Peter Webb is a sports betting trader who has become well known as an expert Betfair trader. Trading on Betfair from the outset, he is one of the betting exchange’s top 0.1% of users.
He makes frequent appearances on radio and TV and writes for several journals. In 2005 he launched Bet Angel, a set of Betfair software trading tools.
Peter’s interest in the fundamentals of gambling was kindled at a young age and stems from the time when he would help his father complete his football pools coupon. He learned that gambling is all about understanding the risk and manipulating it create long-term profit.
After leaving school his first job was with a computer distribution company. He then went on to work for Compaq and subsequently Medion PC, but in 2003 he made the life-changing decision to devote his time to trading on betting exchanges. He has certainly been extraordinarily successful in doing so too and thinks nothing of putting £20,000 or so on a single race.
Webb on Betfair trading
When he first started trading, he investigated a wide range of markets, developing various strategies. Finally, he homed in on horse racing mainly because of the amount of money the sport attracts. It wasn’t always easy; he had to devote considerable time to understanding its nuances before he was satisfied.
Webb doesn’t base his decisions on studying form. Rather he bases them on the current price of a horse and where he thinks it will move to. Essentially, he as assessing the value and has become very adept at it.
As well as horse racing, he also focuses on important football matches which attract big money and provide the opportunity for him to trade £50,000 to £80,000 on the match. He will also trade on dog races, tennis and “X-factor” for which he claims he provided a substation proportion of the equity.
Only One Betfair Deposit Ever
When Betfair opened in 2000, Webb was one of the early players, depositing £1,000 in its first week. His first bet was for £5. That £1,000 was his only deposit but the cash in his account snowballed, and now he keeps it at around £250,000, which he considers adequate as trades are settled immediately. This means he can re-bet his capital immediately.
He usually begins to trade 10 minutes before the start of the race. He says that most of the money is bet about 5 minutes before the start. As soon as the race starts, he has no further interest so moves on to the next race. This keeps him busy, especially when he is simultaneously trading on the Australian markets that open at 2.00 am; UK markets from 2.00 to 5.00 pm; and US markets from 9.00 pm to 1.00 am.
Webb has also developed a suite of specialist trading software he markets under the brand Bet Angel. Initially launched in 2005, it has been continually updated and now includes numerous enhancements including super-high-speed Betfair streaming.
One spin-off is the Bet Angel Academy which offers online training covering expertise levels from novice to master class.
What is Betfair trading?
As Betfair is a betting exchange, you can buy and sell bets. No bookmaker is involved, so you are dealing with other individuals. Betfair makes its money by charging a small fee on your activities. As with financial markets, your aim is to buy at a low price, and you sell at a high price. In betting terms, your aim is to lay low (buy) and back high (sell). This way you can lock in a profit in advance of the event starting.
The key is to place an initial back or lay where you think the price might move in your favour. If this happens, you can lock in a profit by placing a closing bet to cover your potential loss leaving you with a win-win position.