QUOTE (palmy_cammy @ Jul 9 2008, 17:42)

I am said mug punter, with no experience of Betfair, but I am always happy to take advice on how to win more money, and don't really understand why anyone else wouldn't.
Am I right in thinking that the reason you will be able to come up with your own odds is because rather than calculating them for a whole fixtures card (like a bookies) you will be restricting it to specific matches/leagues that you are particularly knowledgable about?
QUOTE (Gall09 @ Jul 9 2008, 17:49)

I only recently joined Betfair and am in the same boat.
By the way Blue, if you can be arsed explaining, how did you first get into football gambling and when did you realise you could actually make a few quid from it?
QUOTE (Fudge @ Jul 9 2008, 18:38)

I am more than aware I am no gambling God but for those who are just new to Betfair it shouldn't really matter too much.
I would say I was pretty good at predicting and compliling odds, but when it comes to serious laying you have to be better than 'pretty good' as blue said if you get it wrong by even a few percent and you can lose money very quickly indeed.
For the gambler making to look a steady few quid every week with bets of £20-£50 as most people on here seem to be I would avoid laying altogether and stick to identifying 'mistakes' in pricing as has been previously said.
I'm not football expert and am but a lowly student but have made £3842 profit since opening my Betfair account in November 2006, which is 20 months ago, so an average profit of approx £190 a month.
Ps - It may look like it took ages for me to type this, but I went out to chip a gold ball about my garden in the middle of writing it

I'm quite impressed with all of the replies to this, I thought this thread would've fallen off the bottom by now

There is actually an interview with me on a well-known gambling website which goes into quite a lot of detail about my betting history and so on, but it was done around three years ago and some things have changed since then. Linking to it would also reveal my identity, which isn't a big deal, but I have a couple of online stalkers (I'm not joking) that I don't really want to know this new user name. Anyone wanting the link just PM me [edit - scrap that idea as I've ended up writing far more than planned!].
To answer the questions above without waffling on too much:
I started off betting because I've always had an interest in football and maths. I've now got a masters degree in maths too. Like a lot of people I started off betting on the Grand National. I still remember my first bet, which was on West Tip which ended up winning. Looking that up just now, that was in 1986 so I was 6 years old at the time

