Getting down and dirty: making racing financial

Another Friday night, another practice session - another blog post. I will assume that you have all been doing your homework - reading up on all the racing news with the leads I posted before the last round - and are all in the know about the current racing situation. I needn't therefore mention that MotoGP is racing on Sunday at Le Mans (Fox3 10pm AEST), and WSBK at Kayalami (RSA; Fox3 from 11:15). And it is no doubt obvious that these are both going to be stellar affairs.

MotoGP FP1 starts in 52 minutes, btw.

Being all the more cluey, however, I think it is time we all put a couple of dollars behind our opinions to see how well they really stack up.  And to do that, you are going to need to find betting agents.

There is a huge variety of online betting agents out there, deciding where to place your bet can be just as hard as picking the appropriate odds on a de Puniet top-6 finish.  Fortunately, there are a few things which you can use to narrow down the options and to find the bet which is right for you.

Odds Comparisons

If you Google you are likely to get returned a broad number odds comparison sites: realistically, there are only one or two which are worth checking (many are obviously duplicates, some offer mainly sites which aren't any good for Australians, and some just aren't good). The only one I have bookmarked is http://betfinder.bestbetting.com/motor-sport/moto-gp/

Checking out the odds grid it becomes apparent that there are some quite considerable differences with different agents, but there is also another trend that you will probably notice:

Betfair

offers awesome odds.

Betfair is not a bookmaker as much as a forum for punters to match each others' bets.  Betfair don't employ statisticians to make their odds, nor do they risk their own cash - as a result, instead of an average 15% buffer on odds, they take 5%.  The end result: 10% better odds, which more often than not is the difference between winning and loosing.

(NOTE, however, that this is calculated after the fact, so quoted figures are artificially inflated by 5% over a bookmaker's offerings. On the other hand, what you have is only what hasn't yet been matched: you can typically offer at least 5% better than what is available, which may or may not get matched)

(Another note: I have heard Betfair as quoted averaging 20% better odds. While I am sceptical of the comment, the difference could be even greater than I suggest.)

The downside is that there is usually little worth investigating in non-popular markets: without a few hundred or thousand people already betting on a market what's on offer is typically poor.

Betfair is a little bit different, and I will not be able to describe it without really going into depth: all I can say is that if you're looking to punt online, you need to check it out.

Special Offers

Special offers can make a 10% difference in available odds look paltry: many agents offer very substantial signup bonuses in many different forms - I am looking at a Sportingbet offer which amounts to 334% on an initial deposit.  Before signing up with an agent, Google them for offers.

Every current offer that I am aware of is also listed, with much kindness, on http://www.way2bet.com.au/page/bookie-offers , but there are always short-term offers going around.

Other things to check

The most annoying screening factor is that you need to be able to use the agent from your country of origin.  Often, there will be nothing suggesting it is illegal, impossible, or even difficult for you to use a site, but when it comes time to trying to take advantage of that golden odd or fantastic offer you painstakingly come to the conclusion that it is not possible.  In my experience, it is usually difficult to transfer money overseas (even if they claim they accept AUD, or your credit card), and even more commonly impossible to transfer it back.  These facts are never listed anywhere - that would be too convenient. CHECK before uploading your worthy dollars to a company which doesn't have processes to give it back. Companies will list their transaction methods, and if you aren't 100% that you can use those methods then don't.

Also while we are in the ballpark, double check what fees and charges apply for transfers in and out (usually credit is faster but more expensive than direct deposit/BPay).

Suggestions/Notes

In conclusion, a few agents which are either specifically Australian, or have local branches - I don't have experience with many of them, but I will be rectifying that over the coming months:

sports.betfair.com

if you only use one site, make it betfair

centrebet.com

I've almost opened an account with these guys before - good deposit options and appear to run better-than average margins.

sportingbet.com.au

sportsbet.com.au

two other large competitors I don't know much about - but see their special offers (see above)

racingodds.com.au

I have a job application currently being considered with these guys, I couldn't leave them out.

tab.com.au

Appear to offer industry-worst margins, a largely archaic online wagering system (you can only register in business hours!?), and no... something else. Have, however, offered some pretty bad spreads in my experience = good betting opportunities.

In Summary: Get out and do it

If you are going to get around the betting scene, make the jump and do it seriously - not something I have done yet.  There is no use checking the odds on a site if you don't have money with them.  Not only could a transfer prove difficult, it will usually take some time too - long enough for the winds to blow and that bargain to deteriorate into a lemon.

Dammit!  I am missing FP1 and need to get ready to head out (to party!). Not that it matters - I still haven't fired up any accounts for this season.  But I will, soon!

And just between me and you, I think I can make more $$ than you can.  In the next few posts I'll give you a bit of an introduction into how I'll do it.

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@JohnSBaxter
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