Read all sorts of commentaries and tips across a range of racing disciplines on the most popular horse racing blog in Britain, from staff and guest writers.

The Punting Confessional: Opportunities and Threats

/in /by
Opportunities & Threats

Opportunities & Threats

Tony Keenan has taken us all the way through race analysis to bet formation, followed by an explanation on how to review your year as a whole. Last week, Tony gave us a review of his own personal performance in 2012 and he closes this chapter by taking a look back at the opportunities and threats that he was presented with last year in...

...The Punting Confessional – January 9th 2013

Let’s conclude this short series on analysing a punting year by looking at the opportunities and threats that arose in the last twelve months for me.

Opportunities: Chances for development take many forms in betting; for someone who struggles to get on, something as small as the arrival of a new betting shop in the locality with fresh staff who don’t know you could be an opportunity.

On a larger scale, the arrival of the all-weather track at Dundalk in 2007 was a boon to me though it took a few years for me to grasp it; the course offers just the grade of racing I like betting on, wild market fluctuations (particularly on the exchanges), consistent ground conditions, draw biases and pedigree angles. Best of all, some seem prejudiced against it – perhaps due to the perception from the UK that all-weather is muck or at least monotonous – which has led to it being largely under-analysed and resulting in overpriced horses.

Opportunity also refers to planning for the next year and I could write a full article on this itself. The backbone of my form study in the past two years has been doing video reviews of almost every flat meeting run in Ireland during that period and some of the results have been published on a sister site to this one.

While profitable in terms of throwing up future winners, the time cost of doing these is huge and I am not quite sure I can afford it in 2013. There is no replacement for doing one’s own video analysis as it is exclusive by nature and I still intend to do as many as I can but already I am going to raise the white flag in terms of doing every meeting.

To compensate for this I am seriously considering using Timeform is some shape or form to plug the gap and it may not be the perfect solution there are only so many hours in the day.

Pace is another area that I want to develop my knowledge. While it wouldn’t be the determining factor it is in dirt racing in the US, pace is an important component of racing in these islands and crucially it is underrated by the market.

The absence of sectional times is central to this as it becomes a subjective issue with no data to analyse; in this regard, backwardness is a plus for punters. Pace is perhaps a better tool for post-race analysis rather than pre-race prediction as tactics often change but it is noticeable how often Hugh Taylor puts up eye-catchers based solely on pace and there is an edge to be had here.

In terms of improving in this area, I want to do some reading on the subject, particularly the somewhat arcane ‘Modern Pace Handicapping’ by Tom Brohamer, a literary Everest I have stalled on the foothills in the past. In other areas, I’m interested in reading ‘Fooled by Randomness’ by Nassim Nicholas Taleb and ‘Risk Intelligence’ by Dylan Evans.

Part of me wants to get into the area of speed figures but with the exception of Dundalk where there are no rail movements, I am very dubious about the accuracy or otherwise of race distances in Ireland which would render such calculations difficult. I recall a letter from Naas racecourse manager Tom Ryan to the Irish Field last June in which he talked about rail movements at the track and I suspect that is the norm at Irish venues.

This is by no means to get a dig into Ryan as he is one of the better track managers (though the competition is hardly stiff), merely support for the belief that compiling speed figures on Irish racing would be difficult. Instead, I’d like to work on pedigrees and find those sires whose progeny have strong predilections for particular surfaces or distances.

Some of these are well-known – such as Captain Rios on soft ground – but there are certainly less obvious ones that are underestimated by the market.

Threats: The main threat for any even moderately successful punter is no more than the obvious, getting on. These days the clampers at the big bookmakers are out in force at even the whiff of a winning punter and while actual account closures may not be all that common, restrictions to buttons and phone-calls to the trading department are constant.

There are ways and means of getting around this (and if anyone wants to reveal more, don’t be afraid to comment on the bottom of this post!) but one also has to deal with it psychologically; there are times when you see a price that you just cannot take and it’s important not to get frustrated by this and go on tilt.

Restrictions are the job of the modern bookmaker and it’s best to look for solutions not problems as you would drive yourself mad at the unfairness of it; some sort of equanimity, difficult though it may be, seems the best approach.

Coping with the boredom and grind of day-to-day punting is another challenge. Sometimes the slog of the summer is difficult with meetings almost every day and you can be threading water in terms of making a profit for a long period; as I’ve said before, touches tend to come sporadically not regularly.

You have to tell yourself that every piece of form study, though not always valuable, has the potential to be so, one just doesn’t know it beforehand, akin to a prospector looking for gold. There are times when I struggle with the boredom angle but it can be good to think that I’ll deal with it when it becomes unbearable which it probably never will, it’s more the thought of it than anything.

My ideal punting scenario would probably be somewhere between the meetings mania of the summer and fallow lands of the winter with about three meetings per week. The reality of course is that you can’t have your cake and eat and you have to go with the calendar. You may tell yourself that you can’t miss out a meeting but you must do that sometimes in order to have a break.

The Punting Confessional: Final Thoughts on Video Analysis

/in /by
Punting Confessional: Video Analysis

Punting Confessional: Video Analysis

Tony Keenan has been guiding us through his whole process of race watching and note taking, followed by showing us how he analyses and uses the information gleaned. He concludes this process today by adding his final thoughts on video analysis in...

...The Punting Confessional – Wednesday 12th December, 2012

To conclude this short series on video analysis, let’s look at two final aspects of the process: ascertaining ease of victory and the role of attitude. The former is an intangible factor and that’s not necessarily a bad thing as it means the market can be slow to cotton on to it. Basically you’re looking for a result where the margin of victory doesn’t reflect the ease of victory and this can be for many reasons.

Has the horse only got racing room near the finish and quickened up well?
Has there been shuffling at a key earlier part in the race?
Has the pace scenario in one way or another masked the winner’s superiority?
Has the horse simply idled in the finish, taking the mickey out of its opposition?
With regard to the last type, I particularly like strong travellers who cruise through the race, pick up well and then are happy that they have done enough.

All this needs to be married to more traditional form study; again the point needs to be made that video analysis is just another type of form study. You need to compare how the horse won to the rise it has taken in the weights; I’m talking handicaps here where I do most of my punting. Ratings are the key for handicap punters and I’m not so much interested in the weight a horse carries as its mark and what that mark says about class and where it can compete next time.

Keeping an eye on the grade of race a horse competes in is important; for instance, a horse getting a hike from 65 to 76 can be a killer as it is has to jump from the bottom level to a 0-85, missing out the 0-75 in between. This is where wide-margin, last time out winners who are invariably sent off a short price may be worth opposing and in the main I prefer those that win narrowly so they can rise through the grades gradually.

If I have one rule in punting, it is this: never back a dog.

Rules are meant to be broken and there are times when I break this one but over time it has proven to work for me. I don’t find maidens all that interesting for betting purposes but they can be informative for the future as you can spot horses that aren’t giving their all. When reviewing any race, our eyes are naturally drawn to the first few horses, but we should also try to register what is going on down the field because the horse that was sent off 33/1 in the maiden could be an 8/1 shot in its first handicap despite being an utter rogue and can thus be rule out.

The signs of a dodge are well-known: awkward head carriage (whether high or to the side), hanging when asked for an effort or given the whip, finding little, swishing the tail.

I’m not at all forgiving when it comes to horses that have shown temperament and probably miss out on the odd winner as a result but I suspect I back more winners because of it as I am always against fancied horses that have an attitude. There can be many causes for a horse showing attitude but I’m less interested in that than the effect, i.e. that dogs don’t win as often as they should, are invariably involved in the finish without getting their head in front and as such take up a disproportionate chunk of the market.

It’s fair to say that every dog has its day – and that’s become more common in Ireland in recent years as the competitiveness of our racing has dropped somewhat – but it’s best to think long-term with them. One final point on dogs; just because a horse doesn’t show temperament every day it runs does not mean it is a reformed character. It may just be a case that it hasn’t had a chance to given the way the race has unfolded. There are some leopards that change their spots but they are the exception rather than the rule.

