Some countries, such as the US, have very tight restrictions on how, when and where you can place bets.
In the UK we’re lucky that this isn’t the case.
There’s often a lot of confusion over whether it’s better to place bets at the bookmakers on a betting exchange
or with the tote. And we’re going to look at that today.
But first, I want to consider whether you should use just one bookmaker or betting exchange to place your bets. Or if it’s better to use a range.
There is one rule that you should always use with your betting:
Take the best odds available
If the best odds available are with your preferred bookmaker or exchange then great. But if not, you should use
whoever is offering them.
Almost no punters do this, and it makes bookmakers hundreds of thousands a year.
If you took odds of 4/1 on a selection that wins when somebody else is offering it at 5/1 then your £10 bet has
given you a £40 profit. But… you could have had a £50 profit.
You’ve literally chosen to take less profit by not placing your bet with the bookmaker that had the better odds.
Now imagine if you this happened 10 times a month. You’ve chosen to take £100 less from your winners each month
than you could have.
It could be the difference between a profit and a loss!
Okay, I admit that’s a bit of a crude example but it illustrates why taking the best odds is so important.
So the question is whether bookmakers, exchanges or totes are best.
To be completely honest, the answer is…
None of them are better or worse than the others.
They all have their good points and they all have their bad points.
All you need to be concerned with is taking the best odds and that will dictate where you bet.
As a general rule, you are likely to find that the earlier prices are going to be better with the bookmakers and the later prices are going to be better on Betfair.
You can use that as a general guide but use a site like www.oddschecker.com to always look for where you can get the best odds on your bets.
Now before I finish up for today, I want to share with you an awesome tip.
Most software that helps you to build betting systems will test the systems to SP.
When you’re developing a system if you find that it’s making a 2%-3% loss to SP then you should be able to make a decent profit from it betting live.
You don’t have to make a profitable system to SP for it to be profitable if you’re looking to get the best odds, because you’ll almost always be able to get much better odds!
All the best,