It’s been a while since I’ve written here, mainly due to a lot of my time being taken up my new and profitable hobby of Match Betting (see banner in sidebar).
I just noticed that it’s been 200 days since I started, and over that time period I’ve deposited £11,318.50 into multiple bookmaker accounts, withdrawn £12,864.49, and have a balance of £1,207.97 which gives me a grand total profit of £2,753.96 (all tax free thanks to UK laws being changed years ago).
Now this is where greed comes into the post as I want to share with you some examples of why that profit figure is not around £3,500 🙁
With match betting you have to accept a qualify loss in order to qualify for a bonus from the bookmaker which is where you generate the profit from. My trouble was that I started to get too confident and overlay a few horses I shouldn’t have done. This means that when the outsider I backed at the bookmaker won it meant I had to pay out a significant amount more on the exchange than I won.
So to try and recoup this loss I decided to start putting money on the real outsiders, and suddenly I found that a 20/1 horse romped home and my £10 easy profit turned into a huge £200 loss.
Scottish League cup, it was the 90th minute and the game was 0-0. I decided it was all over and put £100 on the game to end in a draw, and again make a quick £10 profit. Sadly Aberdeen decided to score and that meant I was left crying into my beer with that £100 lost forever. It was even more painful as they put out the mighty St Johnstone who are the nearest team to my home town.
I had a big win into one account, so decided to try and lose it to the exchange in the Ryder Cup singles by backing every player who went one down. This worked well for the first five matches, and I even managed to lock in some profit through the joys of in-play movement in the markets.
Then it came to Lee Westwood, he’s someone who I think always bottles it, so I decided to just leave him as a normal bet and keep all the profit when Ryan Moore won. Fast forward to hole 15 where Lee is now 2 up with 3 to play and is now odds on favourite to win and cost me my £25 stake.
So in another I account I decide to place a £50 bet on him to win and recoup most of my stake.
Fast forward to hole 17 and he’s now all square, which means I lose £75.
As they tee off the odds for the tie are even, so in a rush of blood to the head I place £100 on the draw, and I’ll come out on profit. I mean the whole Ryder Cup will be lost if he fails to get a simple par 4.
Next thing I know he’s in a bunker and is further away than Moore who’s played a shot less.
Suddenly that £25 loss has turned in a £12.50 profit at the original bookmaker whilst the extra £150 cover bets have both lost. By chasing the money and being greedy I’ve lost all the profit I’d made during the previous 2 days of betting on the golf, horses, and football.
Moral Of The Story
Bookmakers will always win if you start betting when you assume you have a sure fire winner or you think that an outsider will never win and you risk hundreds to make tens.