So, its 7 years or so ago, and I was largely a pre-race/sporting event arber.
I was making bundles, and people were just starting to catch on, that the Betfair price, was the RIGHT price.
I can’t stress that enough. In the early days, people didn’t believe. Often, there would be multiple point arbs .. yes, that’s right .. On Betfair, a horse would be 5.0, or 4/1 in bookies terms, yet on course you could often find the odd bookie here or there, that had an opinion, and would offer 7.0, or 6/1.
The late Freddie Williams was one such bookie. He was a gentleman, and initially, would lay my reps, but, fairly soon, just asked us nicely, if we were arbing him, to which we replied honestly, so he asked us to stop.
It didn’t matter, but in that 18 mth window, before people really understood Betfair, the opportunities were mind-boggling, especially for someone, who believed in the integrity of the High St bookmakers. What a prat I was.
For some very good reasons, the High st bookmakers are not liked. They are vermin, so, I targeted them for 2 yrs or so, with some very sharp money.
A typical scenario : I would have 5 men in 5 different High St shops, all in contact with sunken ear pieces, so people had no idea they were in communication with someone.
I would have the same price screens as being displayed in the shops, and I would scan the Betfair markets, looking for horses, that appeared to be getting warm (starting to shorten in price). In the early days, the bookies were v slow to change prices, so, my reps could back at prices, which were already an arb, and which just became a bigger arb, as my money went down.
My favourite day, was when a team of mine had finished a days work at Brighton racecourse, and had gone to the front, for supper. Being inveterate gamblers, they would pop in to a bookies, on the way to the curry house. They would phone me for something, to back, on the evening card. I found a horse, that was 14/1 in the shops, but 10/1 on Betfair, so told them all to back it each-way.
The horse absolutely dotted-up, and thou the win was only £2k or so, it’s just so nice, to clean a bookies out, especially when u aren’t really trying. (Bookies don’t carry much cash, for safety reasons, paying by cheque ((no thanks)), we want cash next day)
It’s often not the money, but how much you hurt a particularly horrible shop manager, which we later found, it was better to get onside with, with bungs – which is another story.