This is the Pursue FIRE Each Way Betting Report. Each Way Betting is a side-hustle in testing. Starting with a bank of £500, horses are selected for ‘each way bets’ based on nothing other than their perceived statistical value across a number of bookmakers using specialised software from OddsMonkey
Each month I summarise my results and offer insights, tips, and tricks and show my real numbers. To learn more about Each Way Betting and how you can get started, please check out my Full Guide To Each Way Betting.
Welcome back for another update on the Each Way Betting experiment! If you missed the write-ups for previous months, you can catch them in all their glory here:
In addition, I maintain a live results page that updates automatically each day as bets are settled. As its becoming bigger (now 4 months) I’m working on relocating this to its own dedicated full-width page to show it in all its glory, but for now, it’s still where it is, but it can be maximised by clicking on the expand button at the foot of the chart 🙂
Before we continue, please note that this post includes affiliate links to OddsMonkey. In my opinion, Each Way Betting would not be possible without the brilliant Each Way Matcher Tool. If you are interested to try it out, please consider following the link. You can try the features out and OddsMonkey offer a full 30-day, 100% money-back guarantee if it’s not for you.
A picture paints a thousand words…. so, as always, let’s take a look at how the month panned out in graphical form. The blue bars represent the daily profit or loss, while the green line represents the cumulative profit or loss …
What a pleasing picture indeed as the results kept on coming during October. In fact, it turned out to be yet another record month! 😉
Overall, the total bank increased 65.9% this month, bringing home a whopping £693 in profits. Since July, that’s a cumulative return of 244% taking a starting bank of £507 to £1,744.
Let’s get our geek on and look at some trusty stats 😉
The most significant development during October was the increase in staking amount from £5 to £10. I chose to do this as the initial bank had successfully doubled from £500 to £1,000. It was, therefore, necessary to correct the drift in risk budget and ensure it was back up to 1% risk per trade (i.e. £10 total stakes). Staying at £5 total stakes would have been 0.5% risk per trade – a little too risk-averse.
Higher absolute staking (but still capped at 1% risk) obviously means higher absolute potential returns (or losses). Thankfully, October was not the month for that to occur although it was characterised by a slowish first few weeks, with the bulk of profits coming later in the period.
In total, 421 bets were completed across 24 days in what was easily my most active month yet. That’s an average of 17.5 bets per day, which is slightly higher than before but mostly explained by the introduction of more multiple bets (doubles, trebles etc).
In total, I turned over significantly more volume totalling £4,046 through my chosen bookmakers, yielding a 17.1% return on investment (ROI).
Of the completed bets:
- 43 horses were outright winners (10% of total bets)
- 107 horses placed (25%)
- 272 horses failed to win or place (65%)
“As stressed in prior updates, you should expect the majority of your bets to be losing bets. But its still amazing that its possible to lose your stake 65% of the time, yet return a 66% growth in bank”
The best daily profit was £172.45, and the worst down day was -£107.50. This meant that an average daily profit for October was a healthy £28.86.
In terms of bank highs and lows, I came close to finishing at an all-time high, but a £54 losing day on the last day of the month – I blame Halloween 🙂 prevented that from happening. That being said, I’m not complaining as it still meant capturing 97% of the maximum bank high watermark.
In contrast, the bank low was £1,033 – only an £18 drawdown from our starting position of £1,051.
Of course, there are the monthly OddsMonkey subscription fees to deduct, leaving an overall net profit of £675 (+64.2%) for October…. pretty decent I have to say!
So with October officially a wrap, let’s quickly recap what this all means for the experiment to date, now that there are our completed months under our belts…
Since Inception Results
Here is a glimpse of the since inception chart that lives on the live results page, updated through the end of October. As always, this details the daily profit or loss (blue bars) and the cumulative profit or loss (green line)
As the stats table breaks out above, the overall return comes in at +200%. A few highlights include:
- 1,102 total bets have been completed across 82 days. That’s an average of around 13.2 bets per day.
