Monthly Each Way Betting Report #10 – April

This is the Pursue FIRE Each Way Betting Report. Starting with a bank of just over £500, horses have been selected for ‘each way bets’ based on nothing other than their perceived statistical value across a number of bookmakers using specialised software from OddsMonkey. To date, my account has grown over 1,400% over a ten-month period to more than £8,200.

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.

Each Way Betting Report 10

Welcome everyone back to yet another Each Way Betting report, covering the month of April 2019. If you are new to my blog and wish to follow my each way betting journey from the start, you can catch up on the previous monthly reports here:

For a more fluid view of results, I also maintain a live results page that updates each day as bets are settled. If you want to see a visual of how the results have been since inception (including the upswings and downswings) this is a great place to go! When you are buried in the daily results it can be hard sometimes to keep the longer-term perspective.

This chart emphatically shows that each way betting has been a hugely successful side hustle for me. Go check it out!

Before we continue, please note that usual disclaimer 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.

Right let’s get into some updates 🙂

Bye Bye March

They say that you feel your losses to twice the degree to which that you feel the wins and this was certainly true last month when …. shock… horror….. I had a losing month. You can read about that here.

There was never any need to panic mind you. Even with the drawdown in March, total profits from each way betting (over the 9 months I’d been doing it to the end of March) stood at £4,854 – all from just an initial bank of £507. That being said, I entered April with a degree of trepidation and I was keen to avoid back-to-back losing months.

April Results:

So what happened? Let’s take a look at how the month panned out in a graphical form. TLC once sang “Don’t go chasing waterfalls….”, but I happen to quite like them:-)

To recap, the waterfall chart below gathers up all the bets for the month and groups the overall profit or loss per day and then plots these in a cumulative fashion. The final (green) bar represents the total profit or loss achieved for the month. Let’s check it out for April…

Pursue FIRE EWB - April
What a lovely wave pattern 🙂

Well, that turned out rather nicely I’d say 😉

Not only was April a very profitable month (my best yet in fact), it also comfortably offset the loses from March with plenty in spare change. The Each Way Betting machine was very much back in business!

Things are never linear in this game though but April was helped by a really strong start to the month. The first five days, in fact, were all positive and yielded £1,572 in profits. The inevitable lull period followed that saw seven consecutive losing days, during which I gave back £702. Then there was a strong finish to wrap the month during which I gained back just over £2k in five days, including a thumping £783 on the 29th.

On the final day of the month, I was hoping to clear the £3k profit level, but naturally, once I verbalised that goal it got beaten down with a hammer by the betting gods just to ruin my fun 😉

My final few bets of the day were all losers, cancelling out some earlier winners, and so I ultimately fell a little short of this lofty target. I’ll get you another time Mr.£3k 🙂

So in tallying up the numbers, April netted a total profit of £2,879, smashing the previous best month on record (February +£2,463). These profits lift my total bank up top the lofty heights of £8,241 – that’s a growth of 54% in the bank for the month and 1,523% since inception (July 2018).

Extra Income

Just for fun, to have earned the equivalent £2,879 income via my job (on top of my existing salary and net of taxes etc) my gross salary would have to be £5,713 higher than it currently is in April (in annual terms that’s the equivalent to me getting a 74% increase in annual pay gross of tax!)

Results obviously vary month-to-month so these numbers are rather meaningless really, but it does illustrate the extra earning power this side hustle has, especially as results appear to grow exponentially from a low base. I’m 10 months in with £7,553 of net profits from each way betting, which crudely works out as £755 extra per month (so that’s trending at about an extra £20k per year gross to date). Not bad indeed!

Shifting Mindsets

It’s interesting to reflect on how my mindset has shifted doing each way betting over the past 10 months. I remember starting with my £507 bank and losing a £27 in my first month (July). While £27 is hardly a significant amount of money, I recall being annoyed that I had not turned a profit in my first month, especially as I saw other people doing significantly better than me.

I mean, I’d diligently followed the system, completed more than 200 bets and all I had to show for it was -£27. Man, this side hustle sucked 🙁

The next month I turned a profit of £200 and was flipping out and how cool that was but also being nervous about increasing my stakes from £2.50 each way to £3 🙂

Contrast those emotions to today, where I might be risking £600-£800 in a single day – sometimes losing £400-£500 but more often winning several hundred. I try to stay grounded and take the rough with the smooth, but it is fun to ask my wife to guess how much I might have made on a given day and see her reaction when it has been over £1k! Needless to say, I’m less vocal about the down days 😉

Stat Attack

The usual stat table below is a useful reminder to me (and hopefully you) of this journey. As I’m now past month 10 it’s getting quite hard to show all the months in one view so I’m showing on the last six months below. Please check prior monthly reports for results going further back. April is on the far right and the since inception totals and averages are on the far left.

