Your Help Needed: Minimum Bet Law & How You Can Get Involved

 

If bookmaker account restrictions and closures are a problem for you then I have important developments to share today – including how you can help drive change towards a minimum bet law – where bookies would be compelled to lay ALL punters a certain amount whatever their skill and profit level.

Driven by the punters champion, Brian Chappell of Justice for Punters, it is your chance to stand up and demand change in the bookmaking industry.

A Gambling Commission Consultation On Bookmakers

The Gambling Commission (GC) has recently opened a new consultation into Licence conditions and codes of practice (LCCP)’ of bookmakers and are extremely keen to hear from gambling consumers (i.e. YOU) on your thoughts about the industry and how you are treated.

If you want the GC to have more powers to enforce fair play of any sort amongst bookmakers, including the ‘right to bet’, (in other words to introduce a minimum bet law for sports betting) it’s vitally important as many of you as possible contribute to this consultation.

It’s not just the right to bet and minimum bet laws that are covered by this consultation but also other bookmaker ‘complaints and disputes’ that you might have. After all, we all know that present customer services from nearly all major bookmaking companies are poor and people often have to wait months for justice using dispute resolution.

It’s your chance to feedback therefore on topics like:

  • Your experiences with bet restrictions and your thoughts on a min bet law;
  • The issues you regularly experience with bookmakers as a keen punter;
  • The changes you would like to see implemented as part of a fairer system.

All of these opinions and more are being sought by the Gambling Commission as part of their consultation.

Rather than fill in the long-winded LCCP formal consultation document itself, the good news is that you can now share them your thoughts with the GC via email to consultation@gamblingcommission.gov.uk

But before you pen your email – allow me to provide some ideas on how to make your submission to them as powerful as possible…

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Tips To Make Your Contribution As Impactful As Possible

To help ensure your email to the GC has the maximum impact, I have a few pointers on how to frame it as follows:

  • Include as much detail as possible

The more detail you can include in your email to the Gambling Commission, the better. If you have a long history of bad treatment whether it be bet restrictions, slow withdrawals, bet disputes or anything else, then make sure you write about it.

  • Share your personal experiences

No-one can question your personal experiences if you have suffered what you believe to be unfair treatment at the hands of a bookmaker, so be sure to include as many of these as possible within your email.

If you had your account limited or closed – why did this happen and when? Had you made any money betting at that point? How did each firm treat you?

If you had a bet dispute or delay withdrawing funds – again, why did this happen, who was it with and how long did it take to resolve? (if at all)

  • Try not to rant & be constructive

I know bookmaking can be an emotive subject for many, but if you can, try and make your points as calmly and eloquently as possible. Ranting emails are likely to be overlooked in favour of those that make their points clearly and constructively.

  • Question the standards and morality of restrictions

We all know there are some very distinct issues when it comes to betting restrictions and that it is simply wrong that a UK gambling licence allows companies to refuse to trade with anyone who shows ability when sports betting.

This is not fair and not what a bookmaker is supposed to have a licence for.

It is presently made worse by the fact that bookmakers do not make it clear in their advertising and terms and conditions that all customers who study and use skill are effectively banned from sports betting using stake restrictions.

Contrasting restrictions with how free and easy bookmakers make it to lose money with them, be it online in their casino or by playing FOBT’s and you have some very clear double standards to reference.

Why We Want A ‘Minimum Bet Law’

We have been banging on about the issue of restrictions now for several years, including through our Better Betting Campaign, which we ran in 2016 to raise awareness of this issue.

As we outlined in that campaign – the solution to betting restrictions has long been that of a minimum bet law or right to bet, which would compel all bookmakers as part of their licence requirements to lay a bet from all punters for an agreed amount.

A sensible figure bandied around is that of laying to lose up to £500 on any one bet – so for example you could get £50 on a 10/1 shot without issue.

I ran a short poll on this for 2 hours on social media on Tuesday with 36% of you thinking £500 is a sensible amount and 38% hoping for £1000+.

SBC Twitter Poll

Whatever the amount any minimum bet law might have, it’s worth looking to Australia, where a similar rule has been imposed for sometime now and is working to good effect.

