Since being stuck at home since last week ( I was due to come back to the UK last Thursday after the Easter Break) I've been forced to look for a new Income stream (as a Contractor you only get paid for the hours you work - if you can't turn up for whatever reason then you don't get paid -- that's the nature of Free Lance work of course.
Anyway kicking my heels -- there's only so much DIY you can do -- I've been making actually MORE money on Betfair (www.betfair.com
) - a betting exchange --- I'm sorry to say however that US residents won't be able to use it.
This is a Betting EXCHANGE -- NOT a BOOKIES so you can TRADE on events and this is NOT GAMBLING. YOU HAVE TO TRADE and there is a HUGE DIFFERENCE.
Two strategies will ensure you will ALWAYS get FREE "Bets" -- you never RISK 1 CENT.
For example say horse racing -- since you can trade in "Real time" you back HORSE A to win at say 5 /1
You wait for the odds to shorten - especially if it's a favourite and then you also LAY it at 3 /1 - this means if the horse loses you win 10 onyour 10 GBP stake or pay out 30 if the horse wins.
The exchange operates in REAL TIME so you can get all sorts of stats and indicators as well as the price movements and there's loads of software to make the trading process quick and seamless when you decide to enter the market.
So whether the horse wins or loses you will NEVER LOSE anything (if horse WINS on 10 GBP play your winning is 50 - 30 = 20
If the horse LOSES you win 50 - 50 = 0. Simple maths -- you also pay NO comission on losing stakes and it's (at least here) 100% TAX FREE.
Now you take this slightly further and use a tactic called "Greening". This means that you split some of the lays across the rest of the field so whatever happens you will always make a small profit say even as small as 0.5 GBP on 10 GBP -- but it's ALWAYS a profit so small and often rapidli increases the size of your Bank. It works on Stock indicators too such as FTSE 100 and DOW as any Day trader here will know.
Note also that unlike a bookmaker where you have to wait for the event to finish before you get paid (if you win), on an exchange the amount is settled immediately so if you have a bank of 200 EUR and on a particular event you've either got a ZERO position or "greened up " a small profit -- your ENTIRE BANK is available immediately for the next event or you can "turn" more money on the same event -- for example you can "roll over" say 3,000 EUR without touching your bank and your end liability is NIL.
Please read the theory and have a basic understanding of Probablity and Statistics and elementary mathematics before diving in willy nilly -- I DO NOT ENCOURAGE GAMBLING -- TRADING IS|DIFFERENT and this type of stuff whilst called something slightly different is done on Financial markets daily.
Betfair Trading: How to Green Book - Sports blog of online poker, trading, gambling and betting tips
This last week has been quite profitable for me -- and taught me there's lots of ways to make money AT HOME -- I might get used to this -- made 2,000 EUR in 3 days -- PURE UNTAXED PROFIT.
I'm tempted to just to pack up the contract after due period -- No more management stress, threat of job losses due to Of shoring etc etc and I can trade when and how I want.
The Volcano disaster hasn't been horrible for everyone -- although I sympathasize with people trying to get home, go to business meetings, go on Holiday etc etc.