📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

How much can you save?

1370371373375376710

Comments

  • rictus123
    rictus123 Posts: 2,560 Forumite
    1,000 Posts Combo Breaker Name Dropper
    I won just over £1000 on Betfair on Wednesday night. Iv not had a bet since that one and iv withdrawn everything in my account. So now i have about £2100 saved and its payday Friday :D Felt absolute amazing when i wrote down a rough budget for the next week and i seen what i can have left come my next pay 2 weeks on Friday, Friday the 13th :o

    So really happy just now and being careful as to not give any back to betfair!

    Does noone else on here think sometimes maybe risking a little of there money on betfair for a 10% return with the money tied up for a few days is better than having it sat in an account for a year only to get half of that. I know theres a risk but it really is small if you know what you are doing.
    Work in progress...Update coming July 2012.
  • rictus123 wrote: »
    I won just over £1000 on Betfair on Wednesday night. Iv not had a bet since that one and iv withdrawn everything in my account. So now i have about £2100 saved and its payday Friday :D Felt absolute amazing when i wrote down a rough budget for the next week and i seen what i can have left come my next pay 2 weeks on Friday, Friday the 13th :o

    So really happy just now and being careful as to not give any back to betfair!

    Does noone else on here think sometimes maybe risking a little of there money on betfair for a 10% return with the money tied up for a few days is better than having it sat in an account for a year only to get half of that. I know theres a risk but it really is small if you know what you are doing.

    I really like the idea of this! I have 19k savings, I am at college at the moment so have little income, and would love to add to my savings my doing something like that, I bet a little bit, £10 here, £20 there, but I am so unlucky! :rotfl:. I'd love to know how you do it, £1000 from betfair, amazing!
  • rictus123
    rictus123 Posts: 2,560 Forumite
    1,000 Posts Combo Breaker Name Dropper
    Hey driving soon, well done thats a fantastic amount, mind if i ask how old you are? Is there any sport you know about? I wouldnt reccomened it to someone who doesnt know what they are dealing with but with the right bets you could see a 10% return on your money weekly. More if you are open to risk.
    Work in progress...Update coming July 2012.
  • rictus123 wrote: »
    Hey driving soon, well done thats a fantastic amount, mind if i ask how old you are? Is there any sport you know about? I wouldnt reccomened it to someone who doesnt know what they are dealing with but with the right bets you could see a 10% return on your money weekly. More if you are open to risk.

    Thanks! :D I'm 21.

    I know about football, that's manily what I bet on really. It's the risk factor that's the problem, I don't know if I could stand a few days with my money somewhere else not knowing if it's safe or not, but saying that ... I'd love to be able to go Uni next year with a good 22k+ savings, and betting would help!
  • rictus123
    rictus123 Posts: 2,560 Forumite
    1,000 Posts Combo Breaker Name Dropper
    Wow, how on earth did you manage that?! 19k at 21 is really impressive, do you run a car or anything? Thats 3 years away for me, iv saved since last month and at the end of this month il have about £2,700. At this rate il have 50k at 21 if i managed that every month but there is absolute no way i will manage to save that! Lol. I mean its only tied up because it takes a few days to withdraw it. If you know football and know a bit about laying i find that a good bet. Laying teams away from home with injury problems or in poor form etc.

    Say you were brave and were going to risk £1000.

    Laying a team at decimel odds of 6 - the same as 5/1, you are risking £1000 to win £200, a 20% return

    or if you dont want such high risk, lay odds of 25, 24/1 risking £1080 to win £45 which is still a 4.5% return.

    Sorry but i love figures :)
    Work in progress...Update coming July 2012.
  • rictus123 wrote: »
    Wow, how on earth did you manage that?! 19k at 21 is really impressive, do you run a car or anything? Thats 3 years away for me, iv saved since last month and at the end of this month il have about £2,700. At this rate il have 50k at 21 if i managed that every month but there is absolute no way i will manage to save that! Lol. I mean its only tied up because it takes a few days to withdraw it. If you know football and know a bit about laying i find that a good bet. Laying teams away from home with injury problems or in poor form etc.

    Say you were brave and were going to risk £1000.

    Laying a team at decimel odds of 6 - the same as 5/1, you are risking £1000 to win £200, a 20% return

    or if you dont want such high risk, lay odds of 25, 24/1 risking £1080 to win £45 which is still a 4.5% return.

