Monday, 1 March 2010

Spead betting update

Spread Betting - NBA
Stake: 1 or 2.5% profit of bank
Session P&L: £49.73
Current Bank %: 124.92%

No trading since my last post as I have been working this weekend. Good news is that my spread betting exercise is going well with another 5 winners out of 6 giving me a total profit of £99.66 in my first week. My stake has increased slightly as the bank has now grown 24.92% since starting which is encouraging.

It's been quite interesting dealing with different bookmakers, especially when comparing how they operate. I think Pinnacle already don't like me as for some strange coincidence all 11 winning bets have been with them. With such small stakes I don't think they'll even care at the moment, although I am keeping a separate P&L record for each bookie as if this does escalate to higher stakes, I'll know exactly where I stand with each. I have struggled to find better value in the spreads than with Pinnacle although I have spent 5-10 minutes each day comparing prices, so far they always seem to offer the best deal, particularly when buying points. Whenever someone else comes close I did use them instead as I want to spread the bets out as much as possible, and so far Bet365 have mostly been second best. Also Pinnacle's policy on withdrawals is unlike what we're used to in the UK. You get one free withdrawal a month and after that they charge you to withdraw your funds. A bit pointless when looking for value if you’re going to get your profits further reduced from transactional charges, so at the moment it's either one withdrawal a month with Pinnacle or taking the worse price with Bet365 and free withdrawals.

I suppose I could hedge with an exchange if I want to withdraw more from Pinnacle or reduce a specific P&L. It's nice to know I still have that option although at the cost of the commission, probably better to use Betdaq if possible to prevent increasing Betfair's P&L.

Of course it's early days yet having only just started the second week, although I think it's important to keep good records early on and be prepared for the worst. So far so good though, I'm happy with a £100 return with only 10-15 minutes work a day last week.


alex said...

pinnacle are a massive book... a price setter... they take massive bets on anything and dont flinch or limit even if you win big

one of the best books around imho

JS said...

Thanks for the imput Alex, I only know of the way UK bookies operate in regards to limiting your stake sharpish, I used to work for Ladbrokes before moving on and assumed Pinnacle would operate in a similar manner. It's reassuring to hear some good feeedback on this as it has become my main concern since the bets have been winning. I can see where you're coming from, so far I have been pleased with them, not just their good prices but also their customer services and settlement times have been pretty good. If they're prepared to accept the liability I'm more than happy to keep using them.

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