When I was about 13 I'd moved on to get my mum to place £1 accumulators for me at the local Coral shop every Saturday. My first decent win was about £115 when I got a 7-fold up because Ian Durrant scored a last minute winner for Rangers to win 1-0 against Kilmarnock at Ibrox. I can't be bothered to look that up but probably in 1993/94 season I would guess. What did I do with the money? It was very early in the season, so I put £100 on the Scottish League Cup games the following midweek. I think Falkirk drew with Berwick to cost me a fortune on about a 13-fold. In those days I didn't use the shops coupons as I wasn't old enough to go into the shops, so my mum got me betting slips and I wrote out a list of teams. I didn't have a clue how much I was going to be winning if I won either. From reading some of the posts on here over the past few months, it sounds like some people on here bet in very similar ways even now! For me though, this was back in the days of minimum 5-folds if you included a home win and 10% betting tax. Singles weren't an option (apart from on cup games) so I didn't win often but when I did it was a decent amount. Not a lot changed in the way I bet from the ages of 13-18 as you still had to do minimum 5-folds and the internet was still in its infancy. I remember while doing my A-levels me and a friend used to go to the local betting shop and do reverse forecasts on greyhound racing and bet randomly on horses. We didn't do very well, but by this point I was starting to do alright on football.
In my first year at uni I opened a few phone betting accounts, which gave you more options when it came to getting the best odds. Not long after Victor Chandler moved offshore and suddenly tax free betting was available. Losing the 9% betting tax made a huge difference. I then opened a few online accounts. I remember that my first one was Coral, and their website then looked like a 10-year old had knocked it up in his lunch break at school. The big change for me in my betting came when I started betting much larger sums. From the age of about 16-19, I was staking anywhere between £30 and £100 on a Saturday. I wouldn't recommend this to anyone, but I started gambling much larger sums due to having a student loan. I started doing £500 a time and wasn't doing too badly, but a bad run saw me at one point down to my last £500. Rather than give up I put a double on Crystal Palace and Man Utd one midweek. If it had lost I was done forever probably. Palace won 3-0 but Man Utd were 1-1 with 9 minutes left. Paul Scholes scored, then Dwight Yorke added one in injury time. Without those goals I wouldn't be here today. Sometimes you have to take risks, but looking back I was certainly reckless. After that point I never looked back though. At that point my football betting consisted of betting doubles and trebles on favourites mainly. I also didn't really bet on any other sports at this point. I was a regular poster on a few betting forums around the same time and because of this I got jobs writing for a website and also writing for a magazine in Malaysia. I never actually saw the magazine but they were paying me £400 a month for one hour of work per week so I wasn't complaining.
Oh dear, I said I wasn't going to waffle on too much
Anyway, betting mainly doubles and trebles on favourites, I probably won £60,000 my last year at university. Rather than take the investment banking job I'd been offered in London, I decided to gamble full time for a while. I also set up a subscription tips website to keep me entertained and took over another website from a friend of mine. I started betting more on cricket around this time (2002 and 2003) as I knew a lot about it and I did very well on it. Things basically continued like this until around 2006.
It was becoming increasingly difficult to get bets on at bookmakers. There are only so many identities you can borrow from friends and family, and the biggest problem for me had become not actually finding good bets that would make a profit, it was actually getting these bets on. There are certainly markets now that I know I can make a fortune on, but I just can't get a penny on them. One example is the Over/Under batsman's runs markets that Bet365 offer on cricket in-running. Their odds compilers are utterly stupid, but if you open a new account in a new name and have one good day, they'll slash the limits to nothing.
The difficulty getting bets on has led me over the past couple of years to totally change the way I went about betting. For years I used Betfair as effectively just another bookmaker. I'd decide to place a bet and check the best odds at all the bookmakers and place it where the best odds were, which sometimes happened to be Betfair. I didn't use it a whole lot though as I was doing doubles and trebles mainly. I then got into betting on baseball. I found that the margins on the sport were very tight and that it was possible to become a layer on Betfair. In the summer of 2006, I began laying both teams in each match, effectively making my own book and acting as a bookmaker. It was ridiculously successful, although I'd almost stumbled into baseball betting by accident. My biggest strength over the years I've been betting has been pricing up football matches. I used to stay up really late on Friday nights and for pretty much every match I could estimate what the price was going to be, pretty much spot on in every occasion. There is a difference of course to what you think the price should be, and what it will actually be. If you know where the market is going to go and whether that price is right or wrong, you're most of the way to being successful.
So last year I started laying all of the English and Scottish football games. Pretty much every game across all eight divisions. The only regret that I have is that I wish I'd been doing it much, much earlier. If you put bets up on Betfair and leave them, you'd be amazed by what gets taken sometimes. I've been to a lot of VIP Betfair functions and met people who for example use bots to monitor bookmakers prices and then lay those prices, but slightly lower, on Betfair. There is one group of four guys who have a Betfair balance of £1.2m (I've seen it) and make around £40,000 per month doing just that. I remember a few years ago that you could occasionally lay a 7/2 shot at Evens at 2:55pm on a Saturday on an English League One game for example. That's because there wasn't so much money in the market and there were people on Betfair who had all their money in Betfair and were desperate to get the bets on whatever the price. These days you can't do that as it's a whole lot more competitive and there is a lot more money floating around. If I'd been doing what I do now four or five years ago, I'd probably be worth two or three times as much as I am now.
I've given up betting on Scottish football now as there just isn't the money in Betfair at the prices I want and bookmakers won't take my bets. I'm also trying to spend less time betting and more time enjoying the money I make, so I've given up stuff like women's tennis too and betting on smaller men's tournaments. Eventually I will end up betting just on the four English divisions. The only downside to being a big layer at Betfair is that you need a lot of money to cover all of your bets. For example if you want to back and lay each out for a maximum liability and maximum win of £1000 per bet, this would take you approximately £100,000 on a Saturday. It's well worth it though because these days out of 46 English games on an average weekend, I'll probably have bets on at least 35 of them, with significant bets on around 20 or so. All of these bets are at very good prices because only probably 25-35% of the bets I put up actually get matched. They're all speculative backs and lays. I'm not actually decided which teams to bet on, I'm totally at the mercy of the people coming onto Betfair and placing their bets. Sometimes at 3:30pm on a Saturday watching Soccer Saturday, someone scores and I don't know whether to be pleased or gutted

With so many bets at favourable odds, I win probably at least 90% of weekends. Things are much less variable if you have 30 bets at good odds rather than maybe two trebles or something like that. Betting two trebles you'll end up losing all your stakes a lot of the time, with the occasional 400% profit or better. These days I prefer the slow, steady profit. The key to it all is making your own prices and being prepared to back your judgement. In almost every market on Betfair, the earlier you can do this the better.
I remember when I first started on Betfair, I thought that 100,000 points was an impossible target. That's what you needed to get to 2% commission, although it's since increased to 150,000. Maintaining 2% commission these days with 150,000 points equates to winning and losing bets each week totalling £112,500 on average. Obviously paying 2% commission rather than 5% makes a huge difference to the prices I can offer. I probably wouldn't get half the bets matched that I do if I was on 5%. Last week I was on a fraction under 225,000 points, which seemed impossible to me not so long ago. Betfair are very nice to you too when you become one of their big customers. I get invited to probably 2 or 3 of their corporate events per month at least. Not so long ago they took about 8 of us to the French Open tennis finals in Paris. First class Eurostar, amazing hotel which Ana Ivanovic was also staying in and they footed a £2000 restaurant bill for 6 of us

mid-table and the_russian will vouch for Betfair's hospitality, although the events they attended were slightly below par by the usual standards. This is just an added bonus though, as Betfair's customer service at times isn't up to scratch. I keep saying that I wish they'd run their markets better instead of spending a fortune on hospitality instead.
Anyway, I said I wouldn't waffle on but I have.

I wouldn't have normally, but I'm having a few days away so I'm sitting in a hotel room currently and would've been twiddling my thumbs if I hadn't been typing this. I'm not going to check what I've written so I'm sure there are some mistakes and some things which don't make sense. All comments and questions are welcome.