Chapter 2 - Setting Up Betfair & BetAngel

Creating a Betfair Account:

Setting up a Betfair account is the first step to embarking on your trading journey.

Think of it as your gateway to the vast world of horse racing markets and trading opportunities. 

Here's a step-by-step guide to get you started:

Setting up an intuitive and simple interface on BetAngel to trade is essential for a smooth day's trading. - Philip Borrowman (Horse Race Trading Creator)

  1. Visit the Betfair Website: Head over to the official Betfair website. Look for the "Join Now" or "Sign Up" button, typically located at the top right corner.
  2. Fill in Your Details: You'll be prompted to provide personal information such as your name, address, date of birth, and contact details. Ensure that all details are accurate to avoid any future complications.
  3. Choose a Username and Password: Pick a unique username and a strong password. Remember, this is your trading account, so security is paramount.
  4. Set Deposit Limits (Optional): Betfair offers the option to set daily, weekly, or monthly deposit limits. This can be a useful tool for managing your bankroll, especially when starting out.
  5. Verify Your Account: For security and regulatory reasons, you'll need to verify your identity. This usually involves uploading a copy of your ID and proof of address. Verification ensures that your account remains secure and that you can withdraw your profits without any hitches.

Understanding the Betfair Interface, Market Selection, and Placing Bets:

The Betfair interface might seem a tad overwhelming at first glance, but fear not! Once you get the hang of it, navigating through the platform becomes second nature.

Important Clarification: While we primarily utilize BetAngel for trading, it operates in tandem with Betfair. Essentially, BetAngel acts as an advanced interface, enhancing your trading experience. But when it comes to the actual placement of bets, BetAngel seamlessly integrates with Betfair to execute them. So, even though you're interacting with BetAngel's dashboard, every bet you place is directly routed and processed through your Betfair account. Understanding this symbiotic relationship is crucial for a smooth trading experience.

Dashboard Overview

Upon logging in, you'll be greeted by the Betfair dashboard. This is your central hub, showcasing live markets, your current bets, and account balance.

Betfair horse racing dashboard

Betfair Horse Trading Dashboard - Click The Image To Enlarge

Market Selection

On the left side, you'll find a list of sports. Click on "Horse Racing" to view the available races, as shown in the screenshot above. 

Races are typically categorized by country and then by racecourse. Selecting a specific race will display the list of runners, their odds, and other pertinent information.

Back and Lay Odds

For each runner, you'll notice two sets of odds - one for backing (believing the horse will win) and one for laying (believing the horse won't win). These odds are dynamic and change in real-time based on market activity.

betfair back and lay functionality

Betfair Back & Lay Functions - - Click The Image To Enlarge

Placing Bets

To place a bet, simply click on the odds you're interested in. A bet slip will appear, allowing you to enter your stake and view potential payouts.

Remember the terms "green up" and "tick"? 

This is where they come into play. As odds fluctuate, traders aim to "green up" by securing a profit regardless of the race outcome, often by taking advantage of "ticks" or small price movements.

Market Depth and Liquidity

Hovering over the odds will show you the market depth, indicating how much money is available at those odds. This is crucial for traders, especially when scalping, as it gives an insight into market liquidity and potential price movements.

Navigating Betfair efficiently is crucial for a trader. It's the difference between seizing an opportunity in real-time or missing out.

As you spend more time on the platform, you'll develop a keen sense for market movements and the nuances of the interface.

Remember, every successful trader was once a beginner, and with practice and persistence, you'll master the art of Betfair trading.

Luckily, by using a software like BetAngel, you can see a much more in-depth version of the odds and available liquidity.

As mentioned earlier, we are NOT using the Betfair website to trade, we use the BetAngel software.

Setting Up BetAngel Software

Step 1 - Download and Installation:

  • Visit the official BetAngel website.
  • Choose the appropriate version of BetAngel based on your needs and preferences. They often offer a 'Professional' and 'Trader' version.
  • Click on the 'Download' button to get the installation file.
  • Once downloaded, open the installation file and follow the on-screen instructions to install the software on your computer.

Step 2 - Linking BetAngel to Your Betfair Account:

  • Launch the BetAngel software.
  • You'll be prompted to enter your Betfair login credentials. This is essential as BetAngel operates in conjunction with your Betfair account.
  • Enter your Betfair username and password.
  • Ensure you grant the necessary permissions for BetAngel to access and operate with your Betfair account.

Step 3 - Navigating the Dashboard:

  • Upon successful login, you'll be presented with the BetAngel dashboard.
  • Familiarize yourself with the layout. You'll see various tabs and sections related to different markets, odds, and other trading tools.
  • The 'Market Selection' area allows you to choose the specific horse racing event or other sports markets you wish to trade on.
  • The 'Ladder Interface' and 'One-Click Screen' are two primary trading views you can toggle between. The ladder provides a vertical view of odds, while the one-click screen offers a more traditional horizontal layout.

Step 4 - Placing Bets:

  • Select the market you're interested in.
  • Use the ladder or one-click screen to place back or lay bets. Simply click on the odds you want, and a bet slip will appear.
  • Enter your stake and confirm the bet. Remember, these bets are placed on Betfair, but you're using the enhanced interface of BetAngel.

Step 5 - Advanced Features:

  • BetAngel comes packed with advanced trading tools like 'Guardian' for multi-market trading, 'Automation' for setting up betting rules, and 'Advanced Charting' for in-depth market analysis.
  • Spend some time exploring these features and refer to BetAngel's official tutorials or user manual for detailed explanations.

Step 6 - Settings and Customization:

  • Click on the 'Settings' or 'Options' tab.
  • Here, you can customize various aspects of the software, from display preferences to automation rules.
  • Adjust settings based on your trading style and preferences for a tailored experience.

Step 7 - Stay Updated:

  • BetAngel frequently releases updates with new features, improvements, and bug fixes. Ensure you keep your software updated for the best trading experience.

Remember, while BetAngel offers a plethora of advanced tools and features, the key to successful trading lies in understanding the markets and refining your strategies.

Use the software as a tool to enhance your trading, but always rely on your knowledge and instincts as a trader.

Copy My Personal Trading Setting On BetAngel

I've put together a video showcasing my individual trading setup. By following along, you can replicate my dashboard configurations and adopt my trading approach.

With a solid grasp on setting up and navigating both Betfair and BetAngel, you're now well-equipped to embark on your trading journey. But remember, understanding the tools is just the beginning.

Up next, in "Chapter 3 - Foundational Trading Concepts," we'll delve deeper into the core principles and strategies that form the bedrock of successful trading.

Prepare to uncover the nuances and intricacies of the trading world as we continue our journey towards mastery. Onward to Chapter 3!

Chapter 3 - Foundational Trading Concepts >>>