Last season Betfair opened the Formula One markets on the Tuesday before each race weekend. I would usually place a few optimistic bets in at prices I felt were over/under value but not so much so that they wouldn’t get matched. I’ve been caught out the last 4 races by how early the markets have been opened (sometimes 2 days after the last race) which gives me no time to research and get things prepared (I work full time and this is all done when I get a spare moment). Not wanting to miss out on an opportunity I made sure I was ready this time around and got in early – and it paid off. A lay of Hamilton for pole @ 1.78 got matched. Unfortunately it was only partially matched (£10) but I’m not complaining because it still easy money. Now the market has settled he’s trading at 2.2 – 2.5 range so I will just back him for £10 for a small free bet which gets me off to an easier start. Every £ helps at the end of the day.

Apologies if it was you who backed me @ 1.78, but what the hell were you thinking? It really does make me wonder what some of the users on Betfair are doing. Because the markets opened so early there are no bookies prices available as a reference – maybe this person thought 1.78 was going to be a great price. Having watched these markets for the last 4 years I know, no matter how good someone was at the last race, drivers are very, very rarely priced odds on to get pole – and if they are I would still want to lay them as there would be no value in such a price.

With over 1 week to go until the race wouldn’t it have been better to hold on a bit and wait to see what the market settled at? It seems a bit like desperation – wanting to get in early and make sure you are matched, without even thinking about what odds you are getting. Maybe it was just a new to the sport British fan who just loved Lewis so much he was willing to throw away £10 on a silly bet.

Of course Hamilton may get pole and this punter will win their bet. Which I hope he does because that just means I’m likely to get matched on another equally ludicrous bet in the next race ;-)

For anyone new to betting the first thing you need to understand is value. Read as many books and articles on the subject as you can find until it’s ingrained in your brain. Keep reading and trying to understand it until you begin to have dreams about value odds!!

Sorry to sound like a nagging school teacher here but it’s something which took me ages to understand properly and I never made any long term profits until I did. If you’re starting out with betting don’t place a single bet until you understand the concept.