Pursue FIRE EWB April
Last Six Months Results

So, for April a total of 295 bets were completed across 18 days. That’s an average of 16.4 bets per day and with 42 multiple bets placed.

In total, I turned over volume totalling £7,555 through my chosen bookmakers, yielding a positive 38.1% return on investment (ROI).

Of the completed bets:

  • 32 horses were outright winners (11% of total bets) and slightly higher than usual
  • 63 horses placed (21%)
  • 200 horses failed to win or place (68%)

“As stressed in prior updates, you should expect the majority of your bets to be losing bets. The ratio of winners, place and losers is highly consistent

Finally, there are the monthly OddsMonkey subscription fees to deduct, leaving an overall net profit of £2,861 (+53.4% bank growth net) for April. While I don’t count it here, I continue to receive some commission payments from OddsMonkey from people who sign up through the blog. A big thank you to those that have.

So with another month in the bag, let’s quickly recap what this all means for the results since inception with eight completed months under my belt….

Since Inception Results

Using the new fancy-pants waterfall chart format, here is a summary of the results since inception and don’t forget the since inception chart that lives on the live results page, updated through the end of April.

Pursue FIRE EWB April

As the stats table breaks out above, the overall return comes in at just over 1,489%! after fees in a ten-month period. You can see the overall stats in the table above if interested in the shaded column.

Risky Business

Without necessarily intending too my risk budget has been slowly edging downwards in recent months. Or put another way, as the profits and bank size have increased, my stake size has not. There is no particular rhyme or reason for this. I just got comfortable risking £30 total per bet (£15 each way) and not increasing my stakes did not seem to dent the profit potential (March aside) so it just felt right.

But with the bank now topping £8k a 1% risk per bet rule should see me risking £80 total (£40 each way). I don’t plan on going quite that far in one move at least. That is quite a notable jump from where I am and I want to fly under the radar and not bring any undue attention to my accounts from the hoards of data crunchers at the bookmakers who look for unusual patterns in user accounts.

So, I’m instead going to settle on a middle-ground and double current stakes in May to £60 (£30 each way) where bookies allow me. Wish me luck!

If things get off to a bad start I’m sure I’ll quickly regret that decision so it will be interesting to see how that pans out. I know that certain bookmakers I’m using will throw a hissy fit and flat out reject this notion. Others might be okay but I do need to once again widen the list of active bookmakers as I’ve been restricted quite a lot this year.

Conclusion

So, that’s it from me for April. I hope you also had a great month to each way betting. Drop your comments below. I’d love to hear how you got on during April.

I can’t believe I’m only a few months away from completing a full year each way betting. I still smile when I look back at the results since inception and see the returns achieved from this brilliant side hustle. How long it can continue is anyone’s guess but let’s make hay while the sun shines 😉

And don’t forget the Full Guide to Each Way Betting if you need any guidance and my spreadsheet to record your bets.

Until the next time!

Dan

OddsMonkey

This Post Has 7 Comments

  1. Hi Dan,

    Great write up. I’ve been reading through your EW blog for a couple of weeks now and I must say that your posts were the final push required for me to dabble in EW M’Betting. I’ve been a member on Oddsmonkey for a few months now and after having worked through the opening bookie offers was looking for a stable source of side income.

    I’ve just finished my first month on EW No Lay. Like you I started with approx £500 bank. Today I’ll have placed my 500th bet and I’m currently sitting pretty with a ROI of 25.6%. I don’t expect to maintain that level but it’s proof over a month that there are consistent returns to have!

    Interesting to read your mindset; I’m currently going through exactly the same. All my bets to date have been £1.25 EW, so small stakes. I’m now at the stage where I should think about upping my stakes but the nervousness has kicked in! I guess I should just trust the process and jump!

    The side income produced is a substantial net gain on top of my existing salary and is working towards providing a debt free wedding at the end of the year. I just hope I get the bottle to up my stakes and continue to build on my early success!

    Cheers,
    Sam

    1. Sorry for the late reply here Sam – glad you are off to a great start with your each way betting. A 25% ROI will most likely settle down to a 10-15% range as you complete more bets, but this is still an amazing figure. I really focus on my ROI as a measure of success. Even in a run of poor form, my lifetime ROI has barely dipped below 10% so that is an awesome statistic to recall when you think it’s all going to pot! I hope it all goes well and that it helps towards your wedding! Congrats

  2. Hi, can I ask how you select your multiples? I can see it’s approx 10% of your singles, is there anything you look out for? I’ve had a look through the posts but haven’t spotted anything.

