Betting shop receiptSee all questions about commodity
Hello my name is Lizzie, I’m your commodity consultant for today
Well it depends on what you measure success on?
William, or Bill Benter is widely considered one of the most successful gamblers of all time, here is an extract of an interview with Benter where he discusses the secret to his success…
Interviewer: What’s your secret?
Benter: there are a number of successful approaches and I can not speak for all of them however, The secret to success is sound and theoretical analysis combined with data driven empirical research. One needs to test theoretical results against real world data to be successful. Success is improved with the number of data sets you have for horse racing and this is always increasing. Where we are lazy is that we stay theoretical rather than applying these.
Interviewer: But horse races are unpredictable?
Benter: That’s a popular misconception. Horse racing is one of the most predictable phenomenon, the results can be predicted with greater accuracy then any other sport
Interviewer: But it can’t be easy or everyone would be doing it?
Benter: No it isn’t easy and when asked to do it accurately enough and to out-preform the ability of the general betting public who are doing the same thing, so you have to make a real effort but if you do it, it is very successful
Interviewer: Are the bookies safe?
Benter: I think the bookies are quite ok for now
If you want to see the full interview, follow this link? https://www.youtube.com/watch?v=Ptg2XFaEtLY
Patrick Veitch is another world renowned gambler….
over an eight-year period he has made a profit of £10,049,983.03 gambling on horses.
"I'm sorry I don't do tips," he says, almost provoking the first recorded instance in journalistic history of an interviewer walking out on an interviewee. "That's not the way I work."
"It's not just about lowering the odds," he says. "If I were to publicise one bet I would have revealed a data point to the bookmakers. I don't reveal what or where I won until a long time afterwards. I can't give them a chink."
Unable to place a bet himself, when it comes to one of his major coups, he employs a small army of what he calls agents, acting in carefully calibrated fashion around the country. As with his personal arrangements, he likes to make sure everything runs to order. It is important, he says, that all those working for him follow his instructions to the letter. He does not encourage initiative; he likes people who do what they are told.
On the day of a sting, he issues orders via a dozen mobile phones, which he has velcroed to the back of a clipboard on which can be found details of his strategy. So militarised is his operation, he calls himself – without you sense much in the way of self-irony – "the field marshal".
there is no secret to winning on the horses. Instead, he says, it is about a lot of research, a lot of planning and mastery of a lot of rather difficult figures.
"People constantly say to me, 'tell me how to pick a winner on Saturday,' " he says. "But the simple approach isn't going to get you there. You have to behave wisely. If you follow the strategy that coincides with that being used across the spectrum of punters, you won't win. Horse racing is such a multi-layered conundrum, what you're looking for is the factor that the bookmakers have got completely wrong. That takes strategic thinking, experience and thoroughness."
And here's the real downer for those of us looking for the magic bullet: "The fact of the matter is, there is no short cut. The only way to win is through sheer hard work."
Which is what Veitch engages in, spending hour upon hour analysing horses' performance, to see how that matches up to bookies' pricing, seeking always to find a profitable gap between assumption and fact. Also, it helps in his line of work to be good at sums.
Read the full interview here… http://www.telegraph.co.uk/sport/horseracing/5453310/Patrick-Veitch-Tormentor-of-the-bookies.html
If we take successful to mean happiness….
1. Don't think of gambling as a way to make money:
The venue is using gambling to make money. It's not designed to work the other way around. Over time you will give away more money than you receive! Think of gambling as an entertainment expense – just like buying a movie ticket.
2. Only gamble with money you can afford to lose:
Gamble within your weekly entertainment budget, not with your phone bill or rent budget.
3. Set a money limit in advance:
Decide how much you can afford to lose before you go to play. When it's gone – it's over! If you win, you've been lucky, but don't be disappointed if your luck doesn't continue.
4. Set a time limit in advance:
It's easy to lose track of time when you're gambling. Set a time limit or alarm, and when time's up – quit! Odds are that the more time you spend gambling, the more money you will lose.
5. Never chase your losses:
If you lose your set money limit and then try to win some of it back before you leave, then you haven't really set a money limit. Chasing your losses will usually just lead to bigger and bigger losses.
6. Don't gamble when you're depressed or upset:
Decision-making can be more difficult when you're stressed or emotionally upset. Make sure you only gamble when you're feeling happy and clear headed.
7. Balance gambling with other activities:
When gambling becomes your only form of entertainment, it's unlikely that you're still just gambling for the fun of it, and your gambling may even be a problem. Make sure gambling isn't your only pastime.
8. Don't take your bank card with you.
This is a good way to safeguard your money limit and not let being "in the moment" warp your judgment.
9. Take frequent breaks
Gambling continuously can cause you to lose track of time and perspective. Step out for some air or a bite to eat at regular intervals.
10. Don't drink or use drugs when gambling
Drugs and alcohol cloud judgment, and good judgment stands as your main line of defense against letting gambling get out of control.
Thank you for your question,