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Choosing a bot… Options
Hermon
#1 Posted : Sunday, January 07, 2007 5:58:04 PM
Eric Moussambani

Joined: 9/26/2005
Posts: 8

 
I’ve been using betting exchanges for the past couple of years and I’ve gradually developed my betting skills from simply backing researched outcomes to trading in and out of positions and even running small books on certain markets. However I still see myself as a casual, ‘bet for fun’ punter.

One of my New Year resolutions is to take my betting a bit more seriously with a view to investing more cash and hopefully making a bit more pocket money from my picks! I’d like to start using a bot for my exchange betting but to be honest I’m not too sure where to start to choose the best software.

Does anyone on here use a bot? Can anyone offer advice on the best features to look for? Are there any pitfalls to using bots that I should know about?

Any advice would be appreciated.
Red Robbo
#2 Posted : Sunday, January 07, 2007 7:42:36 PM
Li XiaoPeng

Joined: 9/21/2005
Posts: 263

 
good post Hermon.

Like you I am interested in the possibilities bots can open up and what the best ones are to look at.

I am sure there must be a couple of people 'in the know' on this subject on here...
FulwellEnder
#3 Posted : Monday, January 08, 2007 12:43:15 PM
Serge Blanco

Joined: 1/8/2007
Posts: 181

 
There is a myth surrounding bots that if you use them you are guaranteed to make money.

What do you want to do? Do you make your own tissues? Do you want to trade in and out etc...

FTM
3 letters
2 meanings
1 religion
china1388
#4 Posted : Tuesday, January 09, 2007 9:55:51 AM
Ferenc Puskas



Joined: 9/20/2005
Posts: 704

 
i have always been tempted with getting a bot and we all know the advantages of getting one, since it seems the easiest way to make money. BUt i am wondering how good are they, as in reliability and how expensive. Are there just one type of bots or many others out there?? and if anyone knows, what are the prices???

ChelseaChelsea
#5 Posted : Tuesday, January 09, 2007 11:28:43 AM
Gary Kasparov



Joined: 9/20/2005
Posts: 2,214
Location: Chelsea, London SW6

 
"china1388"
i have always been tempted with getting a bot and we all know the advantages of getting one, since it seems the easiest way to make money. BUt i am wondering how good are they, as in reliability and how expensive. Are there just one type of bots or many others out there?? and if anyone knows, what are the prices???


What sort of Bot do you want my old China? There are all sorts of Bot out there designed to cope with multiple different strategies.

For instance;

1. Arbitrage Bot

Arb Bots operate in a few different ways but basically they seek to exploit price differences between exchanges to lock in guaranteed profits.

2. Lay Transactional Bot

A LTB will seek to lock in a profitable position mainly on the lay side of the book. This strategy can be particularly profitable in races with joint favourites where the prices fluctuate. LTB's roam the exchanges seeking lay books that are over 100%.

3. Back Transactional Bot

A BTB will seek to lock in a profitable position mainly on the back side of the book. BTB's seek back books with a make up of less than 100%.

Both LTB's and BTB's (in fact almost all bots) have functions to enable users to take up market positions and then lock in profits. The process of locking in profits is also referred to as "Greening up the book" - Betfair users will know why this is!

4. Transactional Bots

These Bots are really just different interfaces to speed up and simplify trading. Different bots have different features, but they usually employ fast-feed graphical displays of money traded and/or price fluctuations and lots of them use basic "Momentum Trading" type strategies. In lay terms this translates as following the money.

These Bots are particularly useful on in-running markets - did you ever wonder why active in-running markets on Betfair get "locked up"? Well now you know why!

Remember the basic rule - fastest bot wins.

5. Programmed Trading Bots

These Bots go and sit on exchanges waiting for programmed trades. The main advantage of these bots is that they are invisible to other exchange users. The Bots wait for the price to move before putting up their offer while other exchange users will post their offer direct to the exchange where it can be seen by everybody.

Imagine that you wanted to bet £10,000 at 3.0 about a horse. If you just stuck up that as an offer you would let everybody on the exchange know that you had £10,000 to back at that price.

What you bot does for you is it stakes the £10,000 in small bite sized pieces as the layers offer the horse at the price. There is no indication to other exchange users that there is £10,000 available to back at the price.

Sneaky eh?

6. Betting System Bots (Back and Lay)

These Bots come with a subscription package to a racing form book. The form book supplies data and you program your bot to act on the data - for instance if the form site rates all its bets from 1-100 you might set your bot to back all bets advised >=80. Whatever.

Bots come in all shapes and sizes and at a range of prices suitable for every wallet.

I will put up a thread in this section under a suitable title to explain to users how they can use standard tools like Microsoft Excel to help automate their decision making when trading on the exchanges.

KTBFFH!
backsthedog
#6 Posted : Tuesday, January 09, 2007 11:59:14 AM
Gary Kasparov



Joined: 9/20/2005
Posts: 2,266

 
everyone seems to view bots as some sort of sinister light

they are just a method of betting quicker than you could manually

if the idea behind what it is doing is poor then it will lose money just like if you were punting normally

there are ways to exploit poor bots especially those based on momentum etc

everyone loves it when a bot goes haywire Smile
TopTrader
#7 Posted : Sunday, January 14, 2007 12:47:25 AM
Eddie "The Eagle" Edwards

Joined: 1/13/2007
Posts: 2
Location: London

 
Hi,
I hope you don't view this as a spam, but my website, www.bettingtraders.com will give you lots of information, reviews and articles relating to bots. Have a look.

And good luck!
medemi
#8 Posted : Tuesday, April 08, 2008 9:48:00 PM
Wang Nan



Joined: 3/29/2008
Posts: 104
Location: Netherlands

 
"Hermon"

Does anyone on here use a bot? Can anyone offer advice on the best features to look for? Are there any pitfalls to using bots that I should know about?

Any advice would be appreciated.


Yeah... they don't make any money.

I have a bot, self made. First tried bookmaking, then trading (different strategies on match odds in soccer). Didn't make any money but it was fun.
My next plan was to try momentum trading in horse racing markets but got into a struggle with betfair Razz

You need a strategy that works.

I had to pay the price and was sent to never never land because Betfair made a huge mistake.
I will not go quietly into the night, sign me up for BF Christmas drinks this year.
catflappo
#9 Posted : Saturday, April 12, 2008 7:02:23 PM
Eddie "The Eagle" Edwards

Joined: 4/4/2008
Posts: 3

 
Yeah... they don't make any money.




Incorrect.

You need a strategy that works.




Correct.
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