To conclude, I want to say that I am no expert in the area of video analysis; indeed, I am a learner but what I do know is what the market tends to underestimate. If you want to learn more, much more, about this approach then I suggest buying a copy of Andrew Beyer’s ‘The Winning Horseplayer’ and focusing on the section about trip handicapping, his term for video analysis. The book may take all its examples from America but offers huge insight into racing over here too.

If you prefer a more visual approach to this, I advise watching Hugh Taylor’s weekly attheraces slot ‘The Form Factor’ aired on Wednesday on Sky channel 415 around midday. It is filled with object lessons on how to spot eyecatchers and clear examples are given on clips, all explained in a cogent manner.

All this said one doesn’t want to become a slave to video analysis. Certainly these eyecatchers have market value and are an underrated angle but sometimes even they are overbet. Don’t forget value is the all-important concept and always be price-sensitive. Sometimes a simple formbook case will present better value than an eyecatcher and try to remain flexible in your thinking.

The Punting Confessional: In-play action

/in /by
Punting Confessional: In-play Action

Punting Confessional: In-play Action

Having guided us through the importance of note taking and showing us how he analyses his notes to help him pick his bets, Tony Keenan now offers his advice in how to make the most of your work by placing some bets in-running in this latest edition of...

...The Punting Confessional – December 5th, 2012

Having done your work on pace and such like, it would be foolish not to apply what you have learned to in-running punting; I don’t do an awful lot of this myself but it can be a useful tool in your repertoire. Of course, one is fighting against those with fast pictures and you only need to go to a meeting live and see how far the attheraces channel is behind the on-course feed; there can be as much at seven or eight seconds in the difference.

That said, I still believe there is a an edge for reading the race right as some of the fast picture boys aren’t the most diligent race readers and are merely playing their time edge.

It is inevitable that one will get sickeners playing in-running, marginally missing a price because your fingers were too slow but the rewards are out there and last year’s James Nicholson Chase at Down Royal is a good if extreme example. In the race, the strong-travelling Sizing Europe was always likely to come into the race going well with the strong possibility his stamina would fail as the slow Quito De La Roque came off the bridle early and found plenty in the closing stages; so it transpired as the former hit a low of 1.32 while the latter traded at 280 before winning.

A lot of how a horse’s price moves in-running has to do with race position; as a general rule, hold-up horses will drift (out of sight, out of mind perhaps?) while the price of a pacesetter will contract. How a horse travels also plays a big part; if it is one that tends to come off the bridle early then you can invariably hit it at a bigger price in-play though the trip and pace play a big part in this as the horse that can travel smoothly over a longer distance may find things happening too quickly over shorter.

It’s the opposite with strong travellers who tend to shorten in the run and they can provide the opportunity to lay off in-running; the merits and otherwise of doing this have been debated by much smarter people than me and the argument can be made that by laying off you are taking a bad value price but it’s probably best to judge each horse on an individual basis.

It depends on your temperament too if you want to insure against narrow defeats but either way is something that is worth bearing in mind with horses that are suspect stayers, likely to race on the pace or may be ungenuine. If taking such an approach, it could be worth adding a little extra to your initial stake to allow for the loss you’ll be facing if your lay gets matched though this can be more costly should things not turn out as planned.

It’s taken me a while to get onto jockeys and one thing to bear in mind is that they are all fallible, most are competent when given the right horse but some more than others and you learn who over time. The most obvious thing punters cop with a jockey is when a horse is given too much to do and comes with a late rattle but as we have seen pace can play its part in this and it is way overdone as an angle anyway; the aim is avoiding rather than spotting the obvious.

With jockeys there are a few things I’m looking out for that may not be quite so well reflected in the market. Premature or midrace moves are one and by this I mean when a jockey moves his mount through the field at a time when his rivals are content to sit in position; such a decision is invariably costly as these moves are hard to sustain. Hitting the front too soon – a much better guide to future winners than looking for the fast finisher – is a variation on this.

Pace duels is another notable aspect of jockeyship, i.e. when two or more frontrunners get into a battle for the lead and go too hard, too early; in such cases, all involved are likely to be better than the bare form and keep a particular eye for horses that set a strong pace and still got involved in the finish. Some riders have a tendency to take a pull at the wrong time or not kick on early enough; this is not a contradiction of my earlier point about giving a horse too much to do but must be judged on an individual basis; if you’ve got a horse that needs a relative stamina test over an insufficient trip the jockey needs to be kicking early.

There may also be jockeys that lack aggression in terms of going for gaps and their timidity can be costly; this should not simply be confused with hold-up types that cannot get a run and don’t fall into the trap of blaming every troubled run of a patiently ridden sort on the jockey; the very nature of how such horses are ridden means some trouble is inevitable. Finally, I don’t deny that horses can get a soft ride now and then and it can be profitable to spot one but don’t hang your hat on this as it happens a lot less frequently than most think.

Trouble-in-running is another thing to look out for though I acknowledge that this can be overdone in the market; it is certainly one of the most obvious video angles and these are just the sort of horses that tend to be backed next time as not getting a clear run tends to be clear to jockeys and connections. Some horses are more vulnerable to trouble than others – hold-up types, obviously – and the same is true of jockeys, a number of whom seem magnets for bad luck in running though perhaps that’s my pocket talking.

With those meeting traffic, there are a few things to look for. I particularly like a horse that makes late progress after trouble, indicating that they still had running to give, it may only be running on from eighth into sixth but it’s enough to be significant. If the horse’s effort stalls totally after trouble, I am less inclined to mark it up. There are times when you simply don’t know what a horse had to give, especially if the jockey eases down on them, and in cases like this you really need to be let prices and their overall profile dictate having a bet.

The daddy of them all in terms of bad luck in running however is shuffling, the situation where a horse tracking the pace is caught behind one of the leaders falling back through the field. This is significant on a couple of levels; not only is the horse losing ground at a crucial stage and allowing others have first run on it, but it is also costing momentum just when it is needed. Horses like this don’t come along too often but when they get up to win you are almost certainly onto something, a horse well ahead of its mark as they are likely to be raised off the bare form.

Goldplated was a brilliant example of this when winning at Limerick early in 2011 and duly went on to climb the weights and it’s just the sort of angle missed by the market.

Race Histories 9 – The Fighting Fifth Hurdle

/in , /by

Bird's Nest

It was Christmas Day in the trenches
In Spain int' Peninsular War,
And Sam Small was cleaning his musket,
A thing that he’d ne’er done before. Read more

The Punting Confessional: Pace and Position

/in /by
Punting Confessional: Pace & Position

Punting Confessional: Pace & Position

Last week, Tony Keenan began to take us through the process of making our referral notes/videos, now he goes on to explain how he analyses those races in terms of pace and position in...

...The Punting Confessional – Wednesday, November 21st 2012

By now you’ve got your replays stored and have set up some way of storing your notes so let’s get down to the nuts-and-bolts of the process itself. Essentially you’re looking for eyecatchers, positive and negative, and both can work to providing bets in the future. I don’t believe in adopting the rose-tinted view of so many in the racing media and tend to view with a cynical eye, if anything being more negative than I have to be.

One wants to ignore efforts the obvious in spotting these eyecatchers and by this I mean the sort of superficially positive run that any attheraces presenter can spot in the 30 seconds following the race when needing to fill up airtime. Three obvious examples of these that spring to mind are the supposed non-trier given an easy ride, the horse motoring at the finish or the impressive wide-margin winner.

All three can easily be turned on their heads and read entirely differently: the one that wasn’t off may be a dog that needs tender handling, the fast-finisher could have made cheap late gains and been suited by the pace scenario while the wide-margin winner may have had the race fall apart or be vulnerable to the bounce. Crucially however, because their efforts were so falsely positive and flagged up by all and sundry, they tend to be overbet next time.

Let’s start with pace which is a key factor as it’s underrated by the market; as far as I can see, the likely run of a race has little to no bearing on the pricing of Irish races. The reason for this is simple: in Ireland (and the UK for that matter), we have next to no access to sectionals so the exact pace of a race is hard to quantify. That’s unsatisfactory for the intelligent punter on one level but on another plane it’s a good thing as it provides an edge; one has to go with some educated guesswork in understanding the pace and while there will inevitably be many times when one calls it wrong, the lack of market awareness to this approach means the prices offered leave room for manoeuvre.

