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Mistakes I've made

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Author Topic: Mistakes I've made  (Read 1296 times)
barnstorm
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« on: August 06, 2016, 03:50:38 PM »

My list of bonehead mistakes I've made in my early days as an Arber:

Miscalculations. I use the SBR Arbitrage Calculator, but I've still made some errors, mainly due to converting dollars to bitcoin prices. I have to figure that out for almost every arb. I've even misread the Calculator numbers and placed Bet #2 amount on Bet #3.

Rushing. The match is about to start and I've made careless mistakes entering my bets. Or I ran out of time and didn't get one side of the bet in. Then I had to chase in Live Betting, and that's if there IS Live betting for that match. And the match may go my way or run away from me, leaving me holding the bag.

Don't wait for a better line on one side. This might be useful if you are good at reading line movement and if there is steam going your way. But it can backfire. If the line goes against you, take the best you can get and accept the small loss rather than risk a big loss.

Make sure the wagers match up. Watch out for First Set vs Full Match wagers and -0.5 vs +0.5 wagers, etc.

Check Tennis Retirement Rules. I started another thread asking if it is worth risking going with two books with differing rules on this. Retirements do happen in tennis.

Know your limits. Don't get caught not being able to get enough on one side after putting in the first side because you are limited at that book.

Don't bet less on the favorite. This is not gambling, remember?

I'm sure there are more. I'll post them when I painfully remember.

GL!

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MaxShalamar
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« Reply #1 on: August 06, 2016, 05:05:26 PM »

Quote
Rushing

Probably the biggest mistake you can make when you are learning - try limiting arbs to 10+ minutes before the start until you get a bit of experience - once you get into the arbing rhythm then you automatically do the right things and it mostly all falls into place
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RoosterDonky
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« Reply #2 on: August 06, 2016, 05:14:28 PM »

^^^ This
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dealer wins
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« Reply #3 on: August 06, 2016, 08:14:46 PM »

Made so many mistakes ive lost count.  Had 2 horrible ones, cost me £4200 and the other £11000.  After the £11000 one 6 years ago I nearly chucked in the towel I was that upset.   2 things ive learnt. 1: never think you wont make another mistake, 2: 99% of the time they go against you.
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Never trust a goose!!!

NDR
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« Reply #4 on: August 06, 2016, 11:07:33 PM »

and the other £11000. 

wtf, thats a huge loss.

nice you fighting back.

cheers.
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pls excuse my bad english

luctens
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« Reply #5 on: August 07, 2016, 12:47:04 AM »

It's good to make a list of any mistakes to remind you of where you've gone wrong in the past and what you need to improve on. As long as you learn the lessons from the mistakes and implement improvements to be made for the future, then the mistakes won't have been made in vain and will actually make you improve more in the future to avoid making these mistakes again going forward.
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viking2
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« Reply #6 on: August 07, 2016, 12:56:25 AM »

My list of bonehead mistakes I've made in my early days as an Arber:

Miscalculations. I use the SBR Arbitrage Calculator, but I've still made some errors, mainly due to converting dollars to bitcoin prices. I have to figure that out for almost every arb. I've even misread the Calculator numbers and placed Bet #2 amount on Bet #3.

Rushing. The match is about to start and I've made careless mistakes entering my bets. Or I ran out of time and didn't get one side of the bet in. Then I had to chase in Live Betting, and that's if there IS Live betting for that match. And the match may go my way or run away from me, leaving me holding the bag.

Don't wait for a better line on one side. This might be useful if you are good at reading line movement and if there is steam going your way. But it can backfire. If the line goes against you, take the best you can get and accept the small loss rather than risk a big loss.

Make sure the wagers match up. Watch out for First Set vs Full Match wagers and -0.5 vs +0.5 wagers, etc.

Check Tennis Retirement Rules. I started another thread asking if it is worth risking going with two books with differing rules on this. Retirements do happen in tennis.

Know your limits. Don't get caught not being able to get enough on one side after putting in the first side because you are limited at that book.

Don't bet less on the favorite. This is not gambling, remember?

I'm sure there are more. I'll post them when I painfully remember.

