David Webb

Can you tell me about your background in Horse Racing and using the Betting Exchanges?

It all started at school actually. One of the guys in our class had a bookie for a father, and this rather encouraged the class to indulge in a weekly bet. This became a successful part-time way to make some extra pocket money!! For some reason, one of the guys was “lucky” He had no “inside knowledge” whatsoever, but was a whiz at handicaps!!

After education had finished work in the City followed where I came across “proper” gambling…not always horses of course, but anything that moved!!…Including raindrops down a window. And, activities like spread-betting and the use of exotic derivatives started in Finance. Horse racing betting continued in my world, and the Friday bet became compulsory in the office. It always involved either a Patent, Yankee or Heinz with some 20 or so people involved. Success was patchy, but the wins were exciting and sometimes worthwhile. But with the emergence of Betfair everything changed. We can lay horses!! That is important.

The amount of money flowing between punters is increasing massively. And, as anyone in my industry knows, the key to good markets is volume. My objective these days is almost purely focused on 1) laying horses and 2) trading intra race. Its the same as any market. Buy low, sell higher. Its not rocket science but requires two things to make it successful…patience and discipline…and a betting bank of substance.

Would you describe yourself as a Betting Exchange Trader or a Punter?

I am Definitely a Trader. Even when laying a horse, if the odds go my way I’ll close it out and take a few “ticks” or points.

Over the time you have been betting, would you say you have won more that you lost?

I would say that until the advent of the Betting Exchanges an overall loss. Since Betfair, business, as they say, is definitely looking up. Although, as I am still in full-time employment, its difficult to concentrate on betting. But, whilst picking winners demands a fair amount of study, really the only thing that matters is the weight of money in my humble opinion.

Do you use any Betting Bots and which ones would you advise using?

I have never used them. I have Read up on them and they look useful, but, to date, I am happy to plod along although Bet-IE looks worth investigating.

What is the most costly lesson you have ever made when either betting or trading?

As ALL my betting now involves ONLY the Betting Exchanges, the most costly lesson involves timing. WAIT to place your bet. Don’t involve yourself ( and I’m only referring to Horse-Racing in the British Isles here ) until after, 10am…then, speed is required. One of my favourite “trades “ is laying a horse requesting the best “back” odds and then closing the transaction by backing at the best “lay “ odds. This bet is only attempted after deciding on your “donkey” of the day, and is greatly influenced by the weight of money argument.

Whilst the form facts are useful, the weight of money argument says it all…for me anyway. Unfortunately, during my “virginal “ period on Betfair, I would attempt these trades and allow hours for my bets to match., I’m sure you are ahead of me at this point, this can be financial suicide!! Whilst I advocated patience earlier, in this instance, speed is essential.

If your bets are unmatched after 2 minutes then cancel them and move on. To finish the example, after making your apparent “profit “ you should then “settle or equalise” the profit figure (as shown on the Betfair screen beside the horse) by laying the horse at the current best lay price. This way you make a profit no matter who wins or loses.

I.e. Horse layed at 3.6 for £50 and then backed at 3.9 for £50; this will show on the screen as £15 on “your” horse and 0.00 on the others. To settle for a no-risk profit; lay the horse for an additional  £4.16 (if the current lay odds are 3.6 and the profit amount is £15) and you will earn £4.16 whatever wins the race.
My virginity cost me £1200 by the way.

What would you say to anyone who is just starting to bet or trade?

Get a Betfair account. Be patient, watch the money movements (heavy money on the “back” side means the odds are going up!!!…And going down when the weight of money is on the “lay” side). Don’t at any time be sentimental. Wearing your heart on your sleeve can be SOOOOOO costly. Again, using Betfair, ”play “ before you use REAL money. Watch their tutorials, paper trade your ideas and then…GO FOR IT. Now that Joe Public can lay ANYTHING, the bookies have lost their advantage.

Have you followed any Horse Racing Tipsters in the past and what did you think of them?

I tried many in the earlier days to my cost. Obviously some are better than others. I won’t name names of course, but check out their credentials before parting with your hard-earned money. Sites like Racing-Index and the Tip Exchange can be useful to prove Tipsters claims. Hopefully Layers Edge will also be of help in the up-coming months and years. Read the forums there are many people out there who have experience of Tipsters. Nowadays, with the help of Stats and using my “weight of money “ argument, I make my own choices.

Do you have any further information or help you could give someone who has been betting or trading for a while or is just starting out?

ONLY bet with money you can afford to lose. Set up a realistic betting bank and DO expect some losers!!! Stick to a reasonable staking plan and DON’T double up to try and make up loses when they occur.

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