In terms of gauging the pace, it’s important to have some sense of what is likely to unfold pre-race, an idea of the number of front-runners and such like in the race. Yes, tactics can change but it is better to have some knowledge prior to the event than none. In the race itself, look at how many horses are battling for the lead and how hard does the eventual leader have to work to get there. Do the runners get spread out early – indicating a likely decent pace – or are they racing in a bunch? How many of the runners are keen or fighting for their head?

If this is so, the pace is likely to be slow. Be aware of how pace works in relation to certain tracks; I’m not completely sold on this and suspect that the key thing is not the track but how the horses run but there do seem to be some courses where front-runners are at least marginally favoured; Ballinrobe with its tight turns and the round track at Tipperary spring to mind. Pace can also impact a horse’s trip preference; if there is a strong pace over 7f, a miler may get away with the distance but not if it is slowly run. Should the latter circumstances unfold, be willing to forgive said horse a seemingly bad run.

Race position and draw location are factors that link in with pace. There has been a rising consensus among English pundits of late that the draw has been done to death and become all too mainstream and the value is now in going against perceived biases; Tom Segal as Pricewise has advocated backing ones that seem to be drawn badly and are overpriced as a result.

I’m not so sure this is the case in Ireland as we’re backward in almost every aspect of racing and thank god for that as it provides no end of punting angles. Certainly, Irish punters can continue to look for ones that are favoured or unfavoured by the draw though an awareness of how such biases can shift depending ground is important; at Naas and Tipperary for instance, soft ground can see the high numbers favoured.

Race position – i.e. where a horse sits in the race – is a product of the draw; where one starts has an impact on where it races. Being trapped wide is something to look out for. When a horse is wide races on the outside of the pack, it may get a clear run but this one positive is heavily outweighed by negatives. Firstly, the horse racing wide doesn’t get cover and this increases the chance of it racing keenly which in turn expends vital energy necessary for the finish.

Not only that but the horse on the outer tend to travel further which is simple maths; as a fellow columnist Kevin Blake once said if you go around a track four horse-widths off the rail with a trundle wheel and do the same tight to the rail, you soon see the significance of this. At some tracks, often those with sweeping bends, such a race position can be fatal; Dundalk is a good example.

How a horse travels in its races is another thing to note. This can be determined by the trip and/or the pace and looking at how it moves and whether or not it is keen can tell you if it needs to go up or down in distance which is always useful to know; one that is off it from a long way out when most of the field around it are going well within themselves but runs on in the finish is almost certainly looking for a step up in trip but I prefer to base this on how it went through the race rather than the gains it made late.

I tend to like habitual strong travellers – something like one of this year’s progressive sprint handicappers An Saighduir is a good example –  as they make life easy on themselves and can h0ld race position at little cost. There are however horses that are keen over every trip and off every pace; such horses are to be avoided as lack the strength for a finish and with quite a few races in Ireland being slowly run tend not to get the breakneck gallop they need to show their best.

Obviously how horses are travelling will give an insight into the pace.

The Punting Confessional: Further Notes on Form Study

/in /by
Punting-Confessional

The Punting Confessional: More on Form

The Punting Confessional – November 7th, 2012

by Tony Keenan

Dundalk, Friday November 2nd

I’d been impressed with Paene Magnus on his October 5th run over the same course-and-distance and he looked a bet at 6/1 in the morning; on his previous start which came off a break, he set a strong pace and having beaten off those that raced up with him the 3yo retained enough in the finish to run out a comfortable winner from a couple of closers. The market agreed and sent the Bolger horse off an eventual 10/3 favourite and he ran out an easy victor.

This was a video-based play and is one of my main ways of approaching a race these days; I like to review race meetings in the days afterwards and pick out horses of note, positives and negatives. It is form study of a sort but rather than viewing the race in words on a page through in-running lines, I look at the race in 3D which adds depth to my understanding of what really unfolded; oftentimes, the words of the formbook simply don’t tell the whole story.

Such an approach has become part of my edge on the market. Any successful punter needs a heads-up on the betting public, be it speed figures, inside information, trainer angles, statistics or any other. Video reviews are part of mine and my aim in doing such is to hold an exclusive view that is not widely available.

I suspect more people are taking such an approach now than in the past with its value having been established by the likes of Hugh Taylor on attheraces, his weekly eyecatchers tending to form a large part of his subsequent bets. Tom Segal is another devotee of watching as much racing as possible and the more widespread availability of video replays has made the logistics of such a project easier.

That said, I still suspect it is an edge for two reasons. Firstly, it is bloody hard work to analyse a meeting and even harder to sustain it over a punting season; most will give up at the thought of such labour. Secondly, by its very nature video analysis is interpretative rather than objective and what one viewer will see, another will miss.

It could be argued that taking the time to do such reviews is unnecessary when one can just read the post-race analysis in the Racing Post and allow the professional race-readers to sort it out for you. Au contraire. I wrote last week about some of the pros and cons of the trade paper and this section certainly falls into the latter category as their flaws here are many.

Firstly, and this is only as far as I know, the Racing Post journalists who analyse the races (and who tend to double up as news reporters at the same meetings) often complete their post-race analysis in the gaps between races; this is why the analysis are available on the website soon afterwards and in the paper the next day.

The timespan here is too tight; I assume that most racing journalists are also punters and having made a play in some of the races they are simply too close to the race – in every sense – to make an objective call about the result. Timeform do a much better job of this by waiting for a few days and allowing the dust to settle.

The Racing Post would be better advised to do a full results section with in-running lines and starting prices and such like the next day but leave the analysis until later at a time when ratings and relative times are available as well as a point of critical distance having been reached. Weekly papers like the Weekender and Irish Field really fall down in this regard; their print deadlines mean that they could really go into detail with post-race analysis (on at least a select number of races) but they ignore this avenue totally.

There is also the feeling that much of the analysis in the Post – and I am speaking mainly on Irish racing here as that is what I follow – is toothless; a journalist may be unwilling to call an ungenuine type a dog for fear of offending the owner who is almost certain to read the breakdown of his horse’s performance; the old line about how you can insult a man’s wife but not his horse rings true. Furthermore, some analysts are clearly better than others and it takes time to sort the wheat from the chaff.

A few just state the obvious, rehashing the in-running lines (which have improved notably in Ireland over the past months) into boring, uninformative copy. In terms of getting a better standard of analysis overall, Timeform is probably the place to go; I have used it in the past myself though not at present, preferring to compile my own analysis. Another problem with using the Racing Post reviews is that their views are in the public domain, accessible to the majority of the betting public which nullifies at least in part any points of value they have made.

So ideally, one wants to put together one's own reviews but what are the logistics of doing this? As I alluded to above, one really has to do it after the event, not the same day, and probably not the next day either. The aim should be to suppress one’s emotions in relation to the race which basically means winning and losing money and take a dispassionate view of the race.

In terms of getting the replays and storing them, I’d advocate putting a series link up on Sky Plus and recording the Racing Review programme (goes out every morning between roughly nine and eleven) on attheraces; I don’t have Racing UK as I don’t really play English racing but assume it’s the same over there. Any decent Sky Box can store a hell of a lot of racing though the Racing Review approach isn’t perfect; there are times on the days when there were lots of meetings that attheraces leave out the start of races and only show the finish which is a mess as you need to see the entire picture.

Alternatively, one can watch the replays on the various websites that provide such a service but the picture quality is not always great on the small screen and I prefer to watch them in comfort on a big TV though connecting a HDMI cable from your laptop to the TV is an option. Some of the websites have the irritating habit of including pre-race ads or plugs before each replay which can waste time; ATR have been running the Breeders’ Cup promo for weeks now and are sure to replace it with something else.

I’ll spend the next two weeks developing on this topic.

Race Histories 8 – 6 Rifles B Company Novices’ Hurdle

/in , /by

Didn't know we had to build the jumps.....

Earlier forays into race histories have looked at some of the well known and long established races in the calendar. Today, we turn our attention to a brand new race, as we head to Taunton, where the Territorial Army is moving into new …territory. The first race at Taunton today is the 6 Rifles B Company Novices’ Hurdle. It was to have been run earlier in the season, but rain led to the cancellation of the meeting, and not even the combined power of Army equipment and track ground staff could save the day then. Read more

Stat of the Day: Month-by-Month

/in , /by
SOTD Month by Month

SOTD Month by Month

We've had a few requests for a monthly breakdown of SotD's results since its inception last November, so I've quickly put this together for you all.

