what is a bot?

[wb]

this might be a stupid question.....

but what is a betting bot?


and while im at it, what are arb's???

thanks

[Win2Win]

Software that automates certain things regarding betting, mostly with the exchanges, but sometimes arbing between online bookies.

[vegyjones]

A bot

Also known as Darierre

Or :butthead: :D

[wb]

A bot

Also known as Darierre

Or :butthead: :D


:D I had that coming

[vegyjones]

:D I had that coming
No need to lower the tone Wayne :rolleyes:

:laugh

[Win2Win]

:D I had that coming
I bet you did!!! :laugh

[wb]

ok ill just shut up now :D

[Win2Win]

Don't forget to lick the beer glass.....every little helps eh Vegy :D

[mathare]

this might be a stupid question.....It is often said that there are no stupid questions. Often people are too afraid to ask something for fear of looking stupid in front of their peers but by not understanding what is going on they end up looking even more stupid. These are not stupid questions. Anything Vegy asks on the other hand... :)


but what is a betting bot?As Keith says it is a computer program that automates your betting online. They come in different forms for different purposes but it's basically some software that you configure to place certain bets when certain conditions are met and allow it full control to place those bets without needing you to interfere further. You can then just set it up and let it run and it will bet with your money while you do other things.


and while im at it, what are arb's???Arb is short for arbitrage. This is a form of gambling that is often advertised as being no-risk betting which is simply not true. There is a fair amount of risk involved.

Arbitrage betting involves looking for opportunities across a number of bookmakers (or sometimes just one as the markets change) to make a profit no matter what the outcome of an event. Consider a simple example of an event with only two outcomes, such as a tennis match between Henman and Rusedski and suppose several bookmakers are offering odds on it. One bookmaker may go

Henman 5/6
Rusedski 11/10

while another may see it the other way round

Rusedski 5/6
Henman 11/10

If you back Rusedski with the first bookie and Henman with the second (to the same stake, say £10) you are guaranteed a profit whoever wins that game. If Henman wins you get 11/10 (£11) but lose your £10 on Rusedski so you still win £1. And the same if Rusedski wins.

Arbing involves comparinf prices across a multitude of bookies and often across different, but related, markets.

It can also be done with the exchanges, backing for a higher price than you lay a runner at so you profit whether it wins or not. And you can sometimes back something at higher odds with a high street bookie than the current lay odds on Betfair so you make a profit regardless of the result.

There are bots that handle arbing for you, checking a myriad of online bookies. But of course you need accounts with them all to get the bets on.

The risk with arbing is that you only get one side of the bet matched. If you back Henman at 11/10 and then try and get on Rusedski with the other bookie you may find he has moved his price in to 19/20 and pushed his price on Henman out. Now you are not guaranteed to profit. When using the exchanges you may only get one side of the bet matched so you may take a good price on the back side but not get a good enough lay price matched, or not get all your stake matched thus screwing the arb up. They are most definitely not sero risk bets.

[wb]

great answer, thanks mathare

I think it could be a while before i'd consider them. sounds quite complex and risky for a small profit. might be worth looking at when i get more experience (and more money! :) )

thanks

[mathare]

I think it could be a while before i'd consider them. sounds quite complex and risky for a small profit. might be worth looking at when i get more experience (and more money! :) )Experience helps, definitely.

Two tips of you do start to look at arbs:
i) make sure the markets you are looking at fully cover all runners
I thought I had a good arb on Any Other winning Big Brother this year and duly struck the bets. Only to find that on one site Any Other included the new housemates that had already been introduced and on another they were separate runners in the market. Had Eugene won I would have been out of pocket due to this.
ii) paper trade a few first
Record the prices and stakes you would have used for the bets and make sure you understand the nuances of arb betting using pretend bets before you commit any real cash to them

And don't think you have found the keys to the treasure chest. There will be few good arbs about that last long enough to make much money on. They are worth knowing about and understanding how they work in order to take advantage of them when you do spot them but the profits will be small from each arb so they are a nice sideline rather than a main source of betting income.