Hi,
I'm looking to move away from my current job as a sports trader and was wondering whether anybody could offer any guidance. I'm based in the UK and have been trading sports (horse racing and golf) for over 20 years. I've made good money during these years despite me knowing very little about the sport. You may have the preconceived idea that I'm a risk taker but you couldn't be further from the truth. I'm very risk averse. I trade with a large betting balance, making tiny profits along the way.
I initially started arbitrage trading horse racing during the early days of the betting exchanges (Betfair), alongside my job as an Accountant. I've now been a full time trader for 14 years, but I've noted a decline in profits over each of the past 5 years due to markets becoming more efficient and bookmakers becoming wiser. Every bookmaker has now closed my accounts, as price sensitive (winning) clients are not welcome in the industry.
This led me to betting solely on the exchanges. Unfortunately liquidity has been drying up year-on-year on the exchanges, so whilst everyone has been receiving pay rises over the past few years, my income has declined. That coupled with the rise of robots (betting algorithms), has led me to believe that now is the time to jump ship.
I have thought about transferring my skillset to financial trading but the competition is far more sophisticated there. I have a young family and I'm not getting to spend anytime with them due to the long hours spent trading. I feel that when I'm older I'll look back with regret that 99% of my time was spent with my laptop, and not my children.
So far my list of potential money making ideas consist of a gambling advice, a blog, a book, a small business, financial trading, paraplanner, financial advisor. I'm open to just about anything so long as its scaleable and more in tune with family life. I don't intend to return to accounting anytime soon. I'd appreciate any ideas, thoughts on my next step.
Many Thanks
I'm looking to move away from my current job as a sports trader and was wondering whether anybody could offer any guidance. I'm based in the UK and have been trading sports (horse racing and golf) for over 20 years. I've made good money during these years despite me knowing very little about the sport. You may have the preconceived idea that I'm a risk taker but you couldn't be further from the truth. I'm very risk averse. I trade with a large betting balance, making tiny profits along the way.
I initially started arbitrage trading horse racing during the early days of the betting exchanges (Betfair), alongside my job as an Accountant. I've now been a full time trader for 14 years, but I've noted a decline in profits over each of the past 5 years due to markets becoming more efficient and bookmakers becoming wiser. Every bookmaker has now closed my accounts, as price sensitive (winning) clients are not welcome in the industry.
This led me to betting solely on the exchanges. Unfortunately liquidity has been drying up year-on-year on the exchanges, so whilst everyone has been receiving pay rises over the past few years, my income has declined. That coupled with the rise of robots (betting algorithms), has led me to believe that now is the time to jump ship.
I have thought about transferring my skillset to financial trading but the competition is far more sophisticated there. I have a young family and I'm not getting to spend anytime with them due to the long hours spent trading. I feel that when I'm older I'll look back with regret that 99% of my time was spent with my laptop, and not my children.
So far my list of potential money making ideas consist of a gambling advice, a blog, a book, a small business, financial trading, paraplanner, financial advisor. I'm open to just about anything so long as its scaleable and more in tune with family life. I don't intend to return to accounting anytime soon. I'd appreciate any ideas, thoughts on my next step.
Many Thanks
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