It’s New Year 2014, and fresh hope surely springs anew in the heart of even the most grizzled punter.
I love all the positivity that a new year brings, and intend to ride the feeling for as long as possible!
But of course it’s only any use if we act on it, and do something different.
So… I propose to start a new little experiment, right here at Lay Back And Get Rich, which anybody is welcome to get involved in, should they so wish.
This is emphatically not a bet-the-farm opportunity. What I am proposing is a little idea that’s been buzzing around my mind for a while, but which I’ve never quite got round, you know, to actually doing.
So… how’s it going to work?
I intend to post two or three candidate horses every morning by 10.30am, that I believe will steam that day. I will then place the grand sum of £20 on each one, at whatever is the current best price I can find.
I may select from a bookie’s prices, or from the odds at the exchange. Obviously, BOG bookies may hold appeal, as they provide protection against drifters.
Once my back bet has been taken, I will immediately enter a lay for a slightly larger stake, at a price 20% below the backing odds. I will publish full details of both back and lay bets.
The larger stake on the lay will be designed to allow us to “green up”. Which – in case you are unfamiliar with the jargon – simply means “achieve the same profit irrespective of the result”.
A typical successful trade, based on two bets at the exchange and 5% commission, might therefore look like this:
But what if our lay bet doesn’t get matched?
Well, there are two options.
a) We enter lay bets with the option of taking SP at the off (i.e. we simply accept whatever the market gives us), and live with the consequences;
b) We set the “Keep” option on our lay bets, and hope to get matched in-play.
I will be going with option B.
I expect the vast majority of my choices to match in-play, if not before, and am hoping we don’t get many drifters that subsequently under-perform…. as these are likely to cost me my full £20!
How many bets are we going for?
Well, it’s an experiment, so I shall aim at 100 paired trades (= 200 bets) to start with, then see how we’re getting on. If there’s life in the idea at the 100 trade point, I may do a few more.
The first trades will be published as comments immediately below this article by 10.30am on Friday, 3rd January 2014.
I stress that this is an experiment, so please – if you follow my trades, do so with the sorts of sums you couldn’t really care less about!
So… here’s to renewed hope, and a prosperous 2014 for us all!