Okay, I read it all. I'm thinking that whatever I do they are going to take at least 5% off me.
Is that a fair assessment and are they the best.
If not, who are ?
Can anyone give me 'The Idiot's Guide To' ?

Hi Gnarkley,

The odds on Betfair are definitely better than the TAB but it depends how much you are putting on, as the money is not always there in the Betfair market, especially if you like the longer priced commodities.

If you are backing favourites and are placing a maximum of a few hundred dollars on, then I've found Betfair is generally the way to go.

You will initially lose 5%, plus whatever the market percentage is (you can see this figure at the top of the back and lay columns) but these odds are generally better than the TAB's and the majority of bookies that I've come across. It's probably a good idea to watch a few meetings for yourself and compare odds.

Word of caution: Be careful when you start betting on Betfair, as it takes some time to get used to some features, like having to cancel your bets if they are not matched at a certain price, as you can find yourself with double the stake you first intended, it can be a costly exercise at the start.

I'd recommend asking a mate who uses it to show you around before you dive straight in.

Hope this is of some assistance Gnarkley and happy punting.

P.S. A few weeks back you mentioned you were having some success on the punt. How are you traveling now? I hope your streak has continued!


Two shoes

G'day Twoshoes,
Once again you are the voice of illumination and I thank you.
Unfortunately I'm flying solo on this as the only mates I have who are on the punt live in other states. I'll work it out in the long run.
As for my success (or otherwise), I suffered badly at Flemington last week but got it back on Saturday.
Strike rate is running at 60.4%
With UniTAB P.O.T. at 38.5%
With Betfair P.O.T. at 59.5%
Last week really dragged the P.O.T.s down.
UniTAB had been up to 52% and Betfair at 72%.
I'm hoping that was an anomoly and things will level out again.
Are there any other betting sites that are worthwhile?

I,ve been betting with www.IASbet.com.au for about 20 years and more than happy.

Cheers.
darky

G'day Darky,
Thanks for the input.
What sort of commission, penalties etc. do they take and would I have similar problems as Twoshoes was talking about before I grasped the methodology?

Gnarkley

Hi ,
There a Bookmaking site so no Commissions are taken out of your winnings. .

You cant Lay a horse to lose though

Cheers.
darky

Cheers Darky,
Excuse my ignorance mate but is Betfair a different sort of set up or something?

Gnarkley

Yes, you lose 5% commission, plus if you're unlucky enough to win big, you pay a premium charge on top which makes it near impossible to win.
Long thought by many betfair forumites that the only winner on Betfair is Betfair itself.
However, if you think beyond the square it is possible to make very good money.

A very good example is the first race at Leicester tonight in the U.K.

The bookies opened Spring Jim at $2.37
Early money came for it and the bookies moved into $2.25

I snapped the $2.50 on Betfair before the crowed pushed the Betfair price which is now just over $2.10

Now if one were to get better than bookies odds on every firmer (quite possible), then one can still pay the 5% and make much better profits.
Just one of the many avenues that make Betfair probably the best choice, if it is used to full potential.

Spring Jim may not win, it may even drift out again, but the job is done for me.

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I have been using IAS for a couple of years now and find them to be the easiest to navigate they give decent prices (atleast better than 2 of the TABs some times all 3) they have exotic betting (quinella, exacta, trifecta, 1st 4) they also put up promotions every now and then which could get you the odd free bet although there are conditions involved with the free bets also, another thing I have found interesting is that they also have a feature i think called protest plus in which if you have backed a horse which crosses the line in 1st position and it loses the race on protest they will pay out anyway upto $1000.

Gnarkley,
With Betfair you are betting against other punters.,not bookmakers.
Hope that helps.
Cheers.
darky.,