On the last day of July, I lost £168.29 on Betfair. It’s happened before, it will no doubt happen again ( although hopefully not as clumsily ). But, not for the first time, it put me in a position of holding a two figure Betfair bank. As documented previously, I chose to deposit £1,000 of my hard-earned income. As February was the last time I made a noteworthy profit, this may not have seemed my most sensible option. Particularly as my blog will testify to the frustrating time I have incurred over the intervening months.
Maybe it’s that period of failure that makes today feel better. Who gets the most satisfaction from a victory – Chelsea or Barnet? Following last night's Betfair session, I was able to withdraw £250. This follows a couple of previous withdrawals totalling £750. And I have a Betfair account balance of £1010.56. So all objectives achieved – fully refund my initial deposit, average over £50/day over the days I opened the Betfair screen, and create a decent bank balance to take forward. Tick.
The skill is of course to maintain this level, and not get frustrated when the inevitable losing run comes. But the confidence gained from a month of success, rather than a few days, reduces the likelihood of meltdown. It’s way too early to believe I’ve turned a corner, but hopefully I’ve stopped my slow slide down the hill. I’ve still been frustrated ( I think it’s an unavoidable side effect of gambling ), but my frustrations have been in not taking potential opportunities, rather than placing losing bets, and they are fairly easy to exorcise if you have a nice green P&L to check regularly.
I notice that John O’Dwyer has had a rare bad week on the exchange. I started following John’s blog at the start of the year, when his published P&Ls looked very similar to my own. The subsequent months have seen wildly different progress – John’s profit increasing exponentially as he has shown an ability to profit from a wide range of sports, whilst I’ve struggled to put profitable days together and have lost confidence in most of my previously successful strategies. I was struck by how his worst spell of the year has coincided with my best performance. At least he can console himself with a trip to the US Open. My September highlight will be a trip to the Moseley Folk Festival!
A good point to have a few day’s break from the Betfair screen. I’ll be back after the bank holiday.