Now, this bettor who has placed the large bet, takes these back bets, lets it run for a little while, then places a series of large lay bets, forcing the price back out. Nonetheless, this is one of the more fullproof ways of making small, consistent profits.

With practise, this technique is relatively easy to spot, as spoofers tend to use far larger sums that is usual on Betfair. Similarly, if there is a large amount on the lay side, the price is likely to go out (get higher). And it’s tax free. Indeed, how you take your losses – and there will be some – is just as important as making the wins count. If the market does move against you it is still easy enough to close out for zero loss. Consistency is the key.

5) DO NOT, UNDER ANY CIRCUMSTANCES, LET YOUR BET GO IN-RUNNING. Fact. Well, here are my top tips on how to “read” the pre-race horse racing markets and as such start to make a profit, while minimising the potential for losses.

Just a few pre-tips beforehand: The best time to trade a race is around 10 minutes before the off. Note also that making around 2 to 3 per race would give you a profit at the end of the day of around 50 – not bad for a few hours work. You now place bets at 7.2 and 7.4, meaning you in essence control both sides of the book and it’s very likely both sides will be taken, leaving you with a small profit. This causes all the traders who got in thinking they could ride the back side to jump ship, forcing the price out even more as each one fights to minimise their loses. Certainly I got caught out a number of times when I first started. This is much easier to do using the “Ladder” interface view on Gruss or Bet Angel. You can also “feel” that the market isn’t moving as it should, as the back bets are often gobbled up faster than you would expect.

2) Look Out For “Gaps” In The Market. This tip involves looking for large gaps in the market, seeing where money has been taken (a feature of the betting software) and placing your bet accordingly. This will cause a number of traders to pile in ahead of it (following the money), forcing the price down. If you place a bet and the market moves against you, don’t hold on and on, hoping it will come back into profit, eventually letting the race start – you will end up losing a large chunk of cash. This is more suited to Irish racing, where there is lower liquidity, meaning price movements are far more pronounced. I know I did, but it is a stupidly risky thing to do and should be avoided at all costs. Simply take the loss and move on. If there is a significant amount on the back side of the book, the price is going to ger shorter (get lower). You notice that there have been a few nibbles at around 13.0. Horse racing prices move where the money dictates.

For instance, Horse A is running in the 5:10 at Galway. While not as useful a tool as it once was, exploiting “gaps” can still be a very profitable addition to any betting system. . Its price is 12.0 on the lay side and 20.0 on the backside.

Alright, so you’ve got yourself a Betfair account, you’ve downloaded Bet Angel or Gruss as your betting interface, had a little dabble, but still aren’t sure what you need to be looking for in order to start making some money. Now, I understand that many of you will ignore this. This is when the action starts and liquidity markedly increases. If you lose, don’t let it upset you, simply forget about it and move on to the next race…

1) Follow The Money. It’s probably a good idea to trade horses with prices between 10.0 to 17.0 to start with, as at these levels the market is easier to “read”. This can of course be repeated until the market catches up.

4) Look Out For “Spoofers”.

For example, you see Horse A is trading at 7.0 on the lay side and 7.6 on the back side. It’s worth pointing out that these types of bet can take some time to be filled, and practise is needed if the price starts bouncing around. The trick is to watch for the build up of these positions – comes with practise – and dip in ahead of them, then ride the price movement to a nice profit.

3) Speculate On Large Price Movements. Essentially, what you need to look out for are two empty price increments. If it gets taken, you then place a back bet at anywhere between 16 and 18, and if that gets taken you secure a nice profit. This is something to watch out for when following Tip 1 on this list.

Essentially what happens is a bettor on Betfair will place a large bet on one side of the book – let’s say it’s on the back side, as that is the usual scenario (although it does happen frequently both ways). This is where you place your bet – a lay stake at 13.0 to 13.5