Tag Archives: value

Backing Favourites for a Living – Malcolm Pett

Backing Favourites for a Living

This page started life with an article from Malcolm Pett that asked the simple question “can you make money backing favourites”.

Malcolms original article is included below but before we get to that, a few thoughts from 2019.

Backing Favourites

The first thing to say is that you can’t bet all favourites and expect to make a profit.

That’s just not how the betting market works, there is always a profit margin built into a bookies prices, but because it isn’t an exact science not all prices reflect the true chance of the horse.

And so it is possible to cherry pick the best value favourites and to make a profit from those.

Some Facts

The headline fact is that favourites have won 34.99% of all races over the last 10 years up to November 2019.

If you had bet them all for £1 you would have been on 114584 bets, won 40,088 times and lost £7,904 at industry SP.

Your ROI would have been – 6.9%.

The split is pretty even across Flat, All Weather and National Hunt.

That is a pretty small loss percentage wise and that is what we have to overcome to make a profit.

One way to do that is to drill down into a sub set of races, a very small subset like this system 

Another is to search for false favourites. favourites that are at the head of the market on hype rather than proven form, favourites that are on unproven ground or have some other negative factor that is against them.

BOG

As with any backing if you can bet at best odds guaranteed then you can squeeze another few percentage points from your bets.

Although we all ultimately have BOG taken from us as we become more successful, if you still have it take advantage.

It is fair to say that the bookies are a lot more tolerant of punters who bet and win on shorter priced selections and your account and privileges.

Betfair SP

You can get even closer to making a profit with Betfair SP. in fact the loss we reported above for all favourites for the past 5 years reduces to 3575 when betting at Betfair SP and ROI of – 3.12%.

Psychologically betting favourites is a good idea, many a bettor has abandoned a winning strategy because they couldn’t tolerate a losing run.

Alternative Strategies

What we really want to do when we bet favourites is to bet at a high strike rate with shorter losing runs.

Other options are to bet favourites in the place only markets at Betfair, which will get you a much higher strike rate.

Or dutching together selections to have multiple runners in a race and of course a much higher strike rate. You can use our dutching tool to work out you stakes.

Here is Malcolm's original article from 2014…

Today we have our regular Wednesday article from Malcolm Pett and this week's subject is backing favourites for a living

Can you make money backing favourites?

Most people tell you that there is no value in backing favourites and you should stay clear of them and look for those “outsiders” that come in now and then, at a really good value.

It sounds plausible except almost 80% of all winners come from the top 3 or 4 in the betting and so although it’s not rare to see an outsider come in at great value…

…It’s not easy finding and identifying them.

Backing Favourites for a Living

If you have read any of my articles then you are probably aware that I tend to go on about strike rate and average winning odds a lot.

There is good reason for this…

…They are important…very important.

At the end of the day all that matters is that these two figures stack up and make you a profit.

If you go for the lower strike rate range then you will need higher odds to make money.

Where a higher strike rate means you need lower odds to make money.

So it doesn’t matter if you are on favourites or outsiders the figures still have to add up.

People love going on about finding value and if you like being a detective then it is really good fun.

But value bets winning are rare and so even if you get good at spotting them your strike rate is still going to be low, meaning you will get a lot of losers before finding a winner.

Looking for value bets also needs a big bank roll and you need to know when to take advantage of the odds available.

I follow a number of systems like this and you soon find out that you have to go through losing runs of 20, 30 or even 50, to make these systems work.

Not many people are prepared to do this and not many people have the bank to support it.

I am not saying you shouldn’t have high price value strategies…

…I am just saying it probably doesn’t want to be your only strategy.

But we have already talked about there being no profit in favourites so what else can we do?

Well let’s discuss that for a moment.

Let us say that we came up with a system that uses favourites and has an average strike rate of 50%.

That means “on average” we win one bet and we lose one bet.

So every time we lose…we lose 1 point which means every time we win we need to do better than 1 pt to make money.

In fact if we take Betfair prices where we can generally do a little better then we need an average winning price of 1.05, just to break even.

So let’s say for arguments sake we get on average a winning price 1.26 (2.26).

1.26 * 5% = 0.06 = 1.20 profit

So if we had 100 selections in a month and won on 50 of them it would look like this…

50 * 1.20 = 60 – 50 = 10 points.

So as you can see we don’t have to have a very high “average winning odds” to make a decent amount of points every month.

