A new dawn

After a couple of yrs, I could manipulate markets, with the aplomb of a master.

A favourite method, was thus :

I would send reps, with floats of £5k to various race-tracks. They were in direct communication to me by cell-phones, yeah, really, with ear-pieces, so their hands were free.

They would scan the on-course bookmakers betting boards, and tell me what price they were quoting.

In flat racing, you often get maiden races (horses that have little form, or are unraced, for non-winners), so, a lot of people are guessing what will win. Obviously, some trainers might have an idea, some might not, they are so useless, but the good ones will.

Ideally, you would find a race, with 3 unraced horses, from good stables. On Betfair, the favourite might be trading at 2.06, just over evens, so, on the track, it would generally be 1.80, or 4/5 as they would display it.

If they attracted no customers, they would push it out to 2.0, even money, and this was the price broadcast to the 11,000 betting shops in the UK, and the price you could transact at, on the internet.

I would line up, 10 people in betting shops, to back the horse at evens.

At exactly the same time, I would back the same horse, on my internet accounts, for £3k a pop, over say 5 accounts.

At exactly the same time, I would get my on-course reps, to smash into the on course bookies, probably getting £2k on, at evens, but making them so scared, they would shorten the horse to 1.8, 4/5 or less.

At exactly the same time, I would smash into the price on Betfair, backing it down to 1.9 or so.

Now, everyone is fucked. I have probably £25k on a horse, I know fuck all about, but, the markets think, it must be a certainty.

In the next few seconds, as the new price changes are broadcast around the betting shops, and people betting at home, a stampede was inevitably created, and usually, the horse would be 1.75 or less on Betfair. I could then dump this position, at a risk free profit of usually £2-4k a pop. It was fun. I didn’t care financially, if the horse won or lost, as I won the same,  thou, it was better for it to lose, else the on-course bookies got moody, and my reps were carrying too much cash, from backing too many winners.

This went on for a year or 2, before the Betfair markets got more savvy, and we moved on to other things.

About Joe Stone

Professional Betfair Trader, specialising in in-running sports.
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