Pete’s Interview – Pete’s Betfair Method [UPDATED]
We have managed to conduct an interview with Pete, author of Pete’s Betfair Method. We conducted the interview through his publishers: Home Business Direct, who published Peter’s top selling “Pete’s Betfair Method” product.
I have already conducted a review of the product, and for those who have not read the review, and my testing, you can read on the following link, including screenshots of my results:
At this stage I must point out that, as with a few of my interviews which were not conducted by phone, I asked a series of questions by email; via agents, publishers, or personal assistants – some people are just too busy to be interviewed by phone, or face to face, unfortunately..
Now, let’s get into the interview, before Peter changes his mind 🙂
Pete’s Betfair Method – Author’s Interview
Ben: I would firstly like to thank you, Pete, for allowing me to throw a few questions in your direction, as I am sure you are very busy.
Pete: That’s OK Ben, you are actually the first person to ever ask me for an interview, and I am not really anybody special, I am just somebody who has made something work that many people were interested in.
Ben: Very modest, as I expected. Can I ask you a bit about your background, and how you starting using Betfair?
Pete: I had always been interested in the statistical side of gambling, and had toyed with a few scenarios over the years, but my main job in a bakery never really gave me the time to follow it through. Once my children left home, and my job decided for me that I would be working nights, I found myself with a fair bit of free time during the day, and as you probably know, horse racing is on all day from around 2pm, so it was the ideal opportunity to do some serious research, and this together with a few ideas I had over the years really gave me the chance to research and test on a solid basis.
Ben: What attracted to you trading, or gambling as most people call it?
Pete: I have never been a fan of bookmakers. I remember my old man losing endless amounts of money on the horses when I was growing up. He used to send me to the betting shop at the corner of our road with a slip and put the bets on for him. Then I would watch him literally squirm at the losses. It can be an addiction and betting shops make it their business to profit on such regular gamblers, knowing full well that there is little chance of them winning in the long term.
So this lead to me always being curious as to how bookmakers made their money, and if there was a statistical chance of beating them at their own game.
Ben: Did you ever manage to make money directly from bookmakers, without Betfair?
Pete: People make money at bookmakers, as they make mistakes. There are definitely ways of doing it, but if you make a profit consistently, then they will close your account down, guaranteed, and I for one think closing people’s accounts down should be made illegal. Think about it, if a business can offer a service where they can make a profit, why should their paying customers not also be able to make a profit consistently? It is double standards, and one that should not happen.
Bookmakers spend a fortune on advertising to attract customers, only to ban those who make a consistent profit. It is corrupt. The whole idea of gambling being fun is something that bookmakers just make up to justify what they offer. In my mind they are nothing but parasites, leaving their customers for dead, banning them, once they have sucked the profit from them.
This is why Betfair is so attractive, and definitely worth putting the time in to find something that works, because Betfair do not care at all who wins.
Ben: I definitely agree about the bookmakers, and their banning of accounts. It is something I have thought about myself. Have you ever used bonuses as a way of making money from the bookies, like Mike Cruikshank’s Bonus Bagging?
Pete: Oh for sure I have, even before Mike brought that product out, those who traded on Betfair were using the same tactics to make the easy money from the bonuses, then laying it off on Betfair. Mike just packaged it up in a way that people could understand, and he has done a fantastic job. I can imagine the bookmakers really not enjoying the fact that such services are out there, as they will be losing millions to it.
Ben: I read you stating that you started selling your system on eBay many years ago. What was the thinking behind doing that?
Pete: It’s quite simple really, I used eBay myself to start buying up all the available systems on trading on horses, not just Betfair but everything I could get my hands on, as I had always had a keen interest in horse racing, and other forms of gambling, and I quickly realised that most of what was being sold was simply nonsensical and just did not work for me.
Therefore when I managed to tweak something that actually worked for me, I wanted to test if others could replicate what I was using myself, more out of curiosity than anything else, and yes, I sold a few, but it was the feedback I was interested in, to see if there was something unique I was doing that I didn’t even realise myself.
When you create something that works for you, I suppose you just want to make sure that it was not a freak set of results, and that others could do the same if in possession of a simple formula.
Ben: I have tested the Betfair system myself now, and having a fair bit of experience myself, I was able to make some decent profits. Can I ask you if you still make your full living from the systems you devised?
Pete: It was around 2007 that I put pen to paper on this system to see if others could follow it, and I have made some good money since from this, and other trading methods I use, although through personal circumstances I had to scale back around 2 years ago, as my wife has a health condition that kind of started to decide my day for me, so I don’t do as much trading as I used to, but family will always come first for me over money, it always has. Without your loved ones, money does not mean anything, so yes, I had to scale back.
Ben: Do you think Betfair has changed since when you started using their exchange?
Pete: I don’t think it has changed that much to be fair. I think Betfair have tried to keep the basic concept the same, and they have done a good job leaving the exchange to their customers. One change that has obviously been brought in is the commission they now charge, which never used to be there. It is only a small amount, but this small amount changed one of my systems that I created, as I used to be able to guarantee an easy profit by basically acting as a bookmaker on any trade, and guarantee a profit of around 4% on every single trade I made, which of course with the 5% commission coming in, it squashed the little extra system I devised, but that one was good whilst it lasted.