I don't want SotD to generate some form of life force of its own, or for it to deflect from the rest of the site, but I'll leave this up for future reference and I'll just add to it at the end of each subsequent month.

November 2011:
6 winners from 13 = 46.15% S.R
P/L: +10.24pts at BFSP
POI = 78.79%
plus a 12.03pt profit from 1 forecast

December:
3 winners from 26 = 11.54% S.R
P/L: -12.06pts at BFSP
POI = -46.38%

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

January 2012:
11 winning bets from 30 = 36.67% S.R
P/L: +32.82pts at BFSP/BOG
POI = +109.4%

February:
8 winners from 27 = 29.63% S.R
P/L: +17.25pts
POI = +84.38%

March:
10 winners from 30 = 33.33% S.R
P/L: +15.50pts
POI = +51.67%

April:
7 winners from 23 = 30.43% S.R
P/L: +4.53pts
POI = +19.70%

May:
8 winners from 29 = 27.59% S.R
P/L: +3.84pts
POI = +13.24%

June:
8 winners from 27.5 = 29.09% S.R
P/L: -1.71pts
POI = -6.22%

July:
12 winners from 28 = 42.86% S.R
P/L: +27.38pts
POI = +97.79%

August:
7 winners from 29 = 24.14% S.R
P/L: +5.19pts
POI = +17.90%

September:
10 winners from 27 = 37.04% S.R
P/L: +25.15pts
POI = +93.15%

October:
12 winners from 30 = 50.00% S.R
P/L: -4.67pts
POI = -15.57%

November:
7 winners from 26 = 26.92% S.R
P/L: +0.18pts
POI = +0.69%

December:
4 winners from 26 = 15.38% S.R
P/L: -6.50pts
POI = -25.00%

~~~~~~~~~~~~~~~~~~~~~~~~~~~

January 2013:
9 winners from 28 = 32.14% S.R
P/L: +6.33pts
POI = +22.61%

February:
4 winners from 28 = 14.29% S.R
P/L: -17.64pts
POI = -63.00%

March:
8 winners from 28 = 28.57% S.R
P/L: -10.57pts
POI = -37.75%

April:
7 winners from 30 = 23.33% S.R
P/L: -7.47pts
POI = -24.90%

May:
9 winners from 30 = 30.00% S.R
P/L: +12.83pts
POI = +42.77%

June:
5 winners from 29 = 17.24% S.R
P/L: -8.00pts
POI = -27.59%

July:
10 winners from 30 = 33.33% S.R
P/L: +16.48pts
POI = +54.93%

August:
6 winners from 31 = 19.35% S.R
P/L: -6.60pts
POI = -21.29%

September:
8 winners from 30 = 26.67% S.R
P/L: +4.75pts
POI = +15.83%

October:
8 winners from 27 = 29.63% S.R
P/L: +6.23pts
POI = +23.07%

November:
5 winners from 12 = 41.67% S.R
P/L: +22.53pts
POI = +187.75%

December:
8 winners from 27 = 29.63% S.R
P/L: +4.75pts
POI = +17.59%

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

January 2014:
8 winners from 29 = 27.59% S.R
P/L: +10.88pts
ROI = +37.52%

February:
9 winners from 28 = 32.14% S.R
P/L: +4.74pts
ROI = +16.93%

March:
4 winners from 25 = 16.00% S.R
P/L: -5.44pts
ROI = -21.76%

April:
8 winners from 25 = 32.00% S.R
P/L: +16.58pts
ROI = +66.32%

May:
9 winners from 26 = 34.62% S.R.
P/L: +15.58pts
ROI = +59.92%

June:
9 winners from 25 = 36.00% S.R.
P/L: +14.58pts
ROI = +58.32%

July:
7 winners from 26 = 26.92% S.R.
P/L: +14.52pts
ROI = +55.85%

August:
6 winners from 25 = 24.00% S.R.
P/L: +0.30pts
ROI = +1.20%

September:
10 winners from 26 = 38.46% S.R.
P/L: +23.73pts
ROI = +91.27%

October:
5 winners from 24 = 20.83% S.R.
P/L: +0.96pts
ROI = +4.00%

November:
5 winners from 23 = 21.74% S.R.
P/L: -3.80pts
ROI = -12.17%

December:
4 winners from 23 = 17.39% S.R
P/L: -4.25pts
ROI = -18.48%

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

January 2015:
7 winners from 23 = 30.43% S.R.
P/L: +8.88pts
ROI = +38.61%

February:
7 winners from 24 = 29.17% S.R
P/L: +3.10pts
ROI = +12.92%

March:
5 winners from 24 = 20.83% S.R
P/L: +0.45pts
ROI = +1.88%

April:
10 winners from 26 = 38.46% S.R.
P/L: +24.13pts
ROI = +92.81%

May:
6 winners from 24 = 25.00% S.R.
P/L: +1.92pts
ROI = +8.00%

June:
11 winners from 25 = 44.00% S.R.
P/L: +24.28pts
ROI = +97.12%

July:
9 winners from 23 = 39.13% S.R.
P/L: +18.21pts
POI = +79.17%

August:
10 winners from 24 = 41.67% S.R.
P/L: +24.58pts
ROI = +102.42%

September:
3 winners from 22 = 13.64% S.R
P/L: -6.50pts
ROI = -29.55%

October:
6 winners from 25 = 24.00% S.R.
P/L: +4.33pts
ROI = +17.32%

November:
5 winners from 24 = 20.83% S.R.
P/L: -3.33pts
ROI = -13.87%

December:
2 winners from 23 = 8.70% S.R.
P/L: -13.25pts
ROI = -57.61%

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

January 2016:
5 winners from 23 = 21.74 S.R.
P/L: -3.52pts
ROI = -15.30%

February:
2 winners from 23 = 8.70% SR
P/L: -10.00pts
ROI = -43.48%

March:
3 winners from 27 = 11.11% SR
P/L: -12.50pts
ROI = -46.30%

April:
5 winners from 25 = 20% SR
P/L: -1.20pts
ROI = -4.8%

May:
10 winners from 25 = 40.00% SR
P/L: +21.73pts
ROI = +86.92%

June:
2 winners from 24 = 8.33% SR
P/L: -13.00pts
ROI = -45.00%

July:
8 winners from 26 = 30.77% SR
P/L: +9.00pts
ROI = +36.42%

August:
7 winners from 26 = 26.92% SR
P/L: +7.72pts
ROI = +29.69%

September:
9 winners from 26 = 34.62% SR
P/L: +25.53pts
ROI = +98.19%

October:
6 winners from 25 = 24.00% SR
P/L: +0.13pts
ROI = +0.52%

November:
5 winners from 21 = 23.81% SR
P/L: +4.35pts
ROI = +20.71%.

December:
8 winners from 23 = 34.78% SR
P/L: +18.00pts
ROI = +78.26%

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

January 2017:
10 winners from 26 = 38.46% SR
P/L: +29.50pts
ROI = +113.46%

February 2017:
9 winners from 22 = 40.91% SR
P/L: +24.25pts
ROI = +110.23%

March 2017:
9 winners from 27 = 33.33% SR
P/L: +22.38pts
ROI = +82.89%

April 2017:
5 winners from 24 = 20.83% SR
P/L: +0.58pts
ROI = +2.42%

May 2017:
8 winners from 25 = 32.00% SR
P/L: +8.61pts
ROI = +34.44%

June 2017:
7 winners from 22 = 31.82% SR
P/L: +11.13pts
 ROI = +50.59%

July 2017:
6 winners from 26 = 24.00% SR
P/L: -2.75pts
ROI = -10.58%

August 2017:
5 winners from 26 = 19.23% SR
P/L: -4.37pts
ROI = -16.81%

September 2017:
7 winners from 24 = 29.17% SR
P/L: +10.50pts
ROI = +43.75%

October 2017:
6 winners from 26 = 27.78% SR
P/L: +0.66pts
ROI = +2.54%

November 2017:
5 winners from 25 = 20.00% SR
P/L: +1.65pts
ROI = +6.60%

December 2017:
6 winners from 21 = 28.57% SR
P/L: +9.91pts
ROI = +47.19%

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

January 2018 :
6 winners from 23 = 26.08% SR
P/L: +9.83pts
ROI = +42.74%

February 2018 :
8 winners from 23 = 34.78% SR
P/L: +11.65pts
ROI = +50.65%

March 2018 :
8 winners from 23 = 34.78% SR
P/L: +15.53pts
ROI = +67.52%

April 2018 :
5 winners from 23 = 21.74% SR
P/L: +1.50pts
ROI = +6.52%

May 2018 :
4 winners from 25 = 16.00% SR
P/L: -6.60pts
ROI = -26.40%

June 2018 :
4 winners from 24 = 16.66% SR
P/L: -8.10pts
ROI = -33.75%

July 2018 :
7 winners from 26 = 26.92% SR
P/L: +1.50pts
ROI = +5.77%

August 2018 :
2 winners from 26 = 7.69% SR
P/L: -17.37pts
ROI = -66.81%

September 2018 :
7 winners from 25 = 28.00% SR
P/L: +7.60pts
ROI = +30.40%

October 2018 :
7 winners from 25 = 28.00% SR
P/L: +4.73pts
ROI = +18.92%

November 2018 :
4 winners from 25 = 16.00% SR
P/L: -7.52pts
ROI = -30.08%

December 2018 :
5 winners from 24 = 20.83% SR
P/L: +1.41pts
ROI = +5.88%

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

January 2019 :
10 winners from 23 = 43.48% SR
P/L: +31.75pts
ROI = +138.04%

February 2019 :
4 winners from 19 = 21.05% SR
P/L: -1.50pts
ROI = -7.89%

March 2019 :
6 winners from 25 = 24.00% SR
P/L: +3.00pts
ROI = +12.00%

April 2019 :
7 winners from 26 = 26.92% SR
P/L: +7.10pts
ROI = +27.31%

May 2019 :
5 winners from 24 = 20.83% SR
P/L: +2.50pts
ROI = +10.42%

June 2019 :
8 winners from 22 = 36.36% SR
P/L: +16.75pts
ROI = +76.14%

July 2019 :
3 winners from 25 = 25.00% SR
P/L: -10.50pts
ROI = -42.00%

August 2019 :
7 winners from 26 = 26.92% SR
P/L: +5.83pts
ROI = +22.42%

September 2019 :
5 winners from 23 = 21.74% SR
P/L: +4.82pts
ROI = +20.96%

October 2019 :
0 winners from 27 = 0.00% SR
P/L: -27.00pts
ROI = -100.00%

November 2019 :
8 winners from 26 = 30.77% SR
P/L: +14.55pts
ROI = +55.96%

December 2019 :
3 winners from 22 = 13.64% SR
P/L: -9.84pts
ROI = -44.73%

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

January 2020 :
5 winners from 24 = 20.83% SR
P/L: +1.75pts
ROI = +7.29%

February 2020 :
3 winners from 25 = 12.00% SR
P/L: -8.92pts
ROI = -35.68%

June 2020 :
8 winners from 26 = 30.77% SR
P/L: +27.17pts
ROI = +104.50%

July 2020 :
4 winners from 24 = 16.66% SR
P/L: -2.30pts
ROI = -9.58%

August 2020 :
5 winners from 26 = 19.23% SR
P/L: -3.88pts
ROI = -14.92%

Overall:
682 winners from 2601 = 26.22% SR
P/L: +538.68pts
ROI: +20.71%

The Punting Confessional: When and where to bet?

/in /by
When and where to bet?

When and where to bet?

Last week, Tony Keenan talked of the importance of getting the right price for your selection. He continues that theme by exploring the timing of your bets and where you should be putting them on, as this week's Punting Confessional comes from..

...Killarney – September 4th

I had a few quid on Bitsanbobs win and place in the mile maiden at this rescheduled fixture and the 4yo is just the sort of horse I like backing for a number of reasons.

Being trained by Andy Oliver is key as not only is he an up-and-coming handler that the market seems to underrate a little but also his horses are rarely too strong in the betting, the antithesis of those runners from well-known gambling stables I said I generally wanted to be against last week. Bitsanbobs ran a fair race in third but the interesting thing about him was his price; drifting from a morning bookmaker show of around 12/1 to a Betfair SP of 25.47 and 4.9 in the place.

