2009-03-06

Free Money

Hello,

today first round ties of the Davis Cup 2009 took place and I had a look at the match Crovoi v Safin:

Marat Safin was heavy favourite pre match, so I watched the set betting market closely.
Odds on Safin 3-0 were around 1.70-1.8x. Liquidity was not the best, so sometimes there was no lay odds available. Often in low liquidity markets I place bets higher or lower than the true odds. When back odds on Safin 3-0 was 1.76 I placed a back bet of 15€@18.0 on Safin 3-0 and… GOT MATCHED!

crivoi_safin_set_betting_graph


But I was not the only one who took advantage of this mistake by another trader/punter.

crivoi_safin_set_betting
I think this could only happen, if you look for short position trades and if you trade with the common standard grid interface. I am pretty convinced the layer wanted to lay odds of 1.8 instead of 18. Another method to avoid such mistakes can be to have only two stake sizes in your Betfair account. If my trading bank has four figures I will only let two maximum stakes on my Betfair account (my current max stake is 77€) and put the rest of the money on a bank giro account.
Another reason for this was a post on the German Betfair Forum about account hacking. The Betfair account of the user was hacked by someone with an IP from Bulgaria and all the money from his account was backed and layed in several markets. Betfair does not take responsibility for something like that, so all his money was lost.

Betfair provides the possibility to restrict your login from certain geographic areas, so you can take advantage of this feature, if your internet service provider does not route your connection through servers in other countries.

The user also logged in with a user name he used in other forums too.

So what can you do to avoid account hacking:

  • Use a special user name only for Betfair
  • Use a secure password (try a password generator)
  • Do not let your whole bank roll in the Betfair account
  • Make use of the account restriction of Betfair

How to avoid punting on wrong odds:

  • Use a trading software with a ladder interface
  • Let only two stakes in your Betfair bank roll
  • Look for long term trades, so you have enough time to double check the odds and the stake sizes

These listings do not provide completely security, but I think it might help to minimize risks when trading.

Stats so far:
Total profit since last update: +79.10
Total profit this month: +79.10

Cheers, Loocie

2 comments:

Scott Ferguson said...

I've got a better one for you to keep your balance safe - rather than withdrawing funds all the time and then having to deposit, you can put funds in your Aussie wallet for a while, or lock them up in an unmatched bet that will never get matched (or not in the next few months). Ask to back Brazil to win the next World Cup at 1000. The only way that bet will get matched is if Brazil lose their next 7 matches (and you'd certainly be aware of that in the news). If you forget where you put it, you can always find it via My Acct and go back and cancel it.

Loocie said...

Hi Scott,

thanks for dropping by.
Putting funds in my Assie wallet don't seem to be a solution. The hacker can also place bets on markets for the Aussie wallet or transfer it back to the main wallet and put then the bets on.

Hopefully I do not have to deposit more money on my Betfair account, just want to withdraw ;)

Cheers, Loocie