What is a strategy
A strategy consists of a set of criteria that defines which runners, when and how much to bet on them.
The difference between a professional bettor and a gambler is the will to apply a strategy to the bets.
With the Manual bet
strategy you can place Back or Lay bets in the number and with the size you want.
This is a no-strategy, because it gives you the task of chosing of "who, when, and how much" to bet.
If you don't know those three and you place manual bets without any criteria, you are actually a gambler.
If you like this exciting but inconsistent way of betting, my advice is to set up a daily stop loss limit and to respect it
The variance: a good reason to use automation
The variance is the ability of the events to occur with a frequency different from what we expect from their mathematical probability.
Basically in every strategy there are phases, sometimes very long, in which the events are persistently against us.
In these phases emotions give us a bad view on the effectiveness of the strategy and it can be difficult to remain committed to it.
Using Ipposnif automation, protected under the strategy capital limit, you will give time to the strategy to show its consistency
The R.O.I. (Return On Investment)
It is the percentage ratio between the net earnings and the total sum of risked money.
Basically it is a metric of the quality of a strategy: if it is positive you are earning money, if it is negative you are losing money.
If you have a knowledge of the sport you are going to bet on, you can use it to increase the ROI:
you can exclude races or runners, that accordingly with your experience, could not fit well with the strategy you are using. If your knowledge of the sport is valuable, the positive effects will certainly be forthcoming in the mid-long period.
Betfair 'Market Base Rate' and 'Discount Rate'
Every time you get a win on a market you pay a percentage of this win to Betfair. This percentage, called "Market Base Rate", may vary from market to market and can depend also by the country of the player. On UK races for European players it is 5%.
More bets your strategy produce, more wins you get and more fees you pay. There is no compensation with losing markets.
If after one or more bets your strategy balance remains the same of the start, this means that your strategy is profitable but you paid all your earning in fees.
You can reduce the fee percentage using the Discount Rate
provided by Betfair to the most active players. You can arrive to pay a minimum of 2% on winnings. A strategy that goes even with a fee of 5%, is a winning strategy with a fee of 2%.