Such a market move would not be atypical for an Oliver horse and there are a number of stables like him in Ireland – notably Ger Lyons and David Marnane – that tend not to ‘go for’ their horses all that strongly; when a stable’s runners tend not to attract money it makes it easier to get on as they may drift on the exchanges and there will likely be less need to chase a price around in the morning. Of course, these are all general points, as there will be times when these trainers try to get a few quid but it the exception rather than the rule.

Speaking of rules, another simple one is to practice patience when you want to back an outsider. In the main, waiting for Betfair near the off is the way to play things with any horse priced in double figures as the nature of the exchange model means that the discrepancies at the bigger prices will be much greater than at the front end. This applies particularly to runners from small yards as they simply don’t have the punters or the money attached to them to compress a price unless there is a serious touch afoot. Holding on until the last minute with a rag and pulling the trigger on a bet in the final sixty seconds before the off is often the best way to play it though again I stress this is only a general rule.

At the risk of stating the bloody obvious, there are two totally different markets for every race: the morning prices provided by the bookies and the exchange market near the off (and in Irish racing, I’m really only talking about the 10 minutes before they jump as this is when the proper money comes in). I wouldn’t even mention the on-course market in Ireland such are the larcenous percentages the layers there bet to; you wouldn’t pay €1.10 for a litre of milk if you could get it for a euro elsewhere?

I think there are probably two optimum times to make a bet in the day. The first is early in the morning between 10am and 11am when a range of bookmakers have priced but have yet to cut their odds. At this point, you are playing your opinion against the odds compilers which is a good position to be in as they’re often wrong, the strength of the big firms’ risk management these days being much more about identifying winning punters and restricting/closing their accounts rather than any traditional bookmaking nous. The obvious problem with playing at this time is getting on and any remotely skilled punter can expect difficulties in this area, particularly in Irish racing where many of the layers seem bet-shy.

The other good time to play is in the final 10 minutes before the off on the exchanges where there can be wild fluctuations in price that make horses that previously looked unappealing become interesting as they drift; one does have to be wary of the ‘slot machine’ mentality here as I’ve written about before. In this case, it’s more that you have the percentages in your favour than backing against another person’s opinion; on Betfair and the like the market will be priced to a tight 104-5% depending on your commission which is often better than the combined prices of all the bookmakers in the morning. Again however, there are problems with this as the price about your fancy may well have contracted and you may have to take a shorter price now though you can probably get on what you like given the sums that are swilling around. The ideal scenario for any punter is to have access to both markets but increasingly winners are being driven towards the exchanges; if I have a preference for one over the other it would be Betfair though that has been born of necessity.

The timing of one striking a bet is thus very important and one thing I tend not to do is back a steamer during the day after the price has shortened. Not only will the value likely have gone (though this is not always the case) but more importantly it is likely the horse will drift again near the off; I find it rare that one will be hammered both in the morning and at the time of the race as in most cases other horses will be backed at this point and the earlier steamer may take a walk. By backing such horses during the day, you’re taking what is often the basement price and no matter how good you are at the form it is hard to turn a profit betting like this.

One relatively recent development, particularly on the Irish scene, has been the arrival of evening or night-before prices with a small number of firms pricing up the better handicaps or group races for the following day. When this began, one would see a number of horses being backed and dramatically so in the evening but this pattern seems on the wane now as realistically no reasonable-stakes punter can get on; if you think the morning limits are bad in Ireland, you should try the to get a decent bet on the night before. I think most punters don’t even bother to try to get on at these prices now and just hope that some small player doesn’t ruin the odds before morning.

Playing to any sort of civilised stake in the night-before markets is one of the easiest ways to spoil an account; you need to ask yourself, what sort of punter wants to make a bet at this early stage if not a clued-in one with his homework done? For a punter playing the long game, getting longevity out of accounts is important, all the more now as the firms will use any excuse to close one.

A final point on night-before prices: playing at this time can be a case of fools rushing in. In the main, it is best to have a spread of prices in front of you than just the offers of two or three bookmakers. This is not to say that the two or three bookmakers won’t make a mistake as they certainly will but they will have a large percentage factored in to allow for errors; as I write the night before the Kilbeggan meeting on September 7th, one firm as an 8-runner race priced up to 123% and a 17-runner affair priced to 159% and it’s not easy to win with those figures. Clearly, you’ll call a few wrong with such an approach but long-term it should pay off.

The Punting Confessional: The Price is Right?

/in /by
The Price is Right?

The Price is Right?

And we don't mean that terribly tacky game show we imported from the States in the 1980's. In this week's Punting Confessional, Tony Keenan explains how to get the right price for your wagers and the importance of doing so, using a couple of examples from...

...Killarney, August 30th

I had a pair of bets at this mixed meeting last Thursday, Alla Speranza at 10/1 and Authorization at 16/1, both at morning prices, with the former finishing up at 8/1 and the latter at 5/1, with respective Betfair Starting Prices of 12.o and 7.7 (I include the BSPs as they tend to give a fairer reflection of the market than the larcenous percentages bet to by the Irish on-course layers). Certainly, they performed in contrast to market expectations, Alla Speranza going down by less than a length despite being stagnant at best while the gamble on Authorization went astray as he finished fifth. It was yet another example of how drifters and steamers often perform in contrast to what the betting said beforehand and that the market gets it wrong frequently.

Getting the best price about a horse should of course be every punter’s aim and certainly one can develop a gut feeling for the sort of horses that are consistently under- and overrated by the market. Achieving this aim alone could help a few punters reach profitability while it would certainly limit the losses of all. It is worth remembering however that no one can get price-taking right the whole time; it is impossible to call the market correctly the whole time (unless you are putting down such substantial bets that you are influencing the entire thing) so resign yourself to a number of incorrect calls.

A good general rule to apply is that if you are satisfied the price is value, then take it unless you have good reason to believe you will get a bigger one by waiting (more of this anon). Remember that if you think a horse is overpriced and have a track record of calling these things correctly the chances are others will hold the same opinion. One needs something of substance to base this judgement call on; your own tissue prices are the obvious place to start or at least some sort of target price that has been ascertained before you see the available odds.

One thing that won’t help you after you have taken a price is to continually check the odds of your selection and whether it is shortening or drifting; the psychological theory of investment (as I read in a book called ‘Nudge’) suggests that when we continually checks whether the value of our investment is rising or falling, it affects our attitude to risk, making us more risk-averse, clearly not what one wants as a gambler. I do acknowledge that this is something of a double-edged sword as a punter has to check prices as part of their routine but it is worth being aware of the psychological problems this can cause.

With calling the market, one needs to be aware of the various influences on it and by so doing one can improve their market reading. Tipping services are the most obvious place to start and the main ones have a huge influence. Pricewise in the Racing Post is the daddy of them all in terms of power but one thing I find hard to listen to is punters continually bemoaning Tom Segal putting up one of their fancies and contracting the price. With Pricewise, punters know the sort of race Segal will be tipping on – usually the big handicaps or group races of the day – and if you are concerned about him giving your selection then you need to get on the night before; with this sort of race, the markets are available from the day before the race if not even earlier so there is no excuse for not having at least half the stake on before the day of the race.

