1. Hey Dan, thanks for agreeing to be interviewed. Could you just sum up who you are and what you do?
Sure, I am the Director of honestbettingreviews.com. We test out betting systems, tipsters, trading strategies and have recently just started testing cryptocurrencies. Basically we are interested in taking a look at anything that can potentially make money and seeing if it actually works.
There are so many dodgy systems and scams out there it can be difficult for people to know what is real and what is just complete rubbish. So that’s where we come in – we test systems out for a minimum of three months and see if they are any good.
We record all results in full on our website so people can see for themselves exactly how well something did under a live trial. There is nothing hidden or fudged, just the results which should speak for themselves in most cases.
So people can come to our site and read our reviews before forking out their hard earned cash for a system or tipster. That means our visitors are much better equipped to make some profits from their betting because they can see what the best systems and tipsters are and which don’t work.
2. How did you acquire the betting knowledge you now have today?
I started out with an interest in betting when I was very young – probably 14 or 15. My first bet was on Brazil to win the World Cup in 1994 at 3/1, which won and set me off really!
Back in those days it was before the internet so you had to put all your bets on in the bookies. Betting was a different world back then, the bookies were these strange smoke-filled places and it all seemed a bit seedy really.
But then the internet came along and changed everything. Suddenly you had all the bookies online, you had sites like Oddschecker so you could compare all the odds and find the best price rather than just taking whatever price your local bookie offered you.
Then of course Betfair came along and helped the punters even more with better odds and no account restrictions. Plus they really pioneered in-play betting I think.
With the internet as well you had a proliferation of betting systems, tipsters, strategies and guides to help you. So I just became immersed in all these things and really learned as much as I could. I’ve read lots of books on betting as well. Reading about the professionals like Patrick Veitch is kind of inspiring, makes you see it is possible to make money from gambling if you are smart enough.
I also have learned quite a lot from my own betting over the years – the things to focus on and things to avoid. It’s tough to stay disciplined for any punter but that really is the key to success.
3. Are there any free or paid resources or tools you think all punters should add to their arsenal?
Well yes definitely, I’ve already mentioned a couple of them in Oddschecker and Betfair. Those are indispensable really.
Then depending on which sport you like to bet on, there is a wealth of information and stats out there to aid the punter.
So if its horse racing, there’s the Racing Post and Sporting Life which have so much info on form, going, the trainers etc.
Or if you like to bet on football, then a stats site like soccerstats can certainly help to identify opportunities.
Then for golf you have the pga tour and european tour sites which have an insane amount of stats on just about every facet of a player’s game.
4. What advice do you have for someone who wants to go from being a hobbyist gambler to a professional punter?
That’s a good question. I would say you have to treat your betting like a business.
If you run your own business, you have to plan things carefully and you only spend money on useful things that will help you grow the business and bring in profits. You have to keep accounts and records, do a business plan, manage staff and so on. You don’t just go throwing money around willy-nilly – or you won’t stay in business long if you do!
But when people come to their betting, they can go wagering on this, that and the other without much planning or strategy. It can be entertainment or sometimes you just bet because you’re bored.
That kind of attitude will never work as a professional. There’s a very good book called Thoughts and Secrets of Professional Punters, which is a series of interviews with professional gamblers. Although their methods differ slightly, you can see they all have a few things in common: they all work very hard indeed – probably harder than if they just had normal 9-5 jobs; they all look for something that will give them a small edge, whether it be studying form, watching past races and so on. And they all only take value bets, that is crucial.
If you read it you’ll see these people approach their betting like a business. This is how you’ve got to be if you want to become professional. Become a master of your art, work hard and find an angle most others aren’t looking at.
That’s probably a tough ask for most people to find the time to do all that, but the great thing these days is that you can benefit from the wisdom, skills and hard work of some of these professionals by following a good tipster. Many of the top tipsters are professionals themselves.
5. In your opinion, can someone produce a long term income by following a tipster or a portfolio of tipsters?
Definitely, I don’t think I would be running Honest Betting Reviews if I didn’t!
There are some really good tipsters out there, you have some of them on your site like Quentin Franks and Master Racing Tipster are two of my favourites.
Those guys have been making consistent profits for a good few years now and following them has made me and some of our members a good deal of money, so it can be done.
A portfolio of tipsters is a good idea because it spreads the risk, just like you would do if you were investing in the stockmarket. You wouldn’t just go and put all your money in one share, that would be crazy. You would take a range of stocks from different sectors and that means if one or two do badly, it’s not going to wipe you out.
It’s the same with tipsters – spread your risk across 4 or 5 tipsters or more if you can afford it. So if you had £1,000 to invest for instance, follow maybe 3 or 4 tipsters and have a banks of £250 – £330 on each.
6. You review a lot of tipsters, what is it you look for in a tipster and what makes a good tipster besides profit?
Probably the key metric we look at is bank growth. Ultimately, if you followed a tipster for a given period of time like 6 months or a year, how much did they grow your bank? Did they grow it by 50%, double it, or more?
That is the fairest comparison between tipsters because some will have better strike rates, some better ROIs, some bigger priced winners. But what really matters for you as a punter is how much they grew your bank.
I tend to like tipsters with high strike rates as well, firstly because that means more winners and it means you can stake a higher proportion of your bank on each selection.
Psychologically it’s also a bit easier if you aren’t having to endure lots of long losing streaks, those can test even the most hardy gambler.
And of course long-term results, that is crucial. The longer-term the results the better.
7. We’re big fans of yours, but why should our readers head over to your site and check you out?
Thanks, I appreciate that. Well as I say, people can use our site to see what works and what doesn’t in the betting and investing world.
We’ve tested hundreds of systems and tipsters so have found some really good ones, as well as exposing the scams and stuff that doesn’t work.
Hopefully people will find it a useful resource to aid their betting and follow some professionals who make money betting.
8. Do you have any final advice our words of wisdom for readers and punters out there?
I would say two things: firstly, take a long-term approach to following a tipster or system. Anyone, no matter how good they are, can have a losing week, a losing month or even longer. If you’re jumping around from tipster to tipster and system to system as soon as you hit a losing streak you will never make money because you’ll be off to the next thing that comes along until that loses and all you’ll have done is racked up a string of losses on each one you were signed up to.
It amazes me how short-termist some people are with their betting, like a tipster has a losing day or a losing week and they complain and cancel their subscription. You have to judge things over a longer time frame – look at some of the really great tipsters you have on your site. They consistently make money over the long term and over the course of a year will be well in profit. Those are the timeframes you need to think in.
Secondly I would say stay disciplined. Never bet more than you can afford to lose, record all your bets and don’t go chasing losses. It’s easier said than done, we’ve all been there at one time or another – I know I have anyway! – but really it’s the road to ruin. And if you can’t control things then it would be best to take a break or stop altogether. There are good sites like begambleaware that can help people who think they may have a problem.
Most punters though I think enjoy it and can do really well if they stay disciplined and follow sensible professional advice.