Lay betting on betfair hollywood

I had worked as a money-broker for a bit and one of the first bits of advice I was given well, had rammed down my throat in the macho manner that infests city trading rooms , was that the product did not matter, only what forced it to change price.

Where was it going? And why? Were we making money out of it? If not, why not? Dollar, horse - for many, both are the same vehicle, a vehicle to trade around; the numbers the important thing. With further research and a couple of days in the company of a trader who did exactly that, I learned the basics of trading horses without worrying about the race. In fact, the only important thing about the race for this trading is the exact start time because all positions are squared away by then, leaving no exposure or liability for the race itself.

These people I think of as "mechanics". The racing is irrelevant, the traditional supporting a horse is irrelevant and they resemble the normal racing punter as much as Hollywood blockbusters on historical events do the truth. So what does the mechanic do?

Pick a race and focus solely on the favourite. It will be the vehicle that most money is concentrated on and therefore have most volatility. The numbers below the prices are the amount available to trade and are an indication of supply and demand. The mechanic is trying to work out in which direction the price is going to move in the next few seconds and to get his bet on just before it moves.

Mechanics do not care if they back or lay the horse to begin with because they know that before the race they will have no outstanding position. That is their discipline. So they back the horse because the money, the price graph and the momentum suggests the price will shorten, or they lay it because of the opposite when the information suggests that it is more likely to lengthen.

When they have the first half of a trade, they are desperate for the second half. If the first trade is a "back" they now offer up a lay price and hope it gets hit. If the price goes with them and they lay the horse back for slightly more than they backed it, they have their desired win whatever the result.

It could win, lose, die, or throw its jockey into the stand. It does not matter. They have traded it for a profit. Conversely if the price moves against them, gets longer, they will immediately cut out of the position for a small loss. Their whole modus operandi is based on winning ticks. So to lose more than ticks would be foolish, more than damaging, bankrupting.

These mechanics are pro's and cannot afford to gamble their bank. Win small, lose small and never be exposed to the race itself. This final part is so important to the mechanic because to make all this worthwhile he has to bet a fairly substantial sum on each race. Once completed he would search for another opportunity on the same horse; indeed I watched him on one occasion do exactly the same trade at the exact same prices three times on the same race in a couple of minutes before the start.

And only one race and without risk; he did not care who won. When I complimented him on this he was adamant that it only worked if he immediately cut out of a position if the price moved against him. Even in success he was quoting the discipline needed - a true professional.

Not bad work when it is tax-free. Now, trading the horses does not necessarily mean being a mechanic. In between this more normal betting and the highly specialised, hi-octane mechanic is a different style. Much of his method is that of the mechanic but without the absolute discipline. I shall refer to them as hybrids. His initial plan is the same as the mechanic.

He wants to trade in and out of a horse before the race but he also wants a bit more protection, so his opening trade, the first half, will be one he is more happy with if the price moves against him. By restricting himself to only taking a trade that he believes to be fundamentally correct anyway; for instance, laying a horse he thinks will lose, he allows a little leeway on the second trade, the closing half of the bet.

This is less disciplined than the mechanic and usually played for lesser stakes and if the price moves against him he can get out of the majority of the position and therefore most of the liability. What he does is leave himself a manageable loss if it does indeed win and a profit if it loses.

This is not the manner of the real professional unless of course his opinion on the form is utterly professional, but it is still a reasonable trade. I must admit here and now that this is mostly how I trade on the horses. My horse strategy is as thus: Only really trade chases and hurdles and the favourite in each race for the reason of volatility and interest.

Races of two miles I stick to the mechanic method and never leave any exposure for the race. Upwards in distance from there I choose a horse priced 4. If it goes with me I will get out of some of the bet, and the bigger the liability the more I will reduce it. Many bookmakers are members of IBAS , an industry organisation used to settle disputes. In May , a United States Supreme Court ruling struck down the law, allowing states to legalize the practice.

In some countries, such as Singapore, Sweden, Canada, and Japan , the only legal bookmaker is owned and operated by the state. In Canada, this is part of the lottery programme and is known as Sport Select. United Kingdom gambling industry[ edit ] Main article: Gambling in the United Kingdom The first bookmaker in the United Kingdom is considered to be Harry Ogden, who opened a business in the s, although similar activities had existed in other forms earlier in the eighteenth century.

The introduction of special excursion trains meant that all classes of society could attend the new racecourses opening across the country. Cash flowed to the bookmakers who employed bodyguards against protection gangs operating within the vast crowds. A large industry has grown since. At one time, there were over 15, betting shops. Now, through consolidation, they have been reduced to between 9, and 9, in In the UK, on-track bookies still mark up the odds on boards beside the racecourse and use tic-tac or mobile telephones to communicate the odds between their staff and to other bookies, but, with the modernisation of United Kingdom bookmaking laws, online and high street gambling are at an all-time high.

A so-called super-casino had been planned for construction in Manchester , but the government announced that this plan had been scrapped on 26 February This affects the entire sports betting market in Germany. Canada[ edit ] The fundamental law governing gambling activities in Canada is the federal Criminal Code the "Code". Sections to , including section , make all types of gambling, betting and lotteries illegal throughout Canada with very limited exceptions such as betting-mutuel on horse racing provided for in section While the federal Code is the applicable prohibitionist law, all regulations and regulatory bodies are provincial, with one exception - pari-mutuel betting on horse racing, which is regulated by the federal Canadian agency Pari-Mutuel.

Thus, there is no federal ban on online gambling. However, while online gambling and casinos are legal, each state has different rules. And most analysts predict the trend towards legalisation of online gambling will continue in more and more US states.

They were forced to act when research at the time found there were eight million online players worldwide. With the arrival of the World Wide Web , many bookmakers have an online brand, but independently owned bookmakers often still maintain a "bricks and mortar" the only operation as the software and hardware required to operate a successful online betting operation are complex and their costs are quite prohibitive; other bookmakers operate "skins" or "white label" websites, which they purchase from one of the large firms.

The main websites require bets to be from countries where Internet gambling is allowed and from people over 18 years old. Some small bookmakers and startups purchase software from specialised white label solution providers.

Since gambling products have a high conversion rate from one niche to another, most online betting websites also feature other gambling products such as poker, live dealer casino games, lottery, bingo, slots and other casino games. Controversially, the explosion in Internet gambling is being linked to a rise in gambling addiction, according to the UK's help and advice organisations for addicts, GamCare and Gamblers Anonymous.

Increasingly, online bettors are turning to the use of betting exchanges such as Betfair and BETDAQ , which automatically match back and lay bets between different bettors, thus effectively cutting out the bookmaker's traditional profit margin also called an overround.

Betting exchanges compete with the traditional bookmaker. They are generally able to offer punters better odds because of their much lower overheads but also give opportunities for arbitrage , the practice of taking advantage of a price differential between two or more markets. However, traditionally, arbitrage has always been possible by backing all outcomes with bookmakers Dutching , as opposed to laying an outcome on an exchange.

Exchanges, however, allow bookmakers to see the state of the market and set their odds accordingly. With the increasing number of online betting exchanges, betting exchanges are now providing free bet offers in an attempt to lure customers away from the competition.

Indeed what would any bookmaker be without the horses?

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