In reality, Segal’s doings have no real impact on my daily punting as he rarely does Irish racing and Gary O’Brien of attheraces has a much bigger influence on the market, not least because most of the Irish morning prices are fragile. One needs to be aware of the time his tips go up – usually between 10.30am and 11am though not always – and keep an eye on the ATR website. In fairness to O’Brien, the prices of the horses he tips don’t tend to contract instantly so one has a chance to get; from what I can gather this is not the case with the tips of Hugh Taylor whose selections have their prices cut to ribbons within seconds.

With O’Brien, as with any tipster for that matter, it can be useful to pre-empt his selections. Oftentimes he will go for the same type of horse, if not the same horse itself as he has done with something like Sure Reef in 2012; he has put that one up at least four times this year so if you fancied it, it was one to get on early. Pricewise Extra, usually released at midday on the day of the race is another tipping service that has power, notably so when Segal is in situ.

An awareness of stables that like to back their horses, and perhaps more importantly when they like to do so, is another skill of the good market reader. I am not so much talking about traditional gambling yards like those of Charles Byrnes or Tony Martin; horses from that sort of stable are underpriced as a rule and are ones to be against in most cases though they train mainly over jumps so are of little interest to me. Of course, all stables back their horses to some degree or another, some a lot more expertly than others, and if you intend backing one of their runners it’s important to know their modus operandi.

For example, the Reggie Roberts yard seem to have a clear method behind their gambles; they want to get on as early as possible with the morning prices, often long before all the layers have priced up, though I can’t really see this as a good strategy as the limits at this time of the day tend to be restrictive. They landed one such gamble this past weekend with Timeless Call at Dundalk. The Kevin Prendergast stable tend to back their better 2yos early in the morning too and often it is a case that no price is short enough about an unraced sort – see Nurpur earlier in the year at Leopardstown. In such cases, they often become insensitive to price and silly season kicks in so as a rule it’s probably best to oppose them though it should be pointed out that the usefulness of this approach is not what it was with the yard not having so many winners these days.

Lost racecourses 4 – Bedford

/in , /by

John Bunyan, the most famous resident of the small village of Elstow, would not have approved of racing. He had shuffled off this mortal coil in 1688, though had he been around 40 years later, there may never have been any racing at Bedford. Read more

The Punting Confessional: Further thoughts on Staking

/in , /by

Punting Confessional – July 18th 2012

No seamless anecdotal lead-in to this week’s piece as I just want to continue with last week’s discussion on staking. I concluded that piece with writing about the importance of having a plan before undertaking a day’s punting but it is equally important to allow some flexibility within this plan.

A punter should know at the start of the day what the worst-case scenario is should everything go to pot but I like to add maybe 15-20% to this figure as it allows me to adapt during the day depending on market movements as the market in the morning and the market at post-time can be two entirely different things; the horse you fancied at 10.30am may now have shortened into a price that makes it unbackable while one that was tight enough in the early exchanges may have drifted to a value option.

All this reminds me of a quote from economist John Maynard Keynes that Kevin Pullein used in one of his Racing Post columns in the past year: ‘I change my mind when the facts change.’ One of the great myths of punting – and one that is reinforced by anecdotal evidence, never a good way to support an argument – is that you shouldn’t change your mind about a selection; not to put too fine a point on it but that’s bollocks.

If you thought a race was between a pair of horses, one priced at 7/4 and the other at 5/1 and you slightly (but only slightly) favoured the former in your analysis, which one would you be backing? If you’re answering the 7/4 shot then it’s unlikely you’re making money in the long-term. Sometimes I will plan to have a bet in a race but won’t decide on which horse it will be until right before the off as I know the Betfair market at that stage can fluctuate wildly and one can get some massive prices about horses.

This brings in the idea of what to do with drifters and I do have a neat anecdote about this. I was at Down Royal on the Saturday of Royal Ascot last year when Maybe won the Chesham impressively; she had been put in around 6/4 or 7/4 in the morning but was sent off 5/2 having been widely available at 3s. A punter in front of me after the race turned around and said ‘Jesus, she was the only horse I fancied today but when I saw her drift, I couldn’t touch her.’ I didn’t know whether to laugh or cry.

For me, there is only one way to deal with a drifter: back it again. If you fancy a horse at 7s, then you have to fancy it even more at 12s. Of course, you will get lots of these wrong but the ones you get right should more than make up for the wrong calls. Everyone loves to be on a springer, a horse that you have backed at 20s that goes off 7s but it’s worth remembering that all the data that has been compiled on drifters suggests that they win as often as they should relative to market position.

Too many punters oppose drifters as they suspect something sinister is going on but more often than not the drift is for an innocent reason. A horse may have done a bad piece of homework in the lead-up to the race and it has filtered into the public domain; some see this as the ultimate negative but it’s worth remembering that races are won on the track and as a punter I really want to be with horses that save their best for the racecourse and are idle at home.

Other horses being backed is another obvious cause of a drift; on Betfair say where the percentages have to add up to 100 so if a horse is being backed then another must drift. Connections may have backed their horse in the morning and had enough money on so a drift on course is inevitable. Some connections don’t gamble or gamble very lightly. And finally there are times when the market simply gets it wrong as it is far from the unerring behemoth some present it as.

The most marked drifts occur on the exchanges and this is why any right thinking punter must have a Betfair (yes, I know I do some work for them but hear me out!) or Betdaq account; frequently a horse will drift from 7s to 10s on course but will be widely available for decent money at 14s on the machine – in this case it’s a no brainer where to play.

I realise some punters can’t handle using the exchanges as a slot machine mentality kicks in and I suppose knowing that this is your weak-spot is a skill in itself but by denying yourself access to Betfair or whatever exchange you are cutting off what could be an excellent source of profit on drifters and that’s not even to mention their prices on outsiders.

I think punters have to use whatever means necessary to get on at the best prices and exchanges are a vital tool if a punter can remain in control.

Consistency of staking is a good skill to acquire and ideally a punter wants to be in a position where he is having the same on a horse depending on the level of confidence and regardless of other circumstances. This level of confidence is best determined the night or morning before a meeting rather than a post-time when the pull of the action can be strong; I find the best decisions, in gambling and otherwise, take time.

The other circumstances I refer to above would things like whether you are on a good or bad run of form or perhaps the stature of the meeting; we can all play things up a bit at the big fixtures and while acknowledging that we’re human and these things can happen it is important that they don’t get out of hand. Punters need to be aware that good betting opportunities can present themselves anywhere and one pro-punting friend of mine swears by the likes of tracks like Bellewstown and Ballinrobe as the racing there is largely uncompetitive.

I wouldn’t be quite so extreme as that though punters should try to reach a point where we have no problem having a good bet at tracks like these instead of saving our firepower for courses like the Curragh and Cheltenham.

The Punting Confessional: Staking and the Betting Bank

/in /by
