If you want to make a living from betting you absolutely must have an account with Betfair. Betfair is the biggest betting exchange in the world and it allows you to bet against other people, meaning you get better odds as there is no bookmaker and you can also Lay an event. For example you can bet against a horse winning just like the bookies do.
The first thing I recommend you do is to wipe clean your head of any previous bad memories you may have surrounding betting, and forget what you may have learnt in the past, however, do keep your experience on hand as you will need more discipline than you have ever had before.
Decide how much money is a realistic target for yourself, this maybe a couple of hundred pounds per month to pay the bills or it may be a couple of thousand to replace your income, whatever it is write it down on a piece of paper.
Now write down how much money you have available to bet with (your betting bank)
Multiply your available funds by 10% (e.g £1000 funds x 10% = £100)
This is the figure you should be aiming to make per week, if it’s a lot less than your target figure you will have to reinvest your winnings back into your betting bank for a while, everything you win is added to you bank to make it bigger, soon you will have enough to reach your monthly target.
I also suggest you open a new current account with your bank and use this entirely for betting purposes only.
You will require some sort of spreadsheet program such as excel to keep a record of all your bets – and I mean all of them!
Once you have everything set up you need to create a portfolio, by this I mean a number of different methods to generate your income – we never put all of our eggs into one basket.