It's interesting how seasoned gamblers bet.
I know a couple of professional gamblers who aren't the slightest bit interested in using betting exchanges to place their bets. After years of gambling, I know one thing: ''There isn't really a right or wrong when it comes to the individual. There's isn't a Henry Ford approach of any colour will do as long as it is black. Because each and every gambler has, over time, appreciated that their way of working is best for them.''
I would be a fool to question that. It would be the same as me saying that someone can't make money betting just because I don't understand what they are doing or how they do it. If they have polished that stone, it may well shine like a diamond. It could well be the most expensive form of carbon - clear and sparkling rather than a hunk of dusty coal.
I respect seasoned gamblers.
I recently met with fellow blogger Jerry Banks. It's funny as we have been working together on our respective horse racing blogs for many years. We have come close to meeting a few times at Great Yarmouth racecourse. I'm pleased to say last month we met and had a drink with his friend in the beer garden of the Troll Cart. It was lovely to meet Jerry, someone who I have always respected. He is a good man and I know he knows his horses. He's very much informed.
He said that he doesn't bet via the exchanges as the liquidity on the early markets is so poor that it simply doesn't work. That is true for those who like to get their money on and get some value, especially if they are confident the horse is going to be backed. I know Betfair have the Sportsbook as the traditional bookmaker option. I don't know about you, but I'm lucky if I can get more than a fiver each way before some red-printed message appears ''Your maximum bet is £1.50...'' I'm not sure if that is the norm but a Blue Chip company can't even take a few notes.
I know another friend of mine doesn't use the exchanges. He isn't keen on them at all for a number of reasons.
Without question, every platform has its pros and cons.
I've used Betfair for many years. In addition, I have a few bookmaker accounts. There are 3 main reasons why I use Betfair in favour of traditional bookies.
1) Betting on outsiders
If you have bets on horses beyond the first three favourites there is a good reason to think about betting on the exchanges. If you fancy a 20/1 shot and you can double the price on the exchanges it just doesn't make sense to opt for the shorter odds.
2) Your Horse Has Been Seriously Backed
Let's say you bet on a horse at 10/1. There is a crazy gamble and it is backed to 6/4f. Wouldn't you want to lay the stake to cover your bet? A potential win of £250. You could lay your stake for £37.5 to have a no-lose bet to win £212.5. You may well be happy to just go with the bet. However, to me, the option of laying your stake money is a worthy consideration and option when a horse is backed off the boards.
3) Using Your Expertise to Win more
There are lots of gamblers who know their stuff. However, there are a lot more who don't. And many of them are trying to make easy money laying horses on the exchanges. It's a competitive world. To try and get money in their pocket they need to push the betting odds to the limit. And lots of the time their lack of understanding sees them lose their cash. For instance, if you know a horse is very likely to be outpaced but run on at the finish. These horses often touch huge odds in-running because it looks like they literally have a mountain to climb. If the layer isn't aware the horse needs time to get motoring then they may be at the mercy of the bettor who is dangling the carrot on a stick. In this way, you are simply using your knowledge to make even bigger profits. This simply couldn't happen with the bookmakers.
What is your favourite way to bet?