This question is one of the most common ones I receive from readers of my blog, so I posted a quick page here to try and answer it rather than constantly discussing it with people via email. In short, the answer is…
Yes – this is a genuine and profitable business, but only if treated as… a business.
Is Betfair Trading easy?
This partly depends on how much you need to earn. If you just want £500-1000 per month then yes it can be very easy to attain that level with some disciplined use of one or two proven methods, especially if you take the obvious “leg-ups” available such as using a service like BonusBagging. This is a fantastic service for newbie traders, they send emails with clear instructions of what to do each day to cash in on free money offered by bookies – a superb bread-earner for newbies, it’s effective and completely risk free, great for getting off the ground to build a trading bank to learn with, without risking your own money.
If you don’t know about “bookie bashing” then it’s probably easier to watch this short explanatory video, but it’s basically just the process of cashing in on the countless repeated offers made by online bookmakers to try and get you using their service. Let’s say William Hill wants to attract you, on the web or even on TV there are regular offers such as “Bet on England to win, £50 free bet if you lose”. You’ve probably seen these yourself during half time on a football game, or on billboards in the street etc. So if you saw something like that (the Bonus Bagging service finds them on autopilot and alerts you to them by email) you would simply go to WillHill, bet on the selected event, you don’t care if it wins or not because you go to Betfair and LAY the event too. So you lay off your bet. If it wins you lose and make nothing, but hopefully it loses (being England that’s likely!) and if so, you now have a £50 free bet waiting for you.
You then do the same again, bet that £50 on an event and lay it on Betfair. You then have a guaranteed profit of somewhere near £50. Do this every day (often several times a day) and you can quickly build a Betfair bank of several thousand pounds. (Around £1000-2000 first time, but you can always do it for a relative once you’ve fleeced, sorry, I mean accepted all the kind offers from the bookmakers in your own name!) Hence why this is an ideal approach for a newbie trader.
You can create a free trading bank, a bank you can afford to lose as it isn’t your money, thus begins your trading on other’s people’s money, which helps you relax and trade calmly without worrying about losing your own money. This is one of those rare things which sound too good to be true, but I can assure it is 100% genuine and I wouldn’t recommend doing it if it wasn’t. I have many friends who have been doing this for years, and one man I knew lived off it for quite a while! And before you think you might have “missed the boat” – nope, there’s even more offers around now than there was then, many more! Do you see the ads on the TV? Then it still works! So long as bookies offer these bonuses, and Betfair exists (to lay the bets), this will continue to work.
Once you have a nice bank of money which won’t take food out of the fridge or mean the mortgage won’t get paid, you can then use that to learn some of the more simple Betfair trading methods such as laying the draw (football) or maybe some in-play racing trading which is very profitable but does require dedicated trading software and a decent chunk of personal discipline. I would suggest you start with my FREE ebook to introduce you to what trading on Betfair is all about, learn about the various concepts like an “edge” and “value betting” etc, and then progress into software and some proper trading strategies. The ultimate goal for most novice traders is to learn how to trade the pre-race markets but that’s definitely not something to tackle until much later in your career when you’re profitable with some easier approaches. Pre-race trading is extremely complex and definitely not something to get into before learning a lot more about the markets generally. You also need to be very fluent with your trading software before venturing down that road.
In short, trading the Betfair markets is most definitely a genuine earning opportunity. It’s a serious and profitable business for those who treat it as such, but if you don’t, or if you get too easily sucked into gambles, can’t take losses without getting angry etc, you will struggle. Get your head in gear, get some simple strategies under your belt, and get busy approaching it like a business, and you can do very well.