To implement such a rule in the UK would ultimately require regulation as bookies have shown no appetite to lay bets from all punters themselves. They have proven time and time again, that as an industry they cannot self-regulate effectively.

Whilst most bookmakers continue to blame ‘arbers’ and say it’s only a tiny minority of punters impacted by restrictions, the ever-growing number of those complaining about it would suggest otherwise.

Even the Racing Post has belatedly got in on the act, with Editor Bruce Millington finally agreeing action is needed on this issue. Although his counter-argument that such a law would see some punters opening multiple accounts to get up to £20,000 on (if the min bet law was £1000 and they had 20 accounts) is a very weak one. In reality, very, very few punters are staking up to such levels. In any case, bookmakers are not being told what odds to offer so they could simply slash the price on any bet they are worried about liabilities on if too much money comes in. It’s that old chestnut again – bookmakers actually running a proper book.

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Parliament Takes An Active Interest

Bruce was also one of the invited speakers (alongside Simon Rowlands of the excellent Horseracing Bettors Forum and SkyBet CEO Richard Flint) at a recent Parliamentary All-Party Betting & Group seminar entitled ‘ ‘Are bookmakers unfairly closing customer accounts?

As the Guardian report of this packed meeting suggests, the likelihood of a min bet ruling is growing ever more likely as momentum grows on this issue.

One of the attendees, Lord Lipsey summed up many punters thoughts when he exclaimed that “We should be congratulating winners, not denigrating them, if we want racing and betting to grow” and that “Bookmakers need to get a grip of this”.

The clear implication that if bookmakers won’t take action on this issue then the government and regulatory bodies will, just as they are doing on FOBT’s.

All of which is why it’s so important as many of you as possible share your experiences with the Gambling Commission on bookmakers.

If you believe a min bet law is needed – let them know why and how restrictions have impacted you.

You can send your thoughts to them via this email address: consultation@gamblingcommission.gov.uk

Don’t miss out on this opportunity to help drive change!

Thanks To Justice for Punters

A word if I may as well here for the aforementioned Justice for Punters (JFP) group of volunteers, who continue to do sterling work on behalf of us all and who have led the charge on this topic.

Brian of JFP has been a tireless campaigner for punters rights and a constant thorn in the bookies side over recent years. Whilst the Racing Post refuse to highlight his work, he has been quoted extensively by the likes of the Times, Guardian and BBC who recognise his status.

His help in raising awareness of this new consultation and enabling the Gambling Commission to accept submissions via email has also been vital. My thanks go out to him for all his assistance.

For more information on the work of Justice for Punters please do visit https://justiceforpunters.org/ and become a ‘friend’ of their campaign. This is free and none of your details will be shared with any other organisations or for that matter, anyone.

Best Regards,
Peter Ling
Smart Betting Club Editor

Pete_HeadShot_SMall

 

 

 

 

 

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Restricted By The Bookies? 10 Expert Betting Exchange Tips (Part 2)

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Today, I am continuing with Part 2 of my guide to using the betting exchanges to maximise your racing profits

If you missed Part 1 on this subject, you can read my first 5 betting exchange tips here

OK, back to business with Tips 6 through to 10…

6) Don’t Bet If The Value Has Gone

Although it’s down as point 6, in actual fact it is one of the most fundamentally important points to consider when betting full stop: VALUE.

All successful punting is based on the concept of value betting – the fact that the odds for any particular bet are priced in your favour. The odds you take on a bet really matter.

If you can get 5/1 on a horse that should be 4/1, then you have a strong value bet.

Yet if the same tipped up horse at 4/1 is only available at 3/1 – the opposite applies.

If you constantly are taking too short a price on a horse, you will lose money.

Which is why it’s important to ONLY bet if the value is still there.

Many good tipsters recognise this and put up their minimum value odds to make you aware of where the value cut-off point actually lies.

They recognise that a tip might see market support and if it does, you know where to draw the line.

If restricted to exchange betting, look out for this and stick to the minimum value thresholds – they are there for a reason and they will guide you as to the prices to take.