Camelot's Irish Derby win didn't excite Tony!

Camelot's Irish Derby win didn't excite Tony!

In this week's Punting Confessional, Tony Keenan tackles an age-old source of disagreement: stakes, staking plans and betting banks. He explains how he apportions his betting bank into daily stakes and how he manages the bank: discipline is vital.

Curragh – June 30th

I was standing on the steps at the Curragh on Irish Derby Day chatting to a pair of punting friends of mind, discussing not the upcoming Group 1 (frankly, we couldn’t care less about Camelot’s stroll around as it made no appeal as a betting race) but rather the thorny issue of staking.

The duo: one a full-time punter and the other a very serious part-timer, agreed that it was not only one of the more important parts of the game but also one of the most difficult and that striking the right balance between aggression and control was hard to achieve and that picking winners was only part of the battle.

I could write a book on the subject and still fail to cover it satisfactorily but here are some of my broad ideas on staking.

First and foremost, I think you need to have a separate betting bank, kitty, call it what you will. This sort of mental accounting – an economic/behavioural term where you separate money into different areas – is vital and whether you do it with a separate bank account, credit card or cash doesn’t really matter, it just needs to be done.

I try to avoid treating gambling money as real money whereby a fiver might be a pint, fifty a meal out or five hundred a new laptop; when you get into that you’re attaching value to the money and it becomes harder to part with it and you’re much better to think of it as chips and have a certain blasé attitude to it. In order to dip into your wallet and have a bet with one hand and pay for petrol with the other, you are either reckless or bombproof; I am neither so prefer to keep my betting money separate.

On a really practical level, it is wise to keep your betting business apart from your main bank account, especially if you have a lot of turnover and transactions; in these straightened times banks are using every excuse not to lend people money and there’s no point in giving them another stick to beat you with.

I like to use a points-based system in terms of staking with my minimum bet being half a point up to a maximum of 6 points and my average bet coming in at around 2 points. As an overall bank, I’m probably working off 200 to 240 points at any one time and if it gets over the 240 points I’m taking the money out for income.

I don’t really like to have a huge differential between a small bet and a large bet – at its worst, a small bet is only one twelfth of a big bet and more than likely it is one sixth – and I was recently very surprised to see an interview with Richard Hoiles in which he talked about his small bet being only 2% of his maximum bet; I can’t have it that one would fancy one horse fifty times more than the next.

My turnover would tend to be quite high and at a given meeting I could easily have a bet (or more than one bet) in every race; I would tend to put about 20 points in play at a meeting where I am playing strong which works out at about 8-10% of my overall bank. I would rarely have my maximum 6 points on a horse – I did it only once in June – but often I would push in 4, 5 or 6 points in a single race where thought there was a bad favourite or favourites and a number of horses were overpriced.

In truth though, I’m probably quite risk-averse and the thought of risking a bank on a single day’s racing or going ‘all in’ makes no appeal; I want to negate the risk of ruin where possible and prefer grinding steady profits over a long period of time than trying to knock it out of ballpark the whole time, getting it right sometimes but going broke as well; the former approach is much better for the head too.

A level-stakes approach is something I would have little time for; there are degrees to which a punter may fancy a horse with some plays being marginal and others strong. The time to go in strong for me is when you like both the horse and the price and less so when it is one or the other.

Also, price – and by price I mean whether a horse is a big or small price – should not play a part in your staking level and by that I mean you should not be having more on a short-priced horse and a small bet on an outsider. I probably swing the other way on this entirely as I hate backing short price horses and would much prefer have a decent bet on a 16/1 shot than a 5/4 jolly; indeed, I probably won’t even back the 5/4 as I have no head for analysing value at the front end of the market.

One final thing on a points-based approach to staking; be aware that you can and should change the size of your points from time to time. This should not be done arbitrarily and probably not all that frequently but if you feel the need to get the profits up – as I did at the start of the 2012 flat season when I increased my point size by about 25% – it is worth thinking about.

A word of warning with this though is that you need to know your own comfort zone; if increasing stake size will mess with your thinking and make you second guess yourself then it may be counterproductive.

Having a pre-racing plan as to how you are going to play each card is always a good idea; before each meeting starts you should have a clear idea about how much you are going to risk and what is the worst-case scenario if everything goes wrong. Some days are good for punting with lots of overpriced horses, others are not and knowing the difference is a skill; if you ever discover how to do this, please drop me a line.

The time of an individual race is irrelevant and whether your strongest fancy is in the first, third or seventh race shouldn’t matter; you need to plan accordingly and get stuck in early or keep the powder dry depending on circumstances. It never ceases to amaze me when bookmakers comment on the bumper (invariably the last race on the card at national hunt meeting in Ireland) being the most heavily traded race of the day; surely this is the toughest race with least racecourse evidence available and stakes should be kept small but race position on the cards seems to have a major effect.

Needless to say, I am scornful of any sort of progressive or regressive staking approach where you have more or less on the next horse depending on how the previous one went; such beliefs are illogical and fail to treat each race as the independent entities that they are.

Winning at Betting: The (Untold) Truth

/in , /by
Winning at Betting

Winning at Betting

I've been interested in horse racing for over twenty years now and, in that time, I've spent untold hours reading, writing and researching around the subject of betting on horses.

As a consequence, I'd say I've developed from 'clueless newbie' on to 'enthusiastic amateur', then to 'happy to break even', and nowadays to 'small time winning punter'. [Note, I've never been enamoured with the idea of making fortunes from betting. Frankly, I'm probably not mentally cut out for it].

During my two decades of development, I've learned a lot. A hell of a lot.

When I started out, I'd look at the numbers (representing finishing positions) to the left of a horse's name, and this would be my most important indicator of likely performance. How naive I was.

These days, I have a group of micro-systems which I use on a daily basis, as well as a good eye for what's important when reading form. You may remember a recent video post I made on the subject. You can watch that form reading video here. [Warning: it's quite long]

The reason that video is long is because it takes time to analyse horse races: to consider the context of the race (its conditions); the likely profile of the winner based on similar races; the specific current and historical performance of the runners; and the likely interaction between horses (class ceilings and pace scenarios, for instance).

Yes, a horse race is a complex conundrum indeed.

One of the purposes of geegeez is to try to help less experienced bettors understand something of what's needed to become more experienced (and more successful) bettors.

The above is not intended to 'turn people off' or to overwhelm, but rather to illustrate the complexity of the puzzle.

Of course, betting on horses should also be fun. And here at geegeez, we insist that you're entertained during your visits here. At least, that's what we try to do. 🙂

So how can you win at betting? Well, there are a number of ways, all of which have merit in my opinion.

1. Study, study, study

If you enjoy the learning experience, then this is the best one for you, especially if you have time. The best, most satisfying and empowering way of winning at betting is to work it out for yourself.

Understanding how horse races work is a key part of that, and will undoubtedly help you to find more winners.

But more winners won't necessarily lead to more profit. What?!

What I mean is that if you currently have a strike rate of 25%, I can tell you an immediate way to get a strike rate of 31%. (Bet unnamed favourites).

