Monthly Each Way Betting Report #7 – January

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, the account has grown 660% over seven months to more than £3,900

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.

Pursue FIRE Each Way Betting Report 7

Happy New Year and welcome back to another Each Way Betting report – the first of 2019! Hopefully, you all had a great Christmas. 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. As the chart continues to grow (now with 7 months of history) I’ve placed it on a full-width page this month and will add further stats to it over time. 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.

So, was it a case of the New Year Blues in January or did the Each Way Betting bandwagon keep on rolling?

January Results:

In many ways, January was one of the most interesting months to date in my each way betting journey. It had pretty much everything, including some insane wins and some challenging mini-losing streaks. It was also a month that saw me travel with work to Boston in the States for a week mid-month and in many ways, the month was a tale of two halves either side of that trip.

As always, let’s first 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 for January …

Pursue FIRE Eachway Betting Report

As you can see, the first part of January was mostly consecutive losing days before two stunning days steadied the ship before I set off on my travels. Upon my return on the 21st, results picked up considerably for two days before a period of flat returns. Then, the last week of the month was stellar and resulted in closing the month with a total profit of £1,458 – an overall increase in my total bank of 58% for January. Since inception in July, that’s a cumulative gross return of 686% taking the starting bank of £507 to £3,984. Whoop Whoop 😉

Now, remember that the chart above represents the daily profit or loss – the aggregation of all the results per day. It smoothes out, to some degree, the daily variance of each way betting, particularly in January which was a rollercoaster for sure.

Since starting each way betting in July 2018, my average bets per day is running at 14 and January was no different with a slighly higher average of 15. To give you a greater sense of that daily volatility in January, here is a chart of the profit and loss by individual bet in time order.

Pursue FIRE EWB

You can see that, at one point, losses touched as large as negative £500 before recovering to end the month just under £1,500 – so that is a £2,000 swing. While, it’s tempting to watch your profit & loss numbers with each and every race, it can test your mind and (potentially) lead you to alter your strategy or risk management by overbetting or increasing bet size to try and recoup perceived losses.

I always advise to just trust in what you are doing, stay disciplined with your risk management and judge things over a full month, review and repeat. Hitting that negative £500 figure during the month certainly tested me a little, but I know that a winning day is never far away and, when they come, the average winning days trump the average losing days. Plus I remind myself, that my initial capital was just £507, so dropping from a point of significant profit is still not eroding my invested capital.

So, let’s get our geek on as usual and look at what that means via the usual trusty stats 😉

Stat Attack

Pursue FIRE EWB

In total, 286 bets were completed across 19 days. That’s an average of 15.1 bets per day, with 30 multiple bets placed.  

In total, I turned over the second highest volume totaling £5,388 through my chosen bookmakers, yielding a very good 27.1% return on investment (ROI).

Of the completed bets:

  • 24 horses were outright winners (8% of total bets)
  • 69 horses placed (25%)
  • 193 horses failed to win or place (67%)

“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 67% of the time, yet return a big profit for the month.”

January also brought quite easily the biggest single day for profits with £686. The worst day was just a modest -£173. This meant that the average daily profit for January was a stonking £76.74

Of course, there are the monthly OddsMonkey subscription fees to deduct, leaving an overall net profit of £1,440 (+57.0% net) for January.

So with January in the can, let’s quickly recap what this all means for the results since inception with seven 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 January. As always, this details the daily profit or loss (blue bars) and the cumulative profit or loss (green line).

Pursue FIRE EWB

As the stats table breaks out above, the overall return comes in at just over 660%! A few highlights include:

  • 2,082 total bets completed across 140 days. That’s an average of around 14.3 bets per day.
  • £22,059 has been turned over through my chosen bookmakers, yielding 15.8% return on investment and generating £3,351 in net profits
  • In terms of outright winners, 203 have come in first past the post (10% of total bets); 541 horses placed (26%) and 1,388 horses failed to win or place (64%)
  • The best daily profit came this month at £686, and the worst down day was -£240 (from November). Average daily profit ticked up meaningfully from £17 to £26 overall.
  • In terms of bank highs and lows, a new all-time was reached on the last day of the month at £3,984 and the low point is all the way back in July when we hit £464 (which would have represented a -8.3% overall return at that point) – this continues to be a highly compelling risk:reward profile
  • Net of all OddsMonkey subscription costs (7 months), overall profit is now £3,351 (or +661%).

Slack Community

As shared last the month here, I set up a dedicated community for Each Way Betting which began in earnest in January. The purpose of this group is to connect and chat with other people following the strategy and share tips and tricks along the way.

It has been great to see the numbers grow quite meaningfully over the month as the word spreads and there are a number of my esteemed fellow FIRE bloggers in the group, including theFIREstarter – the person who inspired me to start each way betting in the first place.

I can’t thank them all here but its great to have fellow bloggers MatchedBettingGuy, SavingNinja, Weenie, Dr Fire and many more on board. As at the time of writing, we are 20 strong (up from 3 at the start of the month!) so a big thanks to each and every one of you for making it great. I really thought it would just be me talking to myself in an empty channel for the first few months 🙂

I’ve already picked up some invaluable tips from the group and hopefully parted with a few words of wisdom myself. While everyone’s results will differ (based on chosen bookmakers, OddsMonkey settings, risk management, and staking strategy) we have all shared in some thumping wins and a few bad days too and the banter is top-notch 😉

A highlight for many of us had to be a long shot selection called Look To The Sky, running overseas at the 11:25am at Vaal on 29th January. At odds of 67.0 not many would have expected it to place, let alone win! I came out of a meeting at work and my phone was buzzing like crazy with Slack notifications as the group started to report the news and post some whopping returns. I personally, had £20 on it and it returned £792 once my stake was accounted for – easily taking the mantle for the largest individual win to date 😉

Pursue FIRE EWB
Look To The Sky Indeed….. It’s raining cash 🙂

So, if you’d like to join the group, everyone is welcome and you can do this via the following link:

Pursue FIRE Each Way Betting Slack Group

So, that’s me! I know from those in the Slack group that January was an equally volatile month for most. Some had great profits, others had some painful losses. How are you getting on with Each Way Betting? I’d love to hear how you’re getting on and how things fared in January.

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 4 Comments

  1. Incredible winnings, Dan – long may they continue! Thanks for the shout out and for setting up the Slack group, although I must say it’s distracting at work!

    1. Hi Weenie – Yes it was a good month in the end and Feb is looking amazing too thanks to pulling in over £1k in a single day this week! However, quite a few accounts gubbed as a result (those bookies really don’t like losing eh!) Oh well, plenty more to exploit

  2. Thanks for the shout out Dan! I’ve only really been lurking on the Slack channel, but it’s been great to see the community grow, to read the various strategies and to see everyone’s wins and losses. Excellent work setting it up!

    1. Thanks Dr FIRE

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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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