Sports Trader

[Scivyer]

I am looking to start a career as a sports trader / odds compiler. Can anyone tell me how I can get into the industry? Thanks

[insomniac]

Hi Scivyer and welcome. It doesn’t seem right that your first post should get no replies so here goes.
Not sure I’m the best person by a long chalk to offer advice on this but I’ll give you my thoughts for what it’s worth.
Career wise – I presume that, ultimately odds-compiling means working for a bookmaker or a new agency So, get a job with a bookmaker/ news agency, establish yourself as a trusty and reliable person and, whilst doing the day job, get familiar with the logic of odds compiling. Read relevant books and articles (try "The Art of Leggibg" by Charles Sidney for a kick-off. It may be out of print now, but a good second hand book dealer, maybe one that has a stand at the odd racecourse should help).
Try and get known by your employers’ odds-compilers, show them you’re interested, ask advice. Ask the personnel manager (Human Resources manager) if there’ are any vacancies in that field or any internal courses for wannabe compilers.
Become familiar with more than just horse racing. Analyse what percentage over-round the firm prices events up at. Do they look for a bigger percentage on football or tennis or cricket or horse racing? Find out why. Compare and analyse other companys’ odds.
Chalk up your own prices before an event, keep records, monitor where you’ve been cannier than the pros and where you’ve slipped-up. Remember, it’s all a matter of opinion. Dare to be different if you can back up your assessment with reason. Just because some pro makes a horse an even money shot but you rate it at 7/4 don’t be put-off. Stick to your guns if you believe you’ve called it right. Even the most experienced odds-compilers get things wrong; it’s inevitable.
Trading. I reckon you’d have to show you were a competent trader before there’s any hope that a firm might use you in that capacity. That means shelling out money. Trade and keep meticulous records; print them off to show would-be employers. If you’re profitable, then you must ask yourself why bother transferring that success to a third-party; why not just carry-on trading on your own behalf?
If your trading doesn’t make a profit then, er, a) you’re unlikely to be taken on by anyone and b) maybe you shouldn’t be working in that field anyway.
Good luck anyway. Don’t be put off by the odd slip-up or by rejections.

[shmeeko69]

I don’t know if anyone is still paying attention to this post, but here goes.
I am a full time Futures & Sports trader & have been doing this with reasonable success for 17 months.
I use Betfair for trading & look to trade out of a price before the start. I also lay selected short priced horses on Betfair & trade futures with IG in the financial markets.
You have to set yourself goals & develop a methodology which best suits your personality, or you won’t make it to were you want to go or achieve !
I always stick with the old saying – trade what you see & not what you hear, If you follow the herd you will end up in the 90% club (fact).

Cheers

Mark

[PetterJames]

Nice thread.Trading, I reckon you’d have to show you were a competent trader before there’s any hope that a firm might use you in that capacity. That means shelling out money.

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