It’s good to have a Betfair bot for betting. They have many smart functions that make your trading easier and faster. What they don’t normally have are betting strategies. Of course, they do allow you to run betting strategies and automate them, but it’s up to you to choose a strategy and all the betting parameters.
So, you paid for a Betfair bot, what next? It’s time to find a good betting strategy. Here we will not cover different trading strategies, when you place back and lay bets on the same horse to make a trade. We will look at key points in staking strategies when all your bets are same type (back or lay) and you aim to close the day with positive profit, having several horses to bet.
First important thing to understand is that betting strategies do not guarantee constant and reliable profit. It’s a myth that you can find a betting cash machine and live on winnings. Their winning runs are limited and followed by losing runs. Good betting strategies just make winning runs longer.
Most popular betting strategies explained
Progressive or one bet recovery strategies
This kind of betting strategies is simple – you try to recover all your previous loss in next bet. If you run into a series of losing bets, loss grows dramatically and might bust your bank very soon, especially if bets are placed at short odds (e.g. favourites). This strategy might give you daily profit for many days, even months, but in the end it’s almost guaranteed that you will lose the whole bank and previous winnings in one very unlucky day. If you choose this strategy you agree to take the risk. You must not be greedy and quit the strategy when you make some profit, say, 15-20% of bank.
Level stake strategies
These betting strategies are much safer. Because you don’t try to recover losses and always bet only 1 pt (i.e. 1/100 of your bank). It is very important to have strong selections for level stakes, in other words it is not recommended just to bet say favourite in every race, instead you should choose each horse individually. Of course, it’s hard when you are beginner, so your best bet is to follow a tipster.
Betting strategies for Betfair bots
Here we will list several betting strategies that can be used with almost every Betfair bot, for example 5starbot. Please be aware that we don’t promote any of the strategies listed below or say that one of them is guaranteed to make you money. It just can be a starting point for a novice before you set up your mind to go with something else.
Level stakes on 1st and 2nd favourites
Place 1pt back bets on 1st and 2nd favourites in horse racing win markets. You have big chances that one of the two favourites wins. You might also want to set maximum price limit. Start with Max Price = 5.0 and adjust as you progress.
Wait 1st favourite to lose, then place bet
The idea is to wait for 1st favourite to lose several times in a row (say, 2 or 3) and then start placing your bets because it’s unlikely for 1st favourite to lose many times in a row. So after 2 or 3 loses that you skip, you have a better chance to win. This type of betting can be done with level stakes or with partial loss recovery.
Betting on horses that shorten
Watch the prices 15 to 30 minutes before the off when most of the market money come in and place a bet on the horse that price has shortened the most. Many Betfair bots have this function, so you actually don’t have to sit and watch the prices yourself.
We will explain more Betfair bot strategies in next articles. If you are looking for a good Betfair bot, try 5starbot. It is one of the most reliable and has many options to set up virtually any strategy that might come into your mind.
Probably you thought about a betting software and what advantage it can give you. In this article I’ll explain how to choose a right software for your needs.
1. First of all think if you are ready to switch from manual betting to automated betting using a software. Automated betting and using a software requires certain knowledge in betting. At least you should be familiar with Betfair or Betdaq (because most of the software bots that you can find will work only with these two betting exchanges). You should understand how betting exchanges work. If you are a novice in betting world or only start trying Betfair, it is not good idea to immediately get your hands on a betting software or a bot. Most likely it will be hard to understand how the software works and all its options because a bot is usually much more sophisticated than website of a betting exchange (Betfair or Betdaq). So to summarize, you should try bots and software only when you are familiar with all options that Betfair has to offer including lay betting, BSP betting and inplay betting.
2. Trading or betting. You should decide if you want to trade or just bet on Betfair. Because there are basically two different types of betting software. Trading software is good when your objective is to manually trade on Betfair, e.g. place a back bets and then green it up with lay bet on the same horse making a profit. However such software can’t handle betting systems or fallow tipsters. If you want to use a betting system, i.e. automatically place a sequence of bets in different races aiming to make a profit or automatically load selections from a tipster you need a betting bot or Betfair bot. Such software can’t trade but has other advantages like staking plans and sophisticated betting conditions. If you are reading this article, most likely you are a novice and trading will be too difficult for you.
3. Specialized software. It is not possible to have a betting bot that will do everything good. For example, horse racing and football betting are quite different, especially when it comes to inplay betting. So if you are certain you will be betting on football, it’s betting to grab a dedicated betting bot for football markets. Likewise if you are not interested in football betting, look at software that works only with horse racing and greyhounds. You will be able to take most of it then.
4. Mac, Windows or Mobile. There are much bigger choice of betting software made for Windows than for Mac OS. Only few bots are made for mobiles. One of options for Mac users is to rent a VPS (virtual private server) that can host a bot made for Windows. There are, however, bots that you can access from any device (Mac, Windows or Mobile), for example, 5starbot.
5. Price. Basically two options available on the market: Subscription and one time payment. Subscription can be either monthly or annual. Make sure you understand what you get for the price. Some companies stop providing support of the software after 1 year if payment is one off.
And one more tip. Customer support. Contact the company that makes betting software you are considering to buy. Note how prompt they get back to you. This matters because if you have any requests or questions in future, it’s important when someone if around to help you.
We are happy to inform our subscribers that FREE 7 days trial now is available at 5 Star Bot, a very powerful and promising Betfair bot that has no analogs on the market. The unique bot runs even while your computer is switched off. It can be accessed from any devices including Android and iPad and has plenty of betting options. We’ve tested it over the last two months and highly recommend it. You can register for a free trial using this link: Free 7 days trial.
Recently Betfair has announced their support program for mobile software developers. To encourage developing of mobile bots, Betfair offers a share in it’s commission revenue.
Any vendor who sells mobile software for Betfair will receive 5% of Betfair commission generated by all users betting with the software. The group of mobile platforms consist of Apple OS, Android, Blackberry and Windows Phone 7. The software has to use Betfair API and pass certification process.
The offer is valid until 30th April 2012.
At the moment there is not many Betfair programs developed for mobile devices, so hopefully this new initiative will change the things.
From Wikipedia: “An application programming interface (API) is a particular set of rules and specifications that a software program can follow to access and make use of the services and resources provided by another particular software program that implements that API.” In other words API is a kind of protocol which a software developer can use to create software that works with a particular service (API provider).
Betfair has it’s own API to allow software developing companies make software which access Betfair’s data. In this case Betfair is service provider and other companies are clients to it’s services. The API can be used in different programming languages which support web services. It can be utulised even in Excel.
The API has been designed for two purposes. First is to give vendors a unified, not html-dependent way to make Betfair software. Second is to control increasing number of software and minimize security risks for users who use the software. The second purpose is achieved by requirement to pass certification process to access API for every redistributable software.
There are Free API (personal) and Vendor API (commercial). Commercial API is dedicated for software vendors who want to distribute their software to other users. Usually it’s a trading software or software for tipsters. It’s goals are speed and manageability. You have a vendor control panel where it’s possible to manage Betfair users who can use your software. However Vendor API costs 200 GBP per month to a vendor. Free API doesn’t have any charges, but the number of requests is limited. For instance, it’s not allowed to request market prices more than 60 times per minute. Here is the official Betfair page comparing these two APIs.
Free API can be easily accessed by anyone who has some programming knowledge. There are free samples which demonstrate how to utilise the Betfair API.