And whatever you do – never feel obliged to place a bet regardless the price. The next value bet will be along before you know it. Feeling you NEED to have a bet for the sake of it is not healthy for you or your bank balance!

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7) Recognise You Will Win Some, Lose Some

Mindful of the need to take a value price, if exchange betting you must accept that sometimes you will miss out on a bet if the odds are too low.

Yet on the flipside, you might also get BETTER odds on other bets when the odds drift.

Whilst on occasions, you might miss out on a winning bet because you can’t get the right odds, on other occasions you will enjoy a bigger payout through this strategy.

If and when this happens, remember the logic behind it all and try to be as phlegmatic as possible.

All gamblers HATE missing out on winning bets, especially if they feel they should have been on it, yet they very rarely remember the times they missed out on a bet that lost.

My suggestion here is to consider keeping a record of each occasion you miss out on a bet (both winners and losers) or get a greater value price than you might have originally. Through this, you can track the ups and downs and see at a glance exactly how you have fared overall.

I Like That SBC Is Independent”…

I like that the SBC is independent. I know that when they recommend a tipster, or upgrade or downgrade an existing rating, that their opinion is based on results and judgement, not on hidden commissions.”    
As written by ‘K’ – SBC member

Click here to read more from K on his SBC membership experience

8) Don’t Worry About Drifters

Flowing on from this last point – don’t also get too bogged down by the idea that a ‘drifter’ (a horse whose odds get bigger as the race draws nearer) is no longer worth backing.

Racing pundits like to bang on about horses being weak or friendless in a market, yet the reality is they have no idea if this market move is significant or not.  They are often just filling airtime.

If market support was so telling – everyone would simply lump on a horse at the first sign of it being backed in.

Unless there is clear evidence a horse has something wrong with it before a race, don’t be unperturbed by backing a ‘drifting’ bet.

Look at it instead as a chance to get better value. If you can get 10/1 about a tip advised as value at 6/1 earlier in the day – take it!

After all, unless the horse in question has a major problem – if a tipster you trust said that 6/1 is a value price, then 10/1 will represent a massive increase.

 

9) Can’t Get Matched Straight Away? Put In A Request

If you can’t get on a bet earlier in the day at a value price, you might also like to consider putting in a request to get matched on the exchanges later on that day.

There are two ways you can do this – requesting a price pre-race and also in-play.

Pre-race betting is easy – you set the odds you want to take and put the request into the market to hopefully be matched. If come the start of the race it isn’t matched, the bet is cancelled.

Putting a bet in the in-play market is different as it ensures the bet will also remain available throughout the race as it takes place.

When doing this, it’s important to be aware that you will ALWAYS be matched in-play on any bet that loses the race BUT there is no guarantee you will be matched on a winner.

Therefore, you do have to approach in-play betting with caution and it is best when used in conjunction with watching a race live and an understanding of racing in general.

You also might only want to leave a bet to be matched in-play, when the odds pre-race are very close to those you wish to take OR perhaps risking only half stakes.

Equally if you have a good knowledge of racing, you might want to make judgements based on the competitiveness of each race, the merits of each horse (does it prefer setting the pace or being a backmarker) and the distance run.

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10) Don’t Limit Yourself To Just Betfair

When most punters think of betting exchanges, they immediately think of Betfair, which is only natural as they were the original and now biggest exchange.

These days, Betfair do standout for another reason – they charge a higher commission rate then many of their rivals.

Betfair’s base rate starts at 5% commission on all bets – a sum that does decrease but only once you place a significant number of bets with them.

Instead I recommend you open and use accounts with 2 exchange rivals: Smarkets & Matchbook – both of whom charge much lower commission rates. Smarkets for example charge a flat 2% commission on all bets.

This 3% difference might not sound like a lot but it really does all up over time.

Another alternative option is also Betdaq, although their commission rate also starts at 5%.

My suggestion therefore when exchange betting is to try and place your bet with either Smarkets or Matchbook first.

Usually you will be able to obtain identical odds to those on Betfair, yet you lose less in your winnings to commission.

