There is a lot of hype around automated betting bots but before you think about using them there are some key things I can share which will really help. Betting bots are basically pieces of software which interface with the exchanges and which can offer great advantages by automating your betting.
Time Saving. You can get on with other things while the software makes selections and places bets to your rules.
Speed of Betting. Bots interface with the betting exchanges software and can place bets in a fraction of a second. A huge advantage can be gained with the popular 'In Play betting'. The Betfair trading software can be set up to back and lay as conditions change and hence lock in profits.
They are … Robotic! A silly thing to say but by this I mean they don't make mistakes or act with emotion as us lowly humans do. They will never be tempted to go 'one more bet' to hit the winner, they will only do as you tell them. Believe me this is a major benefit and fits well with the time saving advantage.
They don't make mistakes. As stated above, they won't change your betting strategy by error such as backing when odds are too low for your system. They never get tired or bored and hence if you have abetting system that works the bot is perfect and will execute selections and trades for you perfectly.
Great as they are, they are not automatic cash machines and are pieces of software which need setting up. When I see images of cash machines ued to promote them I shudder! Do not be fooled by anyone marketing or promoting services this way. The essential question is can you make money with a betting bot and I have the experience to confirm that yes you can. To do so you will need the following –
A proven strategy – a betting system that works. Again this may sound obvious but many people are fooled by the magical software and fail to apply it to a robust, proven system. Such an approach is doomed to lose money!
A betting bank. You must have an amount of money set aside as an 'investment' separate from your spending money and savings. This one step alone gives you a professional approach to your betting and sets you ahead of 90% of punters.
Discipline. This is essential. Do not be tempted to deviate from a system. Do not be tempted to place a further bet on a losing day if there isn't a real qualifyer.
A flexible, stable and proven Betfair bot. I personally use the oddly named 'gray horse bot' and talk about this more in my blog. New ones appear all the time but this one is from a long established software house and they are experts in their field.
There are free betting bot trials available and these offer a good chance to test them out. You must view using one as a long term project but if you apply the principles I have described here you are on a definite path to profit.