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Trading sports online can be an extremely profitable pastime and as more and more people get involved that means just one thing… liquidity. With the invention of the betting exchange as well as the rise and rise of the main one, Betfair, there is increasingly more money being traded on sports events.
From horse racing to tennis and football to greyhound racing there are lots of markets to select from and concentrate on. There are actually even markets for financials and politics.
In-play betting and also the ability to place “lay” bets have revolutionized our ability to profit from these markets (for those not within the know a lay bet is betting that an event will not occur ie a horse will not win a race). Just watch any in-play tennis match and see how the odds move. Making feeling of these patterns and developing successful strategies to make regular profit will be the holy grail for a lot of men and women.
The fundamental theory behind all this is that you will need to back at a larger price than you lay. It’s the same as business all over the world, you buy a product at one price and you sell it at another, the main difference between the two being your net profit.
An example is I back a horse at 2/1 for Ł100. That’s 3.00 in decimal odds. If it wins I win Ł200 and obtain my stake back. Before the start of the race the odds come down to 6/4 or 2.50. I then lay it for Ł100 and if the horse wins I have to pay out Ł150. The real difference between my back winnings and my lay liability is Ł50. That is what I would win if this horse wins and if it doesn’t, I lose nothing! A no cost bet. The really neat trick is to “hedge” your winnings out so you win the exact same amount regardless of what horse wins. In the above example I could lay the horse for Ł120 guaranteeing me a Ł20 profit.
The obvious problem is what happens if the odds rise? You are left with a bet you can not sell or get rid of without losing at least several of your stake. This is where the real difference between traders and gamblers comes in. A gambler takes risks so that you can possibly achieve a profit. A trader is pleased to take a series of small losses safe within the knowledge that the wins will outweigh the losses.
There are numerous and varied approaches to trading although the most significant thing is discipline. As soon when you fail to close a trade that has gone against you you are no longer trading but gambling. Sure, you might get away with it but when it goes wrong you will definitely lose a great deal more than you bargained for. The best way to focus your head and prevent the soccer gambling tendency arising is to work to strict strategies with defined entry and exit points.