Monday, 7 February 2011

A desperate plea

No, not from me but from John O'Dywer at his Betfair Profit and Loss blog. His latest post (which has since been removed from the website) highlights how dire things can get when you risk your entire bank on a "nailed on" outcome...

Basically, I've messed up big style. I have won consistently on Betfair in the past, making around 27k in total from February to September last year and was even lucky enough to go to Flushing Meadows in New York and Wimbledon for the tennis, but in the last month it has gone very wrong because I have taken far too many risks. And because of this I have lost my bank and now have no funds left to work with. :-(

I am writing this to ask if anyone out there would be so kind as to lend me some funds to start again so I can build it up slowly into the numbers I made last year. I am very confident, and if you could do this, I will not only pay you back, but I will give you a massive slice of any profit I make in future on Betfair - which I expect to do.

I know this is asking a lot as you do not know me, but I will totally make it worth your while in future if anyone could do this.

My email address is john.odwyer@mypostoffice.co.uk

Thanks,

John


Frightening! It makes me want to shut up shop and quit while I'm ahead.

But as much as I feel for John in this horrific situation, isn't lending money to a trader/gambler a bit like relying on a dog to keep an eye on your dinner when the doorbell rings?

10 comments:

  1. Very scary indeed. I feel for the lad but it just shows how, no matter how much you think you've got it sussed the danger and pitfall are never far away.

    I believe he started with just £250 so why not just do it again.

    Thanks for the link by the way.

    Steve.

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  2. Did he does his bank on the Newcastle 4-4 Arsenal?
    I imagine the 1.01 tick would have been loaded up with money.

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  3. Hi Mets

    It just goes to show that it does not matter how long you have been at this game, if you start to break good money management rules you will get caught out sooner or later.

    Great blog by the way I am going to add you to my blog links and wondered if you would add my blog to your Blog List, my blogs address is:

    http://patientspeculation.blogspot.com

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  4. @Steve - if that's the case I'm sure John will get back in the saddle in no time. Looking at his PnLs, he certainly had some "knack" or other as his results were usually outstanding.

    @Pete - he mentioned that he went large against a flagging Venus Williams who came through to win. He posted early this morning so I wouldn't be surprised if the Superbowl had something to do with it too.

    @Mark - I couldn't agree more! Blog added, cheers :)

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  5. Yikes, I remember telling him ages ago his strategy was far to risky and boom or bust was round the corner, doesn't make me feel any better being proved correct though.

    I think a lot of John's downfall has been mixing the trading and gambling. It's always easy to let a trade go unclosed once things look like a certainty but anyone who's down this long enough has seen those fluke 1000 McCoy wins, Newcastle 4-4 etc. It's just not worth the risk letting things run for that extra few pounds, take your profit and run

    http://webcache.googleusercontent.com/search?q=cache:_EoHrTFwYZ8J:odwyer1980.blogspot.com/+http://odwyer1980.blogspot.com&cd=1&hl=en&ct=clnk&gl=uk&client=firefox-a&source=www.google.co.uk

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  6. Just had a look at one of John's weekly pnl screenshots, god knows how he even managed to fit it all in, seems he'd bet on just about every sport going. You'd have to be very foolish to risk lending money to that sort of strategy.

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  7. Indeed, I've never seen anyone trade as many sports as John. I guess he must have bet the farm this time round.

    In any case, there will be no "I told you so" from this corner of the blogoshpere!

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  8. Seems john's decided to start monitoring posts and removed any reference to his big loss. Never a good sign when you start sweeping your mistakes under the carpet.

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  9. He has made consistent healthy profits over the past year. If he has lost his bank then he would have had to lose shedloads over 24/48 hours or it is a complete wind up to get everyone talking!

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  10. A wind up? By me? Defo not, I was just relaying what was cached on Google Reader before the posts were taken down.

    By him? Who knows!

    According to his latest post (which has also been deleted), he's done 3.5k.

    Anyway, I don't want to get hung up on John...I'm not his stalker!!

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