The thing is to test…it’s no good saying you cannot make money on favourites unless you try some strategies over 2 or 3 months.

If you pick well then even if you don’t get the prices you need. You are unlikely to lose as much as you would following a low strike rate high value system with long losing runs.

Malcolm

20/1 Cheltenham Bet

Today I have a Cheltenham bet from a tipster who made 65 points profit at last years festival and who set up the year for many of his members.

The bet is one leg of a yankee and if you want the other three legs there are details of a very special and cheap offer at the end of this post.

The four bets together will pay £29,248 for a 50 pence each way yankee if he pulls this off!

The Value Backing service is in great form at the moment and is already 33 points up for 2015 with a 118% ROI.

There have been winners this year already at  20/1, 18/1, 12/1 and shorter.

Here's the selection from Value Backing…

UPDATE – See The World will not run in the Champion Bumper 🙁

Champion Bumper Wednesday 11th March – See The World 1pt win @ 20’1 Betfred 

When it come to ante post betting at Cheltenham one of my favourite angles is to look for something out of the ordinary in a previous performance. Way back in 2005 I remember watching the great Kauto Star on just his second start for Paul Nicholls. He went through the race cruising in second gear only to fall at the second last. Back then a jockey could remount and Walsh having seen the winner go past him got back onboard and only just failed to win in a photo. Now the opposition may not have been world beaters, but that dramatic race indicated to me that Kauto could be something special and so it proved !
Now back in January this year at a cold damp day at Wincanton See The World put up something akin to that Kauto performance. He basically stopped to a walk 2 furlongs from home having taken up the lead and then hung left. What happened next is something I have never seen in a race. He started running again having given the ones that went by him 15 lengths start, caught them up and then breezed on by the runner up in the final 100 yard to win by 4 plus lengths and I was gobsmacked ! It is all well and good giving a few lengths  or so away at the start of a race, but 2 furlongs out, that should not have been possible.
Now again he may not have beaten much, but that performance was something out of the ordinary and as such I had to back See The World. He may well be a world beater only time will tell. But whatever happens at Cheltenham that performance at Wincanton is something I doubt I or anyone else will see again any time soon.
Carl Nicholson and Value Backing members cleaned up at last years festival with a whopping £653 profit to £10 stakes, with many members staking and winning much more.

This year you can join him on a special package for Cheltenham 2015.

Here's what you get…

  • A selection in every race at the 2015 festival
  • Access to all the Value Backing main service and Value Backing Extra selections from now until the festival
  • Access to all the Value Backing Daily selections every day from now until the festival
  • The sooner you join the more bets you get 🙂
  • The Value Backing ante-post Cheltenham Yankee, pays £29,248 for a 50 pence each way stake – the sooner you join the bigger the prices you can get!
  • Optional – discounted ongoing membership to Value Backing

The price is just £20 – Click Here to secure your place now.

Multiple Bets

I've never been one for multiple bets!

I suppose the lower strike rate puts me off and the general feeling that they are mug bets, loved by bookmakers.

I've always known that if you have value bets that you multiply the value with a multiple bet, but I've never been tempted until recently.

The reason I'm into them now is because a couple of the tipping services here have been using each way Doubles and Trixies to great effect.

These guys have been hitting a good few wins and when they come off these bets pay big 🙂

Here's an example double from Gary Poole's Bookies Enemy No1 service…

Epson Hill – Won 13/2

Online Alexander – Won 9/1

Paid £814.40 for £20 staked (£10 eachway double)

Here's another from Gary where they all placed second, but the bet still made a great return…

American Hope – 2nd 10/1

Gold Dream – 2nd 14/1

Don't Bother Me – 2nd 22/1

Paid £404.50 for £40 staked (£5 eachway trixie)

And it's not just Bookies Enemy that is exploiting these bets. The Racing Consultants know the power of the eachway multiple.

Here's one of theirs that was nearly massive but still won big with two wins and a place…

Slade Power – Won 4/1

Baccarat – Won 12/1

Toscanini – 2nd 11/2

Paid 497.50 for £40 staked (£5 eachway trixie)

If you want to be involved with bets like these the easiest way is to join one of these services and profit from their hard work.

But if you don't like paying for tipsters then there is an excellent article in the February On Course Profit mag that explains how to do it for yourself.

Links

The Racing Consultants

Bookies Enemy No1

On Course Profit

Today's Selection

 
14:05 Thurles Down Ace – win bet – 13/8 Betway

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close