Here’s a simple but effective betting system that many horse racing punters use. It utlilises one of the most useful bookie offers, which is known as best odds guaranteed. The aim is to make a risk free profit before the race starts.
You’ll need a Betfair account, with knowledge of lay betting, and some bookie accounts. Time wise, you’ll need 10-15 minutes in an evening, 10 minutes in the morning, and (possibly) another 5 immediately before the race starts.
Got that? Good, so here’s what you need to do.
The Best Odds Guaranteed Method
Open accounts with at least 4 or 5 different bookies. The more accounts you have, the more chances you’ll have to profit. Here’s a list of bookies that offer best odds guaranteed which you can use to decide which ones to join, because obviously if your bookie doesn’t have this offer then the method won’t work.
In The Evening
- Log into Betfair and make a list of races that have at least £1000 traded on the exchange. You need this liquidity to be sure that the market has started to form properly, otherwise you can’t rely on the prices on offer being reflective of market sentiment.
- For each race listed above, open up the same market at each of your best odds guaranteed bookies.
- You’re looking for occasions where the bookie’s price on any horse is higher than the Betfair LAY price. This is our indication that the bookie’s odds are too generous, and that the price is likely to fall.
- Back this horse to win at the bookmaker.
- If you find more than one horse that meets the criteria, back them all. If you find none, check a little later in the evening. Then you still find none, leave it for the day.
In The Morning (usually between 11.00 and Midday)
- Log into Betfair and check the market for the race(s) you backed horses in last night.
- Make sure there have been no withdrawals from the race. If there has then a reduction factor may apply, in which case check the bookie again and see what the back price has been revised to after rule 4 has been applied.
- If the price has dropped as we expected and the Betfair lay price is now lower than the back price last night, you can lay the horse at Betfair now and make a guaranteed profit. Alternatively, if your bookie allows this, you MAY be able to cash out your bet at the bookie and take a guaranteed profit there. However, be careful with this as you may make less profit that way than you would by laying at Betfair.
- If the price is similar or if it’s increased, do nothing for now and check back later.
5-10 Minutes Before The Race
These steps only apply if you didn’t lay the horse or cash out earlier.
- Repeat steps 1-3 above, remembering to check for Rule 4 deductions again. If the price has dropped you can now lay at Betfair or cash out at the bookie and take your profit.
- If the price has risen or stayed the same, simply lay the horse at Betfair for the same stake you backed it. You can ask for better prices if you like, but do remember that your bet must be matched before the race starts!
- You may be worried that a rising price will result in a big loss, but in fact it won’t. This is why we ensured that we backed with a bookie that offered Best Odds Guaranteed. Because if the SP is bigger than the price you got, then the bookie will pay your back bet out at SP instead. That means if the horse does win, your loss will be minimal. And of course, the fact that the price has risen means that it is actually far less likely to win, at least in the opinion of the market.
That’s it really. As you can see, best odds guaranteed is the key to making this work because it mitigates any loss if prices don’t move as you expect. It’s not a massively sophisticated method, but it is fast, simple and most importantly effective. Stick at it and you’ll see a profit over time.
Good luck. Let me know how you go, and feel free to drop any questions in the comments box below.