- £7,437 has been turned over through my chosen bookmakers, yielding a very decent 16.6% return on investment and generating £1,165 in net profits
- In terms of outright winners, 127 have come in first past the post (12% of total bets); 296 horses placed (27%) and 680 horses failed to win or place (62%)
- The best daily profit overall is £172, and the worst down day was -£108. Average daily profit is running at £14 overall.
- In terms of bank highs and lows, the current high water mark is £1,798 (which would represent a 255% return), and the low point is all the way back in July when we hit £464 (which would represent a -8.3% overall return) – that’s a pretty compelling risk:reward profile
- Net of all OddsMonkey subscription costs (4 months), overall profit is now £1,092 (or +215%).
Don’t Be Gross!
It’s important to remember that these profits are free from any taxation, so it’s always a fun exercise to consider how much one would have had to earn via the day job in order to have brought in the equivalent sums, net of the tax man’s take.
By my rough calculations, I would have had to be earning close to £22,000 more per year (gross) on top of my existing wage, to bring home the same £693 that each way betting brought me in October (assuming a scenario where I earned £693 more per month every month for a year).
Even more important is that I estimate that I spend roughly an hour a day total in this endeavour (aside from writing guides and monthly updates of course). So overall, that’s £1,165 net profits to date for 82 hours of work (roughly £14 per hour).
When I began the experiment back in July I committed a suitably small amount of money and a time frame (minimum 3 months or 1,000 completed bets) over which I was prepared to try each way betting before drawing any meaningful conclusions.
This involved staying the course and betting every day where practically possible, no dipping in or out or taking days off after a losing run, just rinse and repeat. The headwind here is always variance, so the more completed bets that are made, the more meaningful all of the stats become.
So, with my original target of 3 months and/or 1,000 bets completed, I am officially calling an end to the experiment phase of each way betting. Will I be continuing? You bet I will …. did you see what I did there 😉
I’m convinced its worth the small amount of time needed to generate a very good rate of return. How long will it last? Is there a nasty month around the corner? Quite possibly, but I’ll stay the course.
Remember this is just one of a number of side-hustles I am pursuing.
Winter Is Coming
Ask any Stark and they will inform you that ‘winter is coming’ Those men in black speak a lot of sense 😉
As I mentioned last month, I expect the volume of racing to ease somewhat over the winter months. Increasing amounts of bad weather and potential for race cancellations or horses dropping out will serve to cap the available opportunities to bet every day. Just something to keep in mind if you are just getting started. Hopefully, no White Walkers show up!
What, if anything will I be changing in November?
As well as the weather consideration, there are a few other things I’ll be personally doing or considering in November:
- Discipline – while profits have been exceptional, its important (for me at least) not to suddenly ramp up the ante too quickly. It’s tempting to boost my betting bank with additional funds, but I’m sure that losing month will occur at some stage, and I’m happy to keep building things at a sensible click
- Staking – That being said, with November’s starting bank at £1,777 – £10 total stakes are once again sub-optimal for my 1% risk goal, so I’m upping my stakes now to £8 each way (£16 totals)
- Controlling Emotions – as I write this update I reflect on day 1 results for November which were not pretty – stakes have been upped to £16 as pointed out, and it can feel like you have made an error or that the betting gods have turned on you when you have a losing day. But, the process is exactly the same as in previous months – risking 1% per bet so I’m confident that November will go onto be another profitable month 😉
So, that’s me! How are you getting on with Each Way Betting? Are you getting similar results? I’d love to hear how you’re getting on.
During the month, I was asked by a reader of the blog (Alex) for some assistance with a spreadsheet and was only too happy to provide a copy of mine, complete with all my results to date. If you are reading this Alex – I’d love to hear how you are getting on! Hopefully, you have had a profitable first few weeks 🙂
I’ll add a link to download a Google Sheet template in the days ahead. Feel free to take this and adapt as necessary to your own tastes. And don’t forget the Full Guide to Each Way Betting if you need any guidance.
Until the next time