I spoke to a guy at Ukhomebusiness today by the name of Michael Pollard. He was going on about something called Percentage Betting and how it is the way the bookmakers make money. I couldnt quite follow what he was saying, and it is the first I have heard of it, or at least the way he explains it. ( I understand how bookmakers make money,…balancing the amounts bet on each horse so that no matter wich wins, they will still make a profit … but he was trying to tell me I am completely wrong.) He showed me a client’s betting account at thelayexchange.com, which is their wagering vehicle. Looked impressive but there is something funny about it..
Where there is a client loss, it adds to the total, and when there is a client win, still represented by a negative figure, it takes away from the total. He explains that, as his actual client is the bookmaker…the total amount, and his client is taking these other bets from some punter. I asked him whether this was lay betting then but he said that this was not lay betting, yet in the screenshot you can see that it says Lay Series at the top of the table. Not sure what is going on here and will take a bit of digging…or a trial..they offer a $500 free trial where you put that amount in an account for them to trade with. Maybe theyll run off with the money. Maybe they will bet it, and if it does well, try to get you onboard for the $9,999 or $14,999 licence (!). If it doesnt go well, they will either move onto the next client and give you your money back, or move on to the next client and keep your money. I have heard from someone who is trying to get a refund. Waiting to hear..
Feedback from readers suggest that that the trials usually go well and profit is returned. The going gets messy though after the hefty licence fee is paid. There have been reports of losses and stagnation. The only reports of good returns have not been verified ( no more communications received) and could be hoaxes.
Update 30/10/13: I had a another cold call from them and the new guy explained the concept of their operation better: That you are investing in a share of a bookmaker’s licence, and since bookmakers always balance their books, you should make money. That sounds reasonable, but I’m still not sure whether that is really what is happening, as in the trial accounts, you still seem to be betting against one horse, not the balanced field of the race, as a bookmaker would be doing. I have received one email from a guy claiming to make good sums of money from a very large investment. He hasn’t supplied any proof yet though..
Update: the person who was tryingto get the refund did receive it, and had also made a profit during the trial. At least I can report that they are honest enough to return the investment, plus any profits. I still think that $10,000 is way too much to just buy in to the program, and you still have to supply a bank after that. Theres just no guarantee. I would rather try to negotiate profit share or something like that than pay any upfront fee.
Opinion: treat with a fair amount of caution and refuse to invest those sums of money for upfront fees.
Update 20/11/13: Another company running a very similar scheme has popped up:
Trading Capital Partners ( using a Costa Rican bookmafer Century Gaming who can not be found ) Similarly you deposit $500 for a four day trial where you are guaranteed to get your money back, probably plus profit. Again you are taking some kind of part in a bookmaker’s licence. Whether it works long term or not you won’t know until you have parted with at least $9,999, and that is unlikely to be guaranteed !
St George Ltd / Questbet and Racing Analysts/ Pacific Gaming have similar schemes going but without licence fees, so you’d only be risking your investment, which you should be able to withdraw at any stage. Much better prospects of getting a return there since you don’t have to win back your licence fee before making any profit.
Treat with caution