Living on the punt... Part1
 

Hi guys.

This is not a post intending to upset anyone, as punting is a game full of memorable moments that I would never wish to take from anyone. It is however a small collection of what I have learnt in the game over the past twenty seven years, posted up to give food for thought to those who would like to take their punting activities to a higher plane......... those who would clearly like to punt horses for a living, or very close to it.

First up, a few basic misconceptions.

1. So called big money "professonal punters" really are not. They are men propped up by money from their buisnesses, inheritence or high incomes, or from stake money hits from horses they own.
In essence they are big money gamblers, not pro punters.
They all have one major thing in common.....they did not get their money from the punt, and if they had to start from scratch and punt up a liveable betting bank they would soon starve!

2. It is a falacy that a massive turnover is needed to show profit over time.
This is for men who have that poor of a selection and staking method, that a very large turnover of money is needed to capitalize on a very skinny profit margin. In reality these type of punters last only as long as other money (or imagination) is proping it up.

3. It's quite false that a very high starting bank of $10,000 to $30,000 or more is needed to start a betting bank off. And false also is the thinking that the bank must be turned over and over like it was inside a washing machine.
The fact is a betting bank must be protected from heavy turnover!

Here is another fact, if the average man clears $30,000 a year in his regular employment, then to match that in punting earnings, he can start off with a bank as little as $4000. And still keep his job. Nirvana for the average bloke on the punt would be around $50,000 a year.....roughly $4000 to $5000 a month. A $6000 starting bank for that is plenty.

4. It goes against any real common sense that an ** School Teacher, Mathematition, Engineer, Accountant or any highly educated induvidual, can come up with a numerical/class/time rating system that leads to first a steady income, then on to great wealth.
It simply cannot be done.

Those are just a few misconceptions and there are of course plenty more, but I would rather go on to selection and staking methods, punting psychology, how to relax into a life on the punt, and why you should never except odds on any bet unless it can return you over $7 to the dollar.

I will post the rest up tommorow in Part 2, and then in Part 3 on Tuesday.

Happy Hunting
TheEasyRun

Hi TheEasyRun

Good stuff i will be interested in reading what you post.

Cheers
ubetido

Is this an advert - maybe the next ISP Empower?

i agree with everything you have said bar the first point.
i personally know of someone who has made an absolute killing from the punt and has gone from nothing to having a bank i would never see in my lifetime. although it would be extremely rare it has certainly been done, and im guessing more than once.

Hi ubetido.

I was going to pop it all up tonight but did not realize how tired I would get. Look forward to chatting.

Sorry about that Filante, I should have realized how it might sound. No I will not be selling, or trying to sell, anything.

Should be good to see what you have to say. Agree with most points bar the starting bank, i think most people want to go 'pro' so they can quit their $30,000 job not do it and punt.

The psychology post should be interesting. My guess is someone slighty reckless yet conservative at times who can express little emotion and move on quick would make a good punter. Ok lol thats just me! Am i good? Well not pro yet but i havent paid for a sat night out in months.

I also think you have to try to be complety different in your approach to gambling as 95% are loosers correct? If you do the same thing as those 95% you will end up just like them.

No problem Easy. I just thought you were going to turn into another one of those shonks who tell people they can make $5,000 a month.

The markets in horse racing are reasonably accurate and weighted against the punter (i.e. over 100%). To make $5,000 a month requires very good analysis and higher turnover than your $30,000-a-year type bloke could afford.

Cheers

Filante

Interesting read TheEasyRun, looking forward parts 2/3

1. So called big money "professonal punters" really are not. They are men propped up by money from their buisnesses, inheritence or high incomes, or from stake money hits from horses they own.
In essence they are big money gamblers, not pro punters.
They all have one major thing in common.....they did not get their money from the punt, and if they had to start from scratch and punt up a liveable betting bank they would soon starve!


Agreed. Usually they started with big money and know how to handle it.
So, although they are now pro, started with a big bank behind them.


2. It is a falacy that a massive turnover is needed to show profit over time.
This is for men who have that poor of a selection and staking method, that a very large turnover of money is needed to capitalize on a very skinny profit margin. In reality these type of punters last only as long as other money (or imagination) is proping it up.


Agreed. In fact there are many different strategies to pro punting. Some have very high turnover (volume of bets), but the most common is very few targetted bets. It's very hard to have a high volume of bets in a negative market and come out in front. Exotic punters are the only real exception, but then they must have a massive bank behind them to endure the losses.


3. It's quite false that a very high starting bank of $10,000 to $30,000 or more is needed to start a betting bank off. And false also is the thinking that the bank must be turned over and over like it was inside a washing machine.
The fact is a betting bank must be protected from heavy turnover!


This is where I disagree to a certain extent. One can start small and build it up, but if one wants to start making a steady income to cover the bills etc, there's no way a $4,000 bank will cut the mustard to provide a liveable income. Even if one was lucky enough to get 20% POT per month, and it's not going to happen every month, that's only $800 per month utilizing the full $4,000, one bad month and bang! One must be able to cater for long runs of outs and that run depends on strike rate. I agree with your point on turnover in relation to straight out betting, exotics are a little different.


Here is another fact, if the average man clears $30,000 a year in his regular employment, then to match that in punting earnings, he can start off with a bank as little as $4000. And still keep his job. Nirvana for the average bloke on the punt would be around $50,000 a year.....roughly $4000 to $5000 a month. A $6000 starting bank for that is plenty.


What sort of POT are you basing that on, I strongly disagree.


4. It goes against any real common sense that an ** School Teacher, Mathematition, Engineer, Accountant or any highly educated induvidual, can come up with a numerical/class/time rating system that leads to first a steady income, then on to great wealth.
It simply cannot be done.


Are you saying an uneducated person stands a better chance or experience and research has more weight?


why you should never except odds on any bet unless it can return you over $7 to the dollar.


Again, strongly disagree. The weight of bias against longer prices means you have to be far better than the market suggests. Backing the shorter end of the market has less bias against the punter and is far easier to overcome.

Not picking on you, and a lot of what you have written is excellent, I just disagree with some points.
Look forward to your response and further parts to your article.

Great thread easy money,

I agree with you that the real pro. punters are advantage takers of spot plays [good gamblers], not % grinders and they coildn't give a fig about roi's or pot's. Most aren't millionaires either, but battlers.

Big money punters are mostly well off mug punters [Kerry Packer was the top of this tree] and sure there are a few exceptions around for both these points, but most of us are born with 5 fingers on each hand. Naturally there are exceptions.


Your confusing education with intelligence Chrome. A smart punter will take an educated punter's shirt every time.

Any idiot can get [or buy] an education, but our level of intelligence is something were are born with.
Good 'gamblers' are also born not made, just like good muso's, chefs, orators etc. are also born with a gift for it. There is good money to be made from those easily convinced, that gifts some are born with can be learnt or bought.