GL!


can you explain what you mean by the first part?  So you are arbing on a site that isn't in money such as euro or usd and its in bitcoin whereas the other site is in euro/usd?
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barnstorm
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« Reply #7 on: August 07, 2016, 02:38:59 AM »

Yes, I have some Bitcoin Books and some USD books. So I have to fill out the Arb Calculator in USD and convert the suggested USD bet amount into Bitcoin for the Bitcoin Book side.
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Alfa1234
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« Reply #8 on: August 07, 2016, 07:56:57 AM »

Which bitcoin sites do you use?   :)
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MaxShalamar
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« Reply #9 on: August 07, 2016, 10:47:44 AM »

Yes, I have some Bitcoin Books and some USD books. So I have to fill out the Arb Calculator in USD and convert the suggested USD bet amount into Bitcoin for the Bitcoin Book side.

If you are still learning I'd stick to single currencies for now - converting will tie in to  other mistakes like rushing
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barnstorm
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« Reply #10 on: August 07, 2016, 01:00:43 PM »

Which bitcoin sites do you use?   :)

I use Fairlay, Betballer and BetCoinSports which are pretty sharp as they track Pinnacle pretty closely. There are really no good soft bitcoin books. Most just have bad odds, not favorable ones. Sometimes CloudBet will throw a soft one in there, but not often. But none of the services track the Bitcoin books yet, so it's a manual thing unless you can figure out which ones track which European books and follow along that way.

I'm in the U.S., so the books are limited to offshores. I get a few arb opportunities from the usual suspects: Bovada, 5Dimes, BetOnline, WagerWeb and HRWager/BetPhoenix/Skybook, Bookmaker. 1xBet allowed me to play, but very quickly they changed my odds and made it worthless and I was betting small and losing there!

GL!
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luctens
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« Reply #11 on: August 08, 2016, 05:16:13 AM »

Which bitcoin sites do you use?   :)

I use Fairlay, Betballer and BetCoinSports which are pretty sharp as they track Pinnacle pretty closely. There are really no good soft bitcoin books. Most just have bad odds, not favorable ones. Sometimes CloudBet will throw a soft one in there, but not often. But none of the services track the Bitcoin books yet, so it's a manual thing unless you can figure out which ones track which European books and follow along that way.

If Fairlay track Pinnacle then surely you can look at Pinnacle on arb services to see Fairlay's odds and I believe Betballer have the same odds as Vitalbet so you can look at whatever arb services cover Vitalbet to get Betballer's odds.
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barnstorm
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« Reply #12 on: August 08, 2016, 12:55:20 PM »

Which bitcoin sites do you use?   :)

I use Fairlay, Betballer and BetCoinSports which are pretty sharp as they track Pinnacle pretty closely. There are really no good soft bitcoin books. Most just have bad odds, not favorable ones. Sometimes CloudBet will throw a soft one in there, but not often. But none of the services track the Bitcoin books yet, so it's a manual thing unless you can figure out which ones track which European books and follow along that way.

If Fairlay tracks Pinnacle then surely you can look at Pinnacle on arb services to see Fairlay's odds and I believe Betballer have the same odds as Vitalbet so you can look at whatever arb services cover Vitalbet to get Betballer's odds.

Yes, that's what I do - try to find sportsbook clones to track on the arb services. WagerWeb is the only one that I can't find a "clone" for. They have the same odds as Heritage, but no European book that I can figure out. Close to RealDealBet, but not exactly the same.
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barnstorm
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« Reply #13 on: August 24, 2016, 02:47:53 AM »

I keep discovering new ways to make mistakes or lose money while Arbing.

My game was postponed and I saw that the wager was cancelled and refunded in one account, so I just forgot about it. I just discovered that it was NOT cancelled and refunded in the other Book and that's the side that lost when the game was played the next day. Live and learn. Fortunately, it wasn't a big loss and it obviously could have gone either way. I've had these sorts of things go both ways. Hopefully, they even out, but this one was very much avoidable. Now I know I have to check and make sure both bets are cancelled. It was a Little League Game and it seems 5Dimes has different rules regarding postponements for Pro and Amateur sports. I told them that is confusing and most Books cancel a postponed match. Pitchers can change, The line can change. How can they keep it?!
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MaxShalamar
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« Reply #14 on: August 24, 2016, 09:05:29 AM »

The biggest mistake you can make is wasting the best (UK) accounts while you are still learning - save them until you are better at arbing and have a good bankroll

Use the B-/C rated bookies to learn with and your losses from mistakes will be minimal
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