This week we have interviewed one of Bet Advisor’s most profitable racing tipsters ever, Formbet. Since he joined Bet Advisor in January 2010 his value-based ratings strategy has generated an impressive 10.66% yield with more than 12.000 points of profit in 2134 tips.
SBC: How did you first get into horse racing betting?
FormBet: I started being interested in horse racing analysis from secondary school, aged just 12! I used to have a paper round and practiced picking horses from the papers over breakfast and on the way into school. I had wanted to be a jockey and used to ‘ride out’ at a friend’s farm down the road. However, I got a little too tall and enjoyed my food too much, however my interest in horse racing and betting analysis remained.
SBC: At what point did you realise that you can make some real money from horse racing betting?
FormBet: I remember it very well although it was not from the type of approach I have now. I had placed a Yankee at Cheltenham when I was just a young teenager in 1987. The first horse was beaten a nose in the Triumph Hurdle at 33/1, the next two won at very big odds and the final race, the Cheltenham Gold Cup, was delayed due to heavy snow, but my horse The Thinker won at around 7/1. I won about £1200 which was a lot of money for such a small outlay but because of my age I had to get a work colleague to collect the bet for me! I still think about what might have been had the 33/1 shot won the first race.
SBC: How did you come to select horse racing as your chosen sport?
FormBet: I loved the buzz of watching horse racing and attending the races. There is nothing like it for me in terms of excitement and the battle of wits against the layers. It’s a real sense of satisfaction finding a good-priced winner that the general market has discounted. There is also racing every day so plenty of choice and all kinds of different events to test your analytical skills.
FormBet: I love to watch the Cheltenham Festival as well as top-class Group/Grade 1 contests through the seasons, both flat and jumps. However the big festivals are not always good places to bet as the can actually be TOO competitive and the chaos factor takes over. I actually prefer the big weekend/Saturday handicaps through the flat and jumps seasons. They are not quite so competitive but a value-based, consistent, statistical approach really does work very well.
SBC: What kind of factors do you evaluate before making a selection?
FormBet:I analyse so many different and unique factors using ratings, statistical analysis and modelling techniques combined with over 25 year’s experience in betting to determine my selections. For me VALUE is an overused word but it’s absolutely essential I feel to produce your own odds-line and then compare your estimated odds to what is being offered by the market. I then take into account my ratings, the nature of the race, conditions on the day and other factors before deciding on my selections, the price is the final factor and I have to be getting much better odds than I believe the horse should be. I concentrate largely on top-class handicaps through the season, focusing on the Saturday and big meetings through the season at Class 1 or 2 courses.
SBC: What has been the biggest influence on your betting career?
FormBet: I have so many influences from so many places and people and I think that is the key to my success to amalgamate all those different teachings, experience and analysis into a hybrid approach that works for your own personality. James Willoughby has been an inspiration from the statistical/analytical side of betting analysis. I also have learned a lot from American betting authors like Mark Cramer, his book Value Handicapping is a MUST read for anyone looking to make long-term profits through betting.
SBC: Do you have any future plans in regards to your service?
FormBet: I am just going to keep doing what has served me so well for the best part of 10 years betting professionally. I believe in playing to my strengths and continuing to seek value. However, I must admit I am interested to see there is a ‘baseball’ section on Bet Advisor as I have been studying Sabermetrics this year and working on some basic baseball models I hope to test out in 2015, so watch this space!
FormBet: Well this might sound lame to a lot of people but I practice a lot of meditation, yoga and eat healthily. That helps a lot with being calm, relaxed anyway but I also have the understanding that what I do will lead to longer losing spells than people may be psychologically uncomfortable with. Once you recognise that and accept this, it actually becomes really easy to go through the bad spells so long as your strategy remains consistent and you don’t panic or try to push things. Patience, discipline and belief in your abilities are key.
SBC: Finally…What is the best reason you could give to anyone who was thinking about following your service?
FormBet: For anyone who wants to treat their betting as a long-term investment vehicle that outperforms the stock market but also for those who want big-priced winners in the big weekend races and the main races through the horse racing seasons. It is ideal also if you want to follow someone who is focusing on Yield and not just number of winners. There is something extra special about being able to find winners of races that very few people have and to see the bankroll grow exponentially with a % staking plan is a really good feeling.
Find out more about Formbet by clicking his Bet Advisor profile here