MAKE MONEY BETTING WITH TIPSTERS

I do hope over the course of this 2-part guide I have helped provide some answers to questions you might have about betting on the exchanges.

If you are looking for further assistance with your racing betting (or just betting in general) then you might like to consider a Smart Betting Club membership.

We track hundreds of tipsters each day in order to independently report back on the best experts that can realistically make money betting – whether on the exchanges or with the bookies.

So why not join up today and see how we can help you and your betting.


<< JOIN THE Smart Betting Club TODAY >>

See you on the inside.

Peter Ling
SBC Editor

“90-DAY 100% SATISFACTION MONEY BACK GUARANTEE”……

“I believe so strongly in SBC’s ability to help your betting, you can subscribe with a 100% cast-iron 90-day money back guarantee”.
SBC Editor – Peter Ling     Subscribe Now

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Restricted By The Bookies? 10 Expert Betting Exchange Tips (Part 1)

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It is common knowledge these days that if making money betting on horse racing, you will at some point encounter difficulty with either your stakes being restricted or even your bookmaker account being closed.

There are some exceptions to this rule such as the ‘winners welcome’ firm, Black Type and it’s fair to say that each bookmaker approaches it differently (as outlined in our ‘Getting On’ Report last September).

Yet for many punters, one of the most popular places to bet without issue are the betting exchanges.

Which is why I have put together this 2-part guide, featuring 10 betting exchange tips for following racing tipsters.

 

1) Understand When The Money Hits Racing Exchange Markets

As an exchange-only racing punter, it’s important to understand that the vast majority of money only starts to flow into most racing markets approximately 10 to 15 minutes before the off.

(I say most as there are some obvious exceptions such as at Cheltenham or other big race meetings, which will see larger sums traded earlier)

To showcase this, compare the amount of money traded on Betfair for each of these 5 races that took place on Monday the 27th March 2017.

I simply noted down the amount of money traded at 3 time points: 21 minutes, 11 minutes and 1 minute before the off for each of the 5 races.

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Without exception, the most trading took place in the 11 minutes before each race started.

Take the 4.30pm race as one example – at 4.19pm, there was £60,925 traded yet come 4.29pm, this was £495,057.

Within 10 minutes an extra £434,132 had been traded – 87% of the entire market!

The knock-on effect of this is two-fold.

Firstly, its knowing that the majority of trading takes place and when your exchange bet is most likely to be matched.

Secondly, its understanding that prior to the final 10 minutes, it is harder to get your racing bet accepted, especially if it’s based on advice coming from a popular tipster.

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2) Avoid Tipsters That Advise Bets Early

Just as the final 10 minutes leading up to race time sees most of the action on the exchanges, the very early stages of a racing market see very little activity indeed.

All of which makes understanding how far in advance a tipster puts up a bet crucial, because as a general rule – the earlier a tip is put up, the harder it is to get the advised price (and vice versa)

Tipsters who advise tips the evening before racing, often provide you with next to no chance of following if restricted to using the exchanges only.

To give an example, I currently proof one racing tipster that puts up bets around 6pm the evening before racing.

As I write this article I noted they had just put forward a tip at 6/1 for a race at 3.20pm the following day. Immediately jumping to the Betfair market for this race, I found that just £492 had been matched across all 10 runners in this race at that point.

The advised 6/1 price was now as short as 5.1 (4/1) on the exchange so already the value had to a large part disappeared. Obviously a few punters following this tipster had gobbled up what little money there was to be had at 6/1.

It’s a scenario I have seen unfold countless times with this tipster (and it’s the main reason we have not recommended them to SBC members) and they are patently unsuitable to an exchange-only punter.

Yet they are not alone in tipping up so early in advance of a race – so be very careful to avoid such tipsters if limited to exchanges only.

I have made around 20k per year extra”…

I used to work as trader for Paddypower and Sportsbet so i have an obvious interest in betting. [Using Tipsters] I have made around 20k per year extra.”    
As written by Justin – An SBC member since December 2013

Click here to read more from Justin on his SBC membership experience

3) Focus On Tipsters Where The Odds Hold Up

The next point is an obvious one – if using exchanges, don’t follow tipsters where the advised odds are going to get smashed in.

