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 – it is definitely a highly 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 tax free, then yes it can be very easy to attain that level with some disciplined use of 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, guaranteed and risk free, great for getting off the ground 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 the process of cashing in on the hundreds of 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”. 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. 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 some even live off this method alone.
If like most people you need a good few grand a month, you would need various income streams, combining trading with arbs and various other bits and pieces. It is definitely useful if you can organise yourself well, have a calendar and have a good disciplined approach. ProfitMaximiser is another superb service (also from BonusBag creators), and it earns a lot of money for its users, many full time traders use PM to cash a good weekly profit, which they then add to with in play trades like mine and various others trading methods. (If you are interested in this awesome profit-pulling service, sign up to BonusBagging first and then you can get to ProfitMaximiser after you understand the basics of bookie bashing.) Combining their services, I have known quite a few people earning thousands a month tax free using this type of approach. In time, with a few good football or horse racing trading methods, or if it floats your boat, some great tennis trading strategies (i.e. Top Tennis Trading) this can easily be increased to well over £5,000 per month. This is not a large amount for most serious full time Betfair traders.
In short, trading the Betfair markets is indeed a genuine business that’s for sure, but if you don’t treat it like one, or if you get 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 indeed. 🙂