Daily Result: £39.77
Wow! What a game. Fantastic viewing. Following on from yesterday's match this tournament has truly come alive now the pitches are half decent. And today's unexpected Windies victory over the World Champions by 10 runs has added some interest to the big game on Saturday between Australia and England. Bring it on!!
On the down side I lost around £40. But funnily enough I'm well pleased with that. Believe me, it was looking a lot worse at one stage - over £350 red the pair. Thankfully there were enough subsequent price swings to help save me. In the last couple of overs I could have even taken a smallish profit on the Windes but with still a sizable red on Australia I decided to reduce that instead. Just in case. Couple of boundaries and the chance would have gone. Anyway, if I'd been offered a £40 loss 40 minutes earlier I'd have taken it with a big smile. So happy to settle for it rather than risk a far heavier potential loss of several hundred pounds.
Not going to run through the game today save to say the Aussies price was pretty much too small throughout the match. 1.23 before a ball was bowled was crazy. And there were plenty of people on the Betfair Cricket forum offering the view. Both at the start and during the game. I managed to build my red through a couple of poorly timed trades. Particularly backing the Aussies just before each of their first two wickets fell. (In fact the ball before Ponting was out).
Looking back the game was a trader's dream and I'm positive small fortunes were won and lost during it. For a long time Australia traded in the 1.1x range. Whenever a team that's been that short loses there's always going to be big winners as well as those nursing charred fingers.
Anyway, the key point for me from today's game was how I managed to reduce my red. And the answer is it was largely down to the Betfair trading software I was using. (I used both Racing Traders and Bet Angel during the game). Within a 10 minute spell or so the Windies fell from 4ish to 1.4ish. I was only playing with small stakes by that time because if a larger trade had gone against me I would have lost more than the maximum loss of £500 I allow myself on any event.
By the time the Windies had gone odds on the market was all over the place. I guess noone really knew the true price so the general panic, combined with the volatility being provided by the match events, made it a trader's dream. And that's where the Betfair approved software comes into its own. There's no need to constantly hit the refresh button as you do with the traditional Betfair interface. The prices are automatically updated around 5 times a second. Watch them fluctuate on a ladder format like city traders use, combine it with one click trading, take away the need to have to change the odds you want, and it puts a completely different perspective on how the market is operating. Basically, you get a much better view. And with it, of course, the chance to take advantage financially. Which is effectively what I was able to do to reduce my red. I know some bulk at the cost of the software (though Racing Traders has a free trial and Bet Angel has a free package with less functionality) but today showed that it really can pay for itself in less than 30 minutes. In one trade even.
Anyway, had a bit of a lucky escape today. There's no cricket tomorrow so I'll be having a look in at the ATP tennis from Madrid at some point. Looking forward to it.
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