Take for example a free tipster like Hugh Taylor. As soon as he puts up a tip, hundreds of people rush to bet on it and in turn the bookies slash the odds due to the huge volume of money coming in.

Yet, despite this, Hugh still settles his bets at the original advised price he quotes, which only a very small number of punters will have realistically obtained.

In this scenario, there is next to no chance you will get matched on his tips at this price via the exchanges UNLESS the price bounces back. And given how much his odds move downwards, this is highly unlikely to happen too often.

This is why here at SBC we rate all tipsters by ‘odds availability’ and track how their odds move compared to the results they settle to. It helps to identify tipsters you can use on the exchanges.

Take the odds tracking we performed on one tipster first reviewed in November 2016. We tracked over 100 tips and how their advised prices moved immediately and after 15 and 60 minutes had elapsed.

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As the table indicates – the average odds available after 0, 15 and 60 minutes were better than those the tipster was quoting!

Why exactly was this? Well, it went down to the simple fact this tipster was only quoting a price if AT LEAST 3 proper bookmakers were offering it and wasn’t putting the tips up until around midday.

Effectively, you could improve on the quoted odds and ultimately this is exactly the type of tipster you can follow on the exchanges.

4) Consider Betfair SP Tipsters

One of the simplest angles to make a profit on the exchanges is by following tipsters that make a profit at Betfair SP (after commission of course!).

They offer the easiest, most simple approach as once a tip comes in – you simply place the bet, stick in your stake at Betfair and walk away.

Although the number of profitable Betfair SP tipsters is growing, it’s still a fairly small pool to choose from currently.

Alongside All Weather Profits (read all about them and their £1 30 day trial here) I have recently been investigating another racing tipster with a tremendous track-record at Betfair SP.

Over the course of 1092 bets – at simple 1 point level stakes, they have made a 167.3 point profit at 15.3% ROI. This is after 5% Betfair SP commission has been deducted.

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Providing one simple angle for those of you after a simple exchange tipster for you follow.

5) YET…If You Can, Don’t Always Take Betfair SP!

Whilst the Betfair SP angle does work and is good for those of you short of time – you can often get better prices simply by taking a bet on the exchanges closer to the off rather than just Betfair SP – especially when it comes to a popular tipster.

This is because the more people that bet on a horse at Betfair SP, the greater the chance that the final Betfair SP odds will be shorter than they should be. Betfair SP effectively cannabilises itself.

Therefore, if following a ‘Betfair SP’ tipster, my suggestion for optimal profits is to consider placing a bet in the traditional exchange market before the race starts.

This might require you logging onto the exchange in the 15 minutes before the race and simply taking the best price available at this time.

By doing this, you can often get a better edge than simply taking Betfair SP.

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MAKE MONEY WITH TIPSTERS

That’s my first 5 tips done and dusted and I will be back in a few days with 5 more pointers on how to use the exchanges if following tipsters.

In the interim, if you are interested in discovering more on the best tipsters for use on both betting exchanges and with bookmakers, then the Smart Betting Club is here to help you.

Our uniquely detailed reviews, ratings and recommendations will showcase to you the best tipsters across a whole variety of categories including:

  • The Best Horse Racing Tipsters
  • The Best Sports Tipsters
  • The Best Free Tipsters
  • The Best ‘Odds Availability’ Tipsters
  • The Best Betting Bank Growth Tipsters
  • & Much More Besides!

Making it as easy as possible for you to find the right tipsters for you to follow!

Best of all you can sign-up with the full peace of mind of our 90-day make money guarantee and benefit from our significantly reduced 2017 pricing.


<< JOIN THE Smart Betting Club TODAY >>

See you on the inside.

Peter Ling
SBC Editor

“90-DAY 100% SATISFACTION MONEY BACK GUARANTEE”……

“I believe so strongly in SBC’s ability to help your betting, you can subscribe with a 100% cast-iron 90-day money back guarantee”.
SBC Editor – Peter Ling     Subscribe Now

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