After a month’s worth of data I will post the results.

Right now, based on tips given to me by my friend in Pattaya. I have effectively doubled my money in just a few days.

At this moment my balance is $396.21 at Betfair.com. I have funded $200 so far with the goal of achieving a bank of $1,000 either through winning or funding.

My plan is to bet $10 units, or 1 point using a value betting system.

I am quite serious about not only managing my bank properly so that I can handle losing streaks but I also plan on showing extreme discipline in following the horse racing system.

I am in it for the long-term and I would be thrilled averaging 300 point years.

Here is the goal: 300 point year results in a $3,000 gain in the first year. Nothing to retire on but I will also be increasing my betting point throughout the year as well.

Just to keep it simple, if I am betting $40 units (1 point) in year two and again average a 300 point year my bank will increase to $16,000 ($1000 + $3000 + $12,000).

Assuming the same happens in year three my bank will be $52,000.

Technically it will be higher because I plan on maintaining my betting point at 1% of my bank, adjusted monthly.

Mathematically it is sound but acheiving a 300 point year will require help from the experts, high discipline and proper stake management.

Now, it is off to bed since I am suffering from jetlag.

Second, I know nothing about the United Kingdom horse racing scene.

In my previous posts a chance encounter with an English punter aroused my curiosity.

I registered with Betfair.com and have been using his daily horse racing tip that he gets from using the Factor 4 horse racing system.

However today I have not been able to hook up with him so I am sort off wandering around Betfair by myself lost.

I started the day at $141.50 went as high as $216.68 and am now currently at $165.19.

Remember, this is my second day of betting and I started with a stake of $98.50 (initial deposit of $100 less credit card fee).

So far that is a return of 68% over two days.

I started to fool around with trying to arbitrage my bets, that is have a bet structured that I can only win and not lose.

Here is an example:

2009-01-21 12:18 GB Wolv 21st Jan / 12:20 7f Hcap / A Big Sky Brewing Lay 8.08 10.00 Won 10.00 153.98
2009-01-21 11:59 GB Wolv 21st Jan / 12:20 7f Hcap / A Big Sky Brewing Back 10.78 10.00 Lost (10.00) 143.98

Why would I do this.

If Big Sky Brewing won I would have won around $90 on a $10 bet. But I was not very confident and in the end he did not win.

So as I was watching the board at Betfair I noticed that his odds were dropping and I could now place a lay bet. If he did win my combined bet would net me over $30 but if he lost I would break-even. Since I was not confident of my initial bet I went for it.

I was confident enough that he would place so I also placed a $10 bet and netted $11.80.

I did not have confidence because I was not using a horse racing system.

I lost big time on the 4:00 Musselburgh Race.

Here are the results:

4:00 – Musselburgh
3 Hunters Belt 16/1
10 Alvarado 17/2
2 Doc Wells 33/1

You can see that all long-shots placed and up to now I was making money placing the favourites or using the arbitrage trick.

As I write this I am waiting for the 8.50 Kempton race to start. Looking at the board I see another arbitrage opportunity but I only have a $10 bet netting $35 so I m going to let it ride. I have Greenwich Village based on a horse racing tip from the Betfair newsletter.

Good news, he won, so my ending balance today is $198.44, a 100% return on my money in two days.

So I guess I can say it still is a good day at the races even though my horse racing system sucks.

His horse racing tip: bet Majuro to lose in tomorrow’s race at Southwell.

So I opened an account at Betfair.com as he advised using the promo code BTE111.

With that code I could receive a free bet up to 25 pounds.

So here are the results:

2009-01-20 09:41 7028793276 2009-01-20 07:25 GB Sthl 20th Jan / 09:30 7f Hcap
Comm Charged 5% On Net winnings of CAD45 - - - (2.25) 141.25

2009-01-20 09:41 7028793275 2009-01-20 07:25 GB Sthl 20th Jan / 09:30 7f Hcap /
Nightjar Back 4.50 10.00 Won 35.00 143.50

2009-01-20 09:41 7028793276 2009-01-2007:25 GB Sthl 20th Jan / 09:30 7f Hcap /
Majuro Lay 2.68 10.00 Won 10.00 108.50

I deposited $100.00 Canadian and after all commissions and fees my balance is now $141.25

Because of the free $25 pound bet I did not follow proper betting form. I bet over 35% of my $100 stake on one race.

Not only did I lay down on Majuro (bet that the horse would lose) but I also bet on the next favourite to win, Nightjar.

All in all a good day at the races.

However I seriously violated safe betting rules by exposing so much of my stake on one race.

In a future post I will explore safe betting rules if you are serious about earning a second income using my suggested horse racing system.

I was sitting at a beer bar in Pattaya, Thailand day dreaming of one day retiring here when a burly Englishmen sits down next to me.  I am in a good mood so I buy him a beer.  After the normal introductions he tells me he is retired and owns his own condo just down the soi.  Of course I tell him about my dream of one day retiring here and I ask how the global economy has affected is retirement savings.

He laughs and tells me that his pension is fine, even though the pound is taking a pounding, but that he really lives on his second income and that his pension is just a backup.

Second income??????

He then starts to explain a horse racing system that he uses and how it has paid off handsomely so far this month.

He asks: do you want a horse racing tip?

Now it is my turn to laugh trying to explain to him that horse betting is a loser’s bet.  What do I know?  Turns out nothing.

He tells me how the all weather tracks in the UK are perfect to develop a winning horse racing system.

So far to date in January he has won over 3,000 pounds, more than enough for a few months of fun in Pattaya.

What is his system?

A few beers later he tells me that he is using his own system.

Like a skeptic, I told him to prove it to me.

His horse racing tip: bet Majuro to lose in tomorrow’s race at Southwell.

Stay tuned for an update!