50k Betting And Trading Challenge
(The 50k Betting and Trading Challenge has now finished. You can read the round up post here.)
Whilst this would be more then I have ever made from betting and trading in the past. I think it is as an achievable amount. I am in a position now where i have the bankroll and experience to be confident.
How Are You Going To Do It?
My plan is to turnover my bankroll as much as possible. Using betting systems that work. Methods which have shown to be profitable in the past.
I will use the following methods:
Matched Betting – Exploiting bookmaker offers to guarantee a profit. This is a very well known method and the easiest way make money from betting. It involves backing selections at bookmakers and laying at the betting exchanges. Then profiting from risk free bonuses that are awarded.
I will be using matched betting service Oddsmonkey for this.
Advantage Play – This involves taking advantage of any offer that generates a positive expectancy. This will include casino signups/recurring bonuses, bingo offers, price boosts, accumulator refunds.
To keep notified of all the advantage play opportunities available I will be returning to Profit Maximiser. This will save me a lot of time and basically calculates the majority of the hard work for me.
Betfair Trading – Pre match trading will be my main focus as this is where I am strongest.I may also get involved in some other markets if I spot good opportunities.
Quentin Franks Racing – This service really crushes the bookmakers. It can be tough to get the advised prices. However I have followed it for 8 months now and it continues to bring in profits on a monthly basis. I haven’t seen any reason to believe that this trend won’t continue. It should bring in consistent profits over the period of a year.
Value Betting – I have a number of soft bookmakers accounts that are restricted from promotions. As the year progresses this number will increase. My plan with these accounts is to use them for value betting and extract as much profit as possible from each account.
What Size Bankroll Will You Be Using?
I will be starting with a 10k bankroll and reinvesting the profits back into the betting bank. Initially I will be putting £5000 aside for matched betting, advantage play and Quentin Franks. £2000 into Betfair and £3000 between Smarkets and Matchbook.
How Likely Is It That You will Fail?
There is a reasonable chance that I won’t make 50k over 12 months. I will be exploiting soft bookmakers which means limitations will come. How frequent and fast they come will have an effect on my profit. Also when taking advantage of higher variance casino offers I could go on some long losing runs which could wipe out a lot of profit.
Value betting is also something that should show profits long term but it isn’t 100% guaranteed.
Why Are You Doing This?
There are a few different reasons for this challenge.
- I have always enjoyed reading these types of challenges. For example although its been years since I played poker. I still read the poker goals and challenges thread from time to time. Personally I find it really interesting seeing the process of people trying to achieve a specific target or goal. Whether they achieve it or not there is normally something to be learnt.
- I think it will bring traffic to my blog. I see the popularity of these silly £10-£1000 challenges where people rollover their stakes with each bet. So I think that a betting/trading challenge done with sound methods and good bankroll management should be popular too right?
- Most of betting strategies that I will be using can be replicated by anyone with access to soft bookmakers. Matched betting, value betting and following tipsters are not skill based. If this challenge is successful it should leave a blue print for people to replicate.
- By making my challenge public I will be able to work harder. Put those extra hours in at the end of the week that will make the difference in the long term. Or perhaps the pressure of making the challenge public will cause me to perform worse then I would normally. Time will tell.
- I generate revenue from this site by being an ethical affiliate. This means that I promote betting/trading products which I believe offer good value to their customers. If you decide to purchase any of these services through my site then I will receive a commission. The best way that I can show my faith in these services is to show in detail how I use them myself. And show that long term these are great investments that should return you a decent profit.
How Transparent Are You Going To Be?
I will be keeping detailed records of everything that I do. Updates will be at least once a month and I will share pre match trades that I enter in markets with large liquidity.
There will be some aspects of my Betfair Trading that I don’t want to share. Such as some specific markets and timings as I think this could hurt any edge I might have.
Also given that bookmakers use the social media and websites to gain information on their customers. As suggested in this article How Bookmakers Track Your Every Move. I will leave out certain details so that bookmakers cannot pinpoint my accounts with the information I share.
When will you start the challenge?
The challenge will start on from the 1st April (Not an April fools joke despite the timing.)It will last 12 months. I will update the challenge at least once a month with results and anything notable that happens. My plan is also to write a bit more in depth about each of the strategies that I will use.
50k Betting And Trading Challenge
The Challenge So Far