    Sorry but i love figures :)

    I left school with very little GCSE'S, so went college two years just going through the motions, I left after 2 years and worked for just under two years, this is where most of the savings come from. I just had too much money coming in and did not know what to do with it :rotfl:, I only took home £800 a month, but at the time was far to much money for me, I had rent £130 per month, but the rest was mine. I did not know much about saving or anything, I remember having like 6k in my current account at one point, it was just building up and building up, and whenever I went into my bank they were like 'GET A SAVINGS ACCOUNT', Once I did I was hooked, saved all I could, but still had enough for going out, clothes, driving lessons. I still try and save now, but at a much lower rate due to back at college now and very little income.

    and Nahhh about running a car, I spent around 1k on driving lessons, but still failed! :rotfl: - So I'm giving up for a while, costs far too much!

    Only last month and you have that ammount? thats really impressive!!! 50k at 21 would be amazing, I know it sounds impossible, but aim for that anyway! It's never a bad thing aiming high :D.

    Really interesting about the betting, I think I would not borther with the £45 return, but the £200 sounds better. I'll have a good think about it.
  • Castleman
    Castleman Posts: 365 Forumite
    Part of the Furniture Combo Breaker

    Really interesting about the betting, I think I would not borther with the £45 return, but the £200 sounds better. I'll have a good think about it.

    Don't do it unless you understand the bookies business model and are good with numbers. Rictus has fallen into the classic trap of thinking that an unlikely event won't happen. The bookies know that and price it appropriately.

    I.e. using Rictus' numbers, a 25 to 1 event will happen once in every 25 events (i.e. costing you 1080 instead of winning you 45) and a 6 to 1 event will happen once in every 6 events - ie costing you 1000 rather than winning you 200. If you're happy with that risk and think you know more than the bookies and their business model, then just go ahead and play!
    And just because you think it is unlikely doesn't mean it won't happen regardless of how Rictus replies to this post!

    Do the maths over a long series and you'll see that you'll need to be a lot better at picking the odds than the bookies are to make anything from one sided betting/laying.

    If you do want to use betfair, read the board on this forum a about gambling loopholes and see a much lower risk way of making money. That way, you make money regardless of the result.
  • I couldn't risk a large bet. £10 is my limit. I picked the Grand National winner last year and got £110, but that's my only real success. I am a coward; good luck to those with the nerve, and the cash to lose.
    Target Cash Net Worth: £25K by January 2012
    Progress
    May-08
    19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
  • rictus123
    rictus123 Posts: 2,560 Forumite
    1,000 Posts Combo Breaker Name Dropper
    Castleman i didnt say it was easy did i. And normally if a bookie thinks something will happen once in 8 goes they would price it at 10/1 not 8/1. Thats how they have such an edge and you cant bet just by going on the odds. Obviously its not easy but it is possible to make money laying teams if you know what you are doing. You have to be selective and take a cautious aproach but i never bet what i cant afford to lose. I give myself a £50 gambling allowance everymonth if i need it, which still leaves my income more than £500 more than outgoings. £50 i can afford to risk really.
    Work in progress...Update coming July 2012.
  • Castleman
    Castleman Posts: 365 Forumite
    Part of the Furniture Combo Breaker
    rictus123 wrote: »
    Castleman i didnt say it was easy did i. And normally if a bookie thinks something will happen once in 8 goes they would price it at 10/1 not 8/1. Thats how they have such an edge and you cant bet just by going on the odds. Obviously its not easy but it is possible to make money laying teams if you know what you are doing.
    You're right, you didn't say it's easy - and it isn't. That's why bookies have entire dedicated teams to understanding the model that they use (and remember they are just laying everyone else and know more about it than you, regardless of how much information you have on injuries, teamlists etc etc!).
    rictus123 wrote: »
    i never bet what i cant afford to lose. I give myself a £50 gambling allowance everymonth if i need it, which still leaves my income more than £500 more than outgoings. £50 i can afford to risk really.

    If you give your self a gambling allowance every month of £50, this should be the amount you risk not the amount you lay. E.g. at odds of 10/1, you'd lay £5, risking £50. If you can afford it, then great - your money do what you want! however, bear in mind that from your previous examples, you're risking hundreds (even thousands on large lay bets?) which may come in and you'll be significantly out of pocket.

    Let's see where you are in a year - you may be a sports genius and know what is/isn't going to happen! But probability and the gambling business model alone, say you are destined to fail over the long run.

    Unlikely events, do happen. I;ve had events at 80/1 come in.

    Seriously though, read this http://forums.moneysavingexpert.com/forumdisplay.html?s=&daysprune=&f=41 to see a lower risk (and more successful) strategy!

    End of the day - your money, your risk. But please don;t encourage others who may not be as proficient with understanding probability and business models.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.4K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.4K Work, Benefits & Business
  • 599.7K Mortgages, Homes & Bills
  • 177.2K Life & Family
  • 258K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.