The changes Betfair have made have definitely been good for the customer, especially the cash out option, which is mainly based around football trading, and works extremely well on that.
Ben: Do you feel anybody can genuinely learn and profit from your system?
Pete: That is actually a better question than you realise. The reason being is that it is like anything, you have to learn the subject you are wanting to make money from. If you want to become a solicitor for example, you would go to university, then law school, and probably have a good 5 years of training on the subject you are trying to make a living from before you even started.
The problem these days, is that we live in a want-it-now society, and the internet is not helping with that. Sure, anybody can make money from trading, but anybody can lose it to, so you really have to understand the markets, and do your research to ensure longevity.
Yes, a system can work for a certain time, but if you are not constantly adjusting and learning the subject then you are relying on a system working for you, instead of you working with the system, and that means knowing what you are doing, and practicing. That really is essential. You have to make any system your own, by adding your own input into it, and you can only do that by having the right attitude, managing your risk and implementing what you have tested to work.
So to answer your question, any system can work, providing the person using it is prepared to put the effort, research and practice into it, and the time this takes will vary from person to person. You have to treat any money making start up like a business, and run it like you would a business. A Betfair system is no different. No business is without its risk, and no system is without it’s risk. Those who make something work are those who manage such a risk, earn and practice ways to give more, and more advantages to what they are doing.
In an ideal world, everybody would be able to focus on the task in hand, and be able to practice for something they want. This is the reason why I have always given a money back guarantee.
It has always made me smile when I read on various forums how supposedly experienced traders dismiss what is blatantly obvious. They are not real traders, or they would not spend their lives on forums looking for titbits of information from others. As they say, those that do – do, those that pretend – teach. You have to be able to filter all the nonsense from your research and understand that the only person who can make you a trader is you.
Ben: Very interesting answer. So what you are basically saying, is that providing you are willing to put the hours into learning something new, and are prepared to act on what you have learned, trading may not be for you?
Pete: Exactly. Otherwise we’d all be able to retire early without putting any effort into anything, or without learning any new skills that are essential to making something work for you. If everyone was making profits from trading, then there would be no markets to take advantage off, because to be able to make a profits from trading, somebody else has to lose their side of the trade, and if nobody ever lost, there would be no liquidity, and thus the markets would not exist.
Ben: That makes perfect sense, Pete. Do you ever envisage a time that Betfair may be on the decline?
Pete: I honestly don’t see it. Betfair is a business, and an extremely profitable one at that. The basics are perfect from a trading point of view, and with the exchange market they have literally revolutionised the betting industry. I don’t know if you are aware, but even the large bookmakers use Betfair to offload some of their liability, whether that be passing on bad bets due to their odds makers, or just to ensure more profitability for their companies, but they use the exchange, too.
Bookmakers employ staff to create their odds, and they do not always get it right, believe me, sometimes they can take a real battering by getting it wrong, and before Betfair they had to suck it up, but now even they can offload what is a bad bet, and use the exchanges to turn a bad situation around.
Ben: Pete, why is it seen that the majority of Betfair systems don’t work?
Pete: Another good question, and I honestly think that in many situations (not all) it is not the system at fault, but the user not being able to adjust his mindset to that of a real trader. Nobody likes to think of themselves as not being able to understand something, or not being able to follow through with the actions, and effort that is required. Most users of systems want to be able to follow something exactly and gain the results. That just won’t happen, practicing is totally essential to any success where trading is concerned.
I would say this, that if you are not willing to practice making money from Betfair, then you are probably not best placed in starting in the first place. You wouldn’t just get into a car without first spending months practicing, and creating your own driving style. Trading is the same, everything has to be practiced again, and again and this then leads to confidence in what you are doing, and you then become even more accomplished in what you are trying to achieve.
In my system I used historical data to predict certain patterns, and you can almost create an algorithm where once you know what is likely to happen, you can increase your output even further. Then once you are fully practiced, this, together with data going back years, creates a situation where you can trade with confidence. But it definitely takes practice, like anything worthwhile.
Ben: Final question, Pete. Have you got any more systems in the pipeline?
Pete: Up until around 2 years ago when I scaled back, there were many different strategies I used. The problem is, when you trade full time, the actions you take are not always readily available to convert to a teaching format, if that makes sense. For example for some strategies, to be able to write them down would just take far too much effort, and time, and you could end up confusing the reader. These are strategies that you just find yourself when testing, and anybody can do the same, they really can, if they have the work ethic and desire to just not give up until they have made something work.
Only the reader will know how much effort is worth the result. That’s the bottom line.
Ben: Pete, I would like to say it has been a pleasure, and I want to thank you once again for your time in answering my questions, albeit by email. I wish you all the very best 🙂
And that concludes Pete’s Interview – Author of Pete’s Betfair Method
To read my full review, and testing results of Pete’s Betfair Method, please click the following link:
Title: Pete’s Interview – Pete’s Betfair Method [UPDATED]
Reviewed by Ben Doyle on Oct 23
Summary: Pete’s Betfair Method – Interview
Description: We catch up with the author of the Pete’s Betfair Method, to interview him about his trading products, and my review and testing of his system.