build your own rules after getting "burned" on 100+ winners... Harness racing is much more dangerous than regular racing.

Also the Greyhound in the UK is quite solid as well when it comes to high odds (20+), but again there are no guarantees whatsoever, you cannot do it blindly one bet after another (well, you can, but you would be in a higher risk).

Is it worth it? I don't know, each one can apply this to his/her own way of betting ... let's say this - if you have $950 in your account, and want to round it to $1,000 - then this is one of the bet ways to increase your balance with a much smaller risk than simply betting on some 1.05 event (laying a bet is always better than only 2 possible outcomes, e.g. when you lay 1 dog not to win a 9 dog race, you actually have better chances to win because there are 8 other dogs who can give you profit - it's only 1 single dog out of 9 ... unlike tennis or basketball where the outcome is only 2 possible outcomes, which makes it harder to predict and with the house edge you would get crashed).

[Get-Paid.com]

I generally never bet on dogs/horses because I just have no idea about how it works, but it is interesting how much money gets tossed around. Pretty mature decision for you to withdraw the lot, a lot of people don't know when to stop. Hope it ends well for you and congrats again on the profits

Thanks, I am waiting for the withdrawal to be processed so as long as it's not processed yet I can't count my chickens yet.

[Get-Paid.com]

Bet #114:



I've added a live bet against it in live, because he was the 1st horse to lead the race, I love to lay these longshot horses because I've seen this countless times in the UK where a 80-100 horse leads the race until 1000-1500 meters to go and then drifting all the way back ....

I got it for odds of 60 but unfortunately couldn't do the full balance - I got an error "You have reached your limit exposure", so would have to wait for BetInAsia to help with this, not that I'm bothered with this.

[Get-Paid.com]

Bet #115:

[reactorjuno]

I told you man, it will happen more often than you think. Last year I saw odds of 1000 win twice. Your strategy can win for a while, maybe 1 month, maybe 2 months, but you might eventually lost your whole bankroll on a bet. It is good that you withdrew 2000 of your profits already. Hope that you'll manage to double your bankroll after a few weeks.

I don't think there is any automatic strategy to make money on horse racing, and laying long odds certainly is not the miracle recipe (unless you know the horses very well and can manage to lay odds at 100 before they hit 500 or above before the start).

There is never any sure strategy and you're right about it.
You can pick old horses, not in maiden races, with odds of 100+, you should expect high odds in BetFair...

Gambling, some say, is like an art - there isn't any one way to explain it all ... you could build your own rules after getting "burned" on 100+ winners... Harness racing is much more dangerous than regular racing.

Also the Greyhound in the UK is quite solid as well when it comes to high odds (20+), but again there are no guarantees whatsoever, you cannot do it blindly one bet after another (well, you can, but you would be in a higher risk).

Is it worth it? I don't know, each one can apply this to his/her own way of betting ... let's say this - if you have $950 in your account, and want to round it to $1,000 - then this is one of the bet ways to increase your balance with a much smaller risk than simply betting on some 1.05 event (laying a bet is always better than only 2 possible outcomes, e.g. when you lay 1 dog not to win a 9 dog race, you actually have better chances to win because there are 8 other dogs who can give you profit - it's only 1 single dog out of 9 ... unlike tennis or basketball where the outcome is only 2 possible outcomes, which makes it harder to predict and with the house edge you would get crashed).

Good to hear, for a moment I thought you were laying any random high odds if you distinguish between maiden races and other races, this is the start of a good strategy. I thought if was random because I saw many bettors on other forums doing this and ending up bankrupt. Last year the highest odds I have seen win in Australia was 200/1 on Betfair (some time in August) but of course I have not followed all races. Cannot remember if it was a maiden race to be honest.

[Get-Paid.com]

Good to hear, for a moment I thought you were laying any random high odds if you distinguish between maiden races and other races, this is the start of a good strategy. I thought if was random because I saw many bettors on other forums doing this and ending up bankrupt. Last year the highest odds I have seen win in Australia was 200/1 on Betfair (some time in August) but of course I have not followed all races. Cannot remember if it was a maiden race to be honest.

There are no guarantees when it comes to gambling, that's why the house wins because the house knows that the only guaranteed outcome from randomness is to take a fee from it, any other option carries a risk with it.

Bookmakers do take risk when a horse or a dog with high odds wins the race, in the media you see they say "the bookmakers cheer" but in fact they only cheer when the low odds unpredictable horse/dog wins, which is why extreme bets (favorite or worst underdogs) are not the ones the bookies want to win, because then they would have to pay more (i.e. there would be more customers noticing the lowest and highest possible odds, the ones in the middle are usually the winners because most people don't bet on them - hence the term "Lay The Favorite" was created but not apply it to "Lay The Underdog" as well?)

There is a race in Cannington near Perth in 15 minutes or so - the underdog there looks like a good choice, but then you have to add the market movement and see how BetFair is reacting to it - with these tools it might be easier to make the "right" choice - but I am absolutely on a quitting mode now, BetInAsia told me they don't work until tomorrow, so I have to wait for tomorrow for them to process a withdrawal so long as nothing stupid is being done neither (!!), let's wait and see.

[Get-Paid.com]

I saw many bettors on other forums doing this and ending up bankrupt.

Any chance to list 2 or 3 threads of this kind please?

[reactorjuno]

I saw many bettors on other forums doing this and ending up bankrupt.

Any chance to list 2 or 3 threads of this kind please?

I think it was on OLBG betting forum where I used to lurk in the past, there was a thread or two but it was long time ago when I got into Betfair (year 2014), I'll try to find these old threads (or perhaps it was on SBRforum) if I find them I'll post them here


edit: right now I cannot seem to find the thread I was thinking about, but this is good read https://www.olbg.com/forum/viewtopic.php?f=6&t=55973
basically, in my opinion, you are doing a good job if you manage to lay a horse at odds of X, and at the start of the race, the odds (Y) of this horse are higher (so X < Y). That's how it is possible to win in the long term in my opinion.  

[Get-Paid.com]

Bet #116:



I couldn't place €18 in one shot because of an error message of "High Exposure", I will wait for BetInAsia to sort this out as well as to hopefully process a withdrawal.

Not looking at any other races anymore for today and will be busy doing other things tonight.

Happy 2019 for everyone!

[Get-Paid.com]

edit: right now I cannot seem to find the thread I was thinking about, but this is good read https://www.olbg.com/forum/viewtopic.php?f=6&t=55973

I think I came across this thread previously, and thanks for sharing it - this guy is talking about laying 12-20 ... this is not worth it by all means whatsoever, unless if you pick them from races with 20 horses in them (which is quite rare) ... usually these odds come in a 7-8 horse race, this has no value in the long term because as I explained in my previous post - horses "in the middle" are usually the winners ... it's not a good strategy.

I still think Laying The Underdog is not a bad thing but it must be done carefully as well ... you would barely come across articles or forum threads about laying the underdog, trust me on this, I've researched the Internet and couldn't find many people talking about it.

[Get-Paid.com]

Bet #117:



Bet #118:

[Get-Paid.com]

Bet #119: