A relatively new phenomenon in gambling circles is that of the online betting exchange.A betting exchange is an online market place where punters can place a bet set at odds by other punters, rather than by a bookmaker. This is a concept which has led to a revolution in the betting industry.

The best way to understand a betting exchange is to think of it in similar terms to a stock exchange. Buyers and sellers of shares come together in a stock exchange to transact on shares at a mutually agreed price. With a betting exchange backers of a horse (i.e. buyers) can place a bet on a horse with odds that have been set by another punter (i.e. a seller).

It means that punters are no longer bound by prices that are set by bookmakers. Ultimately this gives you a lot more flexibility and more options on how to turn a dollar from a horse race or any other sporting event.

Let’s look at it more detail.

Backing a selection on a betting exchange is just like placing a bet on the tote or with conventional bookmakers. But with the betting exchange you bet against other punters, not a bookie and the odds you back are what you get - unlike the tote which doesn’t have fixed odds.

If you fancy a particular horse and your local bookie is offering odds of $2.50 but at the betting exchange you can better odds at $3.05, then it’s an easy choice - you take the odds on offer at the betting exchange.

On the other side of the equation when you offer odds (known as “laying a bet”) you are not taking the place of a bookmaker, but simply backing an outcome not to occur.When you lay a bet you are taking the other side of the bet and offer odds for another punter to back that selection to win. If the selection doesn’t win, then you collect that punter’s stake.

So far, so good. We can see that by being able to deal with other punters and not just bookies or the tote - we have more flexibility in being able to get or offer the odds that we want.

But it gets even better than that because you have the ability to guarantee yourself a profit before a race has even been run, or a match started by backing a section at high odds - by trading. Prices constantly change at a betting exchange which means you can guarantee a winning position by backing a selection at high odds, then laying it at low odds, or vice versa. And you don’t need to be a big punter - this can sometimes be done with relatively little money in your account.

Betting exchanges are a relatively new phenomenon with perhaps the best known being Betfair. The added money making options that are available through these facilities make them worth having a closer look at.

As with any new method of making money, it helps to have a guide who intimately knows his way around the method. I’d recommend that you take a very close look at “Winning With Betfair which you can do by clicking on the link below:
http://www.winninghorsessystems.com/easytrader.html

Long term profitable horse race betting is reliant on developing and then working a system. This of course raises the question: which system should I work?

The fact of the matter is that there are several systems all of which can deliver profits if rigidly adhered to. However at the same time there a bunch of dud systems out there which are going to fail from day one.

The industry being what it is - with its allure of quick and easy dollars - means that unsuspecting punters can easily be taken for a ride by system developers who are more skilled at the sales pitch than they are at turning a dollar from racing. I’d love to say I know all this from hearsay but the fact of the matter is that I’ve made some dumb mistakes in this arena so I’m keen to help others avoid doing the same.

The following are some of the things to be wary of when looking at different systems or services offered in the industry:

1. Tipster Services
So here’s a business idea: I set myself up as a professional tipster and convince you to subscribe to my betting service for $X a month. If the horses I tip win, all well and good, you keep paying me money; if they don’t, you keep paying me money anyway until another winner comes in and you hang on a for a little longer, or one day you just give up. There’s no downside for me: I’m not going to rebate you your subscription fees because there are no guarantees in this industry and I made that clear from the start.

I’m not completely poo-pooing tipster services but I’m not at all convinced of their value. I think you’re much better off learning the basics of betting and reading a form guide and then purchasing an already proven betting system and working that system.

“Give a man a fish, feed him for a day; teach him how to fish and he’ll eat for ever.”

2. Software Systems
Never ever ever hand over thousands of dollars for software systems that boast of “super duper algorithms that can pick horses with a 73% consistency and make you hundreds of thousands of dollars per year”. This is one of the worst and most unscrupulous scams going. What the developers of these systems do is go through past results and then by a process of reverse engineering come up with software which they claim is an accurate predictor of future results. They don’t work. These services are usually sold via a glossy brochure which is all promise and short on detail which is then followed up by some slick telephone salesmanship. The developers of these services are working on the premise of there’s a sucker born every minute.

If you’re ever tempted by one of these services, demand of the people that are trying to sell you the service that you speak to some current users of the service - don’t settle for a written testimonial. If they baulk at this request mumbling something about client privacy etc. hang up.

There are actually a few software solutions that do work and you’ll find that their developers will actually encourage you to speak to current users. Even in these cases, I would be wary of spending any more than $200. It’s just not necessary to spend large amounts of money to get hold of a profitable system.

3. Testimonials
Shy away from any sales letter or web page for a horse betting system that doesn’t contain testimonials. As a further refinement I would also recommend that you regard with suspicion a web page that only contains testimonials along the lines of “I’ve just received your system and I expect I’ll make a lot of money with it.”

The best testimonials are written by those who have been using the system in question for a number of months and are still happy with it.

4. Money-Back-Guarantee
Never purchase a system that doesn’t have a money-back-guarantee. Period.

5. Paper Trade
Always paper trade a system before betting with real money. Use the period or at least a portion of the period that the money-back-guarantee is valid for to “pretend” use the system. This is vital because it allows you to bet without emotion and therefore truly gauge the system’s worth.

