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Originally Posted by Hwjb
Dunbar,
1) I will attempt to keep up to date as mcuh as possible. If not every day, then I imagine I will be able to manage to keep score on current profits(hopefully)/losses(probably) every other day. We'll see how it goes!
2) I do most of my betting on Betfair, where you can 'lay' a horse, that is bet on it to lose.
3) Place means 1st or 2nd in races with 7 or fewer entrants. 1st, 2nd or 3rd in handicap races with 8-15 entrants or non-handicaps with 8+ entrants. 1st, 2nd, 3rd or 4th in handicaps with 16+ entrants. Bit confusing, I know!
4) My points are on a simple scale from 1-10. I very rarely bet 7+ pts, and will probably only have a 5pt bet once a week or so...wanted to get this off with a juicy bet today, and as I speak Cheeky Lad has romped home! My wage is pretty poor so I can't afford to bet that heavily, and therefore 1pt = £10 for me.
5) The odds I quote will either be fixed with bookmakers or available on an exchange (most likely Betfair).
6) There is no betting tax with bookmakers, that was scrapped in 2001! There is a commission of 5% to be paid on winnings accrued with Betfair, although this decreases the more you bet with them...although for the sake of simplicity I'll work it out at 5% on all bets placed on BF!
Hope that helps!
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Harry....1 word for you Pinnacle. THEY PAY YOU to bet with them. 7%
refund on all horse wagers, win or lose. 4% for New York tracks.
Check into that and see if it is the same for betting horses across the pond. It is rediculous for you to be paying any commissions to them.