Alas, my short cut to more winners will not make you money. As the jolly fellow in the Nationwide ads used to be fond of saying, "It doesn't work like that".

No, we need to understand the relationship between a horse's chance of winning in academic terms, and the market view on its chance.

The old coin toss example is instructive here.

Clearly, there is a 50% chance of a coin landing on either heads or tails, assuming the coin has not been tampered with. With that knowledge of the actual (or academic) chance of the coin landing on a nominated side (heads or tails), a bookmaker would always offer you a price slightly shy of even money for either outcome.

But what if the bookie offered you 11/10 on heads?

Even though  there is still a 50% chance of the coin landing on tails, 11/10 about it coming up heads is a great bet. Why? Because it offers VALUE.

Value is simply any situation where the odds available are greater than the true chance of an outcome happening.

You might well lose that 11/10 coin toss (in fact, you'd have a 50% chance of losing!). But, if you could consistently get 11/10 about heads, you'd make 5% over time.

The problem is that horse racing is not a coin toss. It is infinitely more complex than that.

And even those charged with the job of odds compiling get things badly wrong. How could they not? This is not a criticism, it is simply a fact.

The market at off time (i.e. the starting prices) looks very different from the first morning show of prices, although it will be topologically similar. Topo-who-what?

Topologically. Meaning that whilst the odds on many of the horses will have changed - some of them markedly - the overall shape of the book will be similar, in terms of bookie profit margin.

Right. Let's pause for breath. Where are we with all this bookie-bashing bluster?

In summary, if you have time to study, you need first to understand the dynamics of a race, and then you need to overlay your view of the respective chances of the participants with the market view.

When you have a runner that you rate with a good chance, but the market has dismissed as an outsider, then you have a good bet (assuming you've made a reasonable job of understanding the race dynamics).

This will happen more often than you think. In fact, as an example, Stat of the Day picks a horse which is sent off a shorter price more often than not. The reason for this is that we look at factors which the market often overlooks in its initial position, but which become accounted for - by weight of money wagered, generally - before the race goes off.

The market of a race at 'off' time is a VERY STRONG indicator of likely chances. In fact, it's by far the best indicator.

So if you can consistently get a better price than the starting price, you have a very good chance of making a profit. Again, Stat of the Day illustrates that well enough, with circa 83 points profit and 40% return on investment since it started in November last year.

2. Become a trader

If you can understand the 'shape' of a race, in terms of who is likely to lead, which side of the track is favoured, and which horses look lazy and disinterested during a race, you could trade horses in running.

This isn't as difficult as it sounds.

Most horses have a run style which is either determined by them, or by their trainer/jockey. Some are habitual front'runners; others like to be held up; still others will be the first ones under pressure but often find more late run than smoother travelling rivals.

Whatever. If you can see how a horse is likely to run, you have the chance to trade it.

This is definitely not something I'm especially interested in myself, though I know professional traders, who nip into and out of the market in very quick succession, having secured a profit by 'greening up' (buying low and selling high to lock in a profit on a horse's price).

The reason I don't much like it is because it's quite boring. Scalping. Sniping. No interest in the final outcome of the race, only in its interim opportunities. Fair enough. But not for me.

3. Arb-o-rama

Arbers are the scourge of bookies up and down the land. An 'arb', short for arbitrage opportunity, is a situation where you can back all possible outcomes and guarantee a profit.

Two outcome events are the easiest for this. For instance, in a tennis match, only Player 1 or Player 2 can win.

Largeblokes might have Player 1 at 4/5 and Player 2 at 11/10. On the same match, Bert563 might bet 11/10 Player 1  and 4/5 Player 2.

Thus, backing Player 2 with Largeblokes and Player 1 with Bert563, both at 11/10, means you are guaranteed to make a profit of 5% on the match.

(Example: £10 win Player 1 at 11/10; £10 win Player 2 at 11/10; guaranteed return £21. Stake £20, Return £21. Profit £1 or 5%)

Again, this is far from the sexy side of betting. Indeed, it's hardly gambling at all. But it can be profitable, IF you can get both parts of the wager struck before the prices change.

Obviously, with the advent of odds comparison sites, these opportunities are quickly shut down, but they do happen every day, many times a day.

4. Follow a tipster or service

This is the favourite short cut to option 1 above, and that's entirely reasonable.

There are all sorts of situations where it's not possible, or sensible, to study, study, study. For instance, you might have a job and a family (I know, unlikely, but possible ;), which means your free time for such things is seriously compromised.

Or you might just not trust yourself to be good enough. I would hope that over time, using excellent resources like geegeez (!), you will place more trust in yourself. But for beginners, or those who have only recently committed to learn more, then following a tipster or service is a good option. Sometimes.

The problem, of course, is that not all tipsters and services are the same. In fact, they are as varied as the species of flora and fauna under the sun.

So how to find a good tipster? Well, that will depend on you, at least to some degree, though there are of course some universal factors.

First, you should be looking for a service with a track record of success and demonstrable credibility. In other words, there should be some means of corroborating what 'Honest Joe' has said his results are.

Secondly, when it comes to tipsters, a trial period is something that you should insist on. This might be a money back guarantee period, or a free trial, but either way, you at least have a chance to paper trade (i.e. follow the picks without risking money)... and you should PAPER TRADE.

[Sidenote: it REALLY gets my goat when people pile in straight away with something which might be completely wrong for them, lose money, and then complain about it. Free periods are for paper trading. Refund periods are for paper trading. If you want to bet, then fine, but you do it at your own risk. Full accountability is yours. Soap box moment over!]

The purpose of paper trading is not just about bottom line profitability (or not) of a service. It's also about seeing if that service is for you.

For example, do you like one bet a day, or five? Do you have a bank, or do you just say you have a bank? Could you retain confidence if you lost half your bank before the profits came? Do you bet £2, £20 or £200 per selection? Are you a backer or a layer or a trader or an arber or a dutcher? Can you cope with higher volatility, or do you need a winner most days 'to keep you in the game'?

As you can see, one size most definitely does not fit all.

Finally on this one, and this is a personal preference of mine, I like to have at least an understanding of how a tipster or service arrives at his selections. For example, I'm never interested in 'stable whispers' services personally (though some can be quite good). Rather, I'm interested in form students whose judgement and knowledge of the form book I can grow to trust.

So, if you want to follow a tipster or service, do ask yourself what it is you're looking for from that service. This MUST be more than 'a profit'. It needs to cover your betting style, your appetite for risk, your availability to get bets on, and so on. This is your responsibility before you hand cash over to a stranger. (I know you know that, but the reminder can't hurt!)

And later this week  - tomorrow in all likelihood - I want to introduce you to the very first 'tipster' I've ever been impressed enough to publish. His approach is similar to my own, his commitment is phenomenal, his number-crunching exceptional... and his results... well, more on those in due course. Suffice it to say that they're bloody good! 😀

Until next time.

Matt

 

Lost Racecourses 3: Colwall Park – 75th anniversary of royal winner

/in , /by

Catch the train from Birmingham and alight at Colwall a few hundred yards after you emerge from the tunnel through the Malvern Hills. You are following in the footsteps of many of the spectators at what was one of England’s prettiest racecourses. A day trip from South Wales made the track as popular with people from there. Cross the footbridge and pass the nature reserve, and as you emerge into the fields you are at the top bend in the course, with a short run alongside the railway before a left turn into the home straight. Read more

Your first 30 days for just £1