If the paper trading proves profitable you know you have a winner and all you need to do after that is start with a small betting bank (to keep emotion at bay) and work your betting plan with discipline.

If you want to know what industry insiders consider to be the
best horse racing systems go to http://www.winninghorsesystems.com

If you want a short and fast rule for succeeding in betting on horses as an investment, it is this: find out what the majority of people do and then do the exact opposite! As I may have mentioned previously, the majority of punters are simply there to kick money onto the pot for the professionals to take home at the end of each race day.

I’m going to outline the major characteristics of long term losing punters. Take careful note and do the opposite:

1. They don’t have a plan
There is a well known saying: “fail to plan and you plan to fail”. A punter without a plan is like a ship without a rudder. In racing a good plan means identifying the amount of money you would like to make over a pre-determined period of time and then breaking that goal down into monthly or weekly targets. Without a plan you have no way of measuring your success and lay yourself open to a loss of betting discipline and the likely losses that that will bring.

2. They don’t have enough patience
Losing punters are looking to make a killing in one day. This can happen every now and again but it won’t happen consistently. Adopting this approach using whatever spurious criteria - lucky numbers, betting only on horses with astronomical dividends - is a guaranteed way to empty your pockets. Disciplined investors look for smaller daily returns which they compound (by gradually increasing the size of their betting bank) over a number of months and then years.

3. They aren’t consistent
Losing runs are part of every profitable betting system. Successful betting investors will work through these because they know a winning run will be just around the corner. A losing punter however may abandon a profitable system after a few losing days, robbing himself of an income stream that could go well into the future. This point is closely related to point 1: work the plan and be secure in the knowledge that losing runs will be part of that plan. Consistent and constant action is the hallmark of long term profitability.

4. They are too greedy
Have positive expectations of high returns but don’t confuse this with getting greedy. There are two common scenarios for the losing punter: he will be having a successful day but then abandons his plan to go for the big score which can often erode or completely eliminate his gains made earlier in the day OR he’s having a losing day and tries to recoup his losses on the same day. This “throwing good money after bad” is the single worst trait of a losing punter. As a professional investor you need to stay away from it at all costs.

5. They are ill disciplined
Having a plan, patience, being consistent and keeping your greed in check all amount to nothing unless you adhere to each of these facets strictly. The professional investment better will stick strictly to is rules and not stray from them. The law is simple: if it works, do not change it! The temptation will come to have a flutter on a horse with positive media coverage or surrounded by favourable rumours and betting a few dollars on such horses is OK but don’t lose sight of your main objective: making consistent profits using the rules outlined in your betting plan.

That’s all of them. Irrespective of which betting plan you end up adopting, make sure you avoid the pitfalls outlined above. As a final word, grant a small blessing to the habitual losing punters: the more there is of them, the easier it is for the rest of us to make more money!

If you want to know what industry insiders consider to be the
best horse racing systems go to http://www.winninghorsesystems.com

You know it’s funny.

The racing industry presents one of the best opportunities going to earn a substantial return on investment yet because of the “mindset” that most people take to the track it is hardly ever realised.

Not that I’m knocking having a punt: Heading to the racetrack on a Saturday afternoon with a few mates to have a few beers and place a few bets can be a fun way to spend your money.

But I’m guessing that if you’re reading this article, then you’re interested in more than just gambling. You actually want to put a system in place that allows you to earn a consistent income from betting on horse racing.

Well it certainly can be done but to succeed there is a vital element you simply have to put in place first:

YOU NEED TO APPROACH BETTING ON HORSE RACES AS AN INVESTOR RATHER THAN AS A GAMBLER

Let’s look at the difference between the two:

1.An investor has a principal amount of money and he is looking for a consistent return on that principal over an extended period of time. A gambler has an amount of money which he is looking for an immediate return on each and every time. The investor views time as a friend, not an enemy.

2.An investor regards his principle as sacred and will only risk a small percentage of that principle on any given opportunity. A gambler has no real respect for his money and has already (sub-consciously at least) earmarked that money to be lost.

3.An investor has a pre-defined plan for getting a return on his money and will work that plan to achieve his desired outcome. A gambler usually has no plan at all or chops and changes his plans as he goes along.

4.An investor expects that he will have losses along the way and doesn’t panic when they occur. A gambler panics if he experiences a loss and tries to recoup that loss straight away.

Or to summarise - an investor employs a “business” mindset rather than a “recreational” or worse still “desperate” mindset.

If we look at what investors consider to be good return in other industries: top share fund managers are considered geniuses if they can manage consistent 15% per annum returns; real estate investors are more than happy with a 10% per annum return over the life of their investment; it boggles the mind to consider the opportunity that gamblers throw away when betting on horses.

The fact of the matter is that with a disciplined approach and good money management - a 15-20% return per month is quite easily achieved by betting on horses and all the profits are tax free!

If you want to know what industry insiders consider to be the
best horse racing systems go to http://www.winninghorsesystems.com