    1. Hi David – multiples are really a personal choice. The way I approach them is simply to try and knit together as many of my single selections from the day into multiples (e.g. doubles, trebles, 4-folds, 5-folds etc). The main considerations when doing any type of multiple are that they all have to be with the same bookmaker (obviously) but that you also cant combine horses running in the same race. Aside from that its open season.

      Obviously the more you combine into a bed the lower the implied probability of it coming off (but if it does, the higher the payout). This is why I’d recommend significantly reduced stakes when doing multiples – i.e. they are rather unlikely to land, so don’t risk a lot. Even a small stake will be a handsome payout should it happen so you are not losing anything really by going small. If just getting used to the idea, I’d start off just by doing some doubles on your selections. In terms of which horses to choose – well that’s the easy part, you are just re-using the ones you have selected for individual bets. There is no right or wrong answer when it comes to which horses to combine in terms of odds, but I’d suggest mixing it up a bit and having some shorter priced odds with some longer ones. Hope that helps! Thanks

  3. Hi, this blog has been so useful and informative and is giving me lots of inspiration – I’ve only just started out on this and after a few weeks I’m just breaking even, so it’s great to get reassurance and the confidence to persevered trust the numbers.
    There’s one question I want to ask you about my experience so far. You mention in your guide that in the time between seeing the bet on the Odds Monkey matcher and then moving to the bookie’s page sometimes the odds have reduced, and in that case you ditch the bet (if I’m reading it right). I’m finding that change in odds happens with regularity, and I’ve occasionally taken the bet regardless even if the odds have dropped from say, 15 to 11 or something like that. What’s the reasoning for not backing in those circumstances?
    Thanks again for all your work on this page, I’m hoping I see an upswing soon and plan to grit my teeth til it happens.

    1. Hi Michael and thanks for your question. The way to think about the odds and the Matcher is that at the stated price, the Matcher is identifying an edge or a value bet whereby there is a meaningful price dispersion between the exchange and the bookmaker. If you then go to the bookmaker to place the bet and the price has dropped you can of course still take the bet, the horse may win or place, but by taking the horse on at the lower odds you are doing so without that edge/positive expected value. If it does win or place you are also winning a lower amount that you would have done at the higher price. The other point to make is that, if the price you see at the bookmaker (i.e. a bit lower) was the price you see in the Matcher, would that horse even show up in the result or would it more likely not meet the criteria. Its a personal choice and I do sometimes bend the rules if a horse has a big rating in the Matcher (e.g. 109% or something) because it’s likely that even at a slightly lower price it’s still a good value bet. Other times, it’s worth leaving it and avoid the fear of missing out syndrome. Sometimes those horses will re-appear later in the day and you get another crack at getting them on. You can also use a website like oddschecker or oddsportal to see the current prices across multiple bookmakers – I often find you can get the same horse with a different bookmaker at the price you want, even if the Matcher is not showing them. Stick at it, the last few weeks have been a grind but this is a long term game where the edge pays out over thousands of bets. Cheers!

      1. Thanks for your reply, I really appreciate the time you took to explain. I came to this through matched betting and previously had absolutely zero experience of this world, having never placed a bet of any sort. What I like about things like Odds Monkey is that I don’t HAVE to thoroughly understand things because the tools do all the work for me, I can just follow the guides and they’ll (hopefully) pay dividends. I’m slowly getting there and I understand your answer, but there’s one thing I hope you don’t mind me asking more about?!
        I get that the value from the bet comes from the difference in the place odds between bookie & exchange, and that’s what makes these bets appear in the matcher. I recognise that if I was laying it would be counter productive to take them when the odds at the bookie are lower than those in the matcher, but if I’m not laying the bet why does the fact that odds have dropped a bit mean I’d be advised not to take the bet? Apart from potentially winning a few quid less, is there any other reason it’s lower value?
        It feels like this one thing is not quite fitting together in my understanding of how this works, I wouldn’t be surprised if there’s something really obvious that I’m missing, but I’ve been mulling it over and I can’t quite get there on my own.
        Thanks again for all the info on your blog, my bleak run has continued but I’m not planning to throw in the towel yet

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Hello and welcome to Pursue FIRE. My name is Dan and I am the owner and author of all content on this site. I am passionate about personal finance and look forward to engaging with you.
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