Professional gambler – two words that typically conjure up images of a sexy lifestyle, wads of cash and few working hours. The reality however, is much different. We tracked down UK based professional gambler Alex King (featured in the Racing Post) to get his take on what it takes to be successful, what shape the industry is in at present, and where it is headed.

Phil Bull made a massive amount of money from betting, but not only was he a successful. In the elusive search of making a living out of professional gambling (Australian horse racing) follow my daily progress, tips and advice.Feel free to ask me.

SBO:Hi Alex. How long have you been betting professionally?

AK:About 7 years.

SBO:Which sports do you mainly focus on?

AK:I focus on 2 sports; boxing and racing. Predominantly horse racing and a little bit of boxing. I think it is a fatal mistake to try and bet on too many things. You should be an expert in one field rather than try and split your focus on too many things. I would say two sports at the absolute max. The only reason I bet on boxing and racing is because boxing is relatively easy to keep a focus on. Splitting your forces is a big mistake and work/life balance is important.

SBO:What does your daily routine look like?

AK:I try and get up early and I will focus on 2 meetings a day tops. Traditional pro-gamblers aim to find a value price, try and get 300 pounds on a horse, get told they can have 3 pence on, miss the price then drive themselves insane because they have missed the price. I look how horses trade from their Betfair SP compared to how they trade in running. In layman’s terms I’m looking to back a horse at say 3.00 on Betfair, in the expectation the horse will hit 2.00 and then either have a free bet, or take a guaranteed profit on the race. I’m treating horses like individual share prices now and what I am trying to do is to just predict how the market is going to go once the race goes in play. This saves me having to chase non-existent prices and call bookmakers who are unwilling to lay a bet because they are no longer confident that there pricing horse racing up correctly.

SBO:Where do you bet? Course/exchange shop/home etc.?

AK:I’m betting from home all the time now. I can concentrate and I don’t lose research time through travelling. I keep in contact with others pro’s over skype and email during the day. It’s a little solitary, which is why it is so important to have good social connections outside of this game.

SBO:As we know, most punters fail to turn a profit, what would you say your edge has been to win consistently for so long?

AK:First of all I wouldn’t recommend professional punting to too many people, unless you have a real flair and/or a huge desire to do it. As a very famous pro-punter told me once: ‘Gambling is the only business in the world where the better you get, the harder it is.’ It’s so true. Most punters fail to make a profit because of a number of factors. A lot of people are experts on racing, but ask them if they think a horse has a 50% chance or 30% chance of winning – they simply couldn’t tell you accurately. You have to be able to evaluate a price better than the people setting the odds. You must also have a solid staking plan in place. If you can’t get those two factors right, then you are in big trouble. You also need to be able to keep a cool head and not start gambling beyond your limits. If you really want to be a pro punter you have to be ready to put some serious, serious work into it. Success takes time. I have worked in the business for such a long time and have such a good grounding in it which has helped me more than anything. I also talk on a daily basis with pro-punters and that has helped to keep me in front. But I would honestly tell people to think very, very hard before embarking on this. If I had children and my son/daughter said they wanted to do this as a profession, I would do everything in my power to dissuade them.

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SBO:Do you think the betting exchanges have had a positive or negative effect on being able to turn a profit?

AK:It’s been a double edged sword. Firstly the idea of betting exchanges is a great one. Bookmakers hate them because they have made the market more competitive. Horse racing markets on Betfair are trading to 100.5% to 102%, which in terms of overround is a lot lower than fixed odds bookmakers. Bookmakers hypocritically bemoan the exchanges – I say hypocritically because you can’t have accounts with the exchanges and still moan about them – because exchanges have smashed the bookmakers’ monopoly somewhat. Exchanges have also given the punter the chance to be the layer, which is a service that only spread betting afforded you in the past. My criticism of Betfair, is that they have been allowed to monopolise the exchange market. This is completely against the interest of the consumer. There are several fixed odds bookmakers, if anyone of them decided they were going to impose a “premium charge” then you simply go to another one. Exchanges are good, we punters just need more of them.

SBO:In ten years’ time, what does the horse racing betting landscape look like for professional punters?

AK:I think it’s bleak to be honest for several reasons. Firstly the generation that are into horse racing are a dying breed. Bookmakers are taking less and less money on the sport because the younger generation want to bet on football, golf and other sports. Racing is just not bringing in the big money for the bookmakers now. It’ so hard to get bets on now, what will it be like in the future? If the government, correctly, takes the decision to heavily regulate the accursed fixed odds betting terminals – better still ban them, then the bookmakers will be forced to close shops. This will make it harder for the pro-punter as getting on in the shops is really the only way to get on nowadays. This is why I am taking my modus operandi away from the traditional methods.

SBO:What job would you liken being a professional punter to?

AK:I would say it is the poor man’s stock exchange. It can definitely be likened to financial trading.

SBO:What would you change about the game?

AK:Have you got 10 years?! Very simply I would nationalise the entire betting industry in this country. You can argue against the nationalisation of the railways or energy suppliers, but I see no valid reason why the betting industry could not be nationalised and run effectively, with the profits going back into the public purse and not in the hands of private shareholders. The whole business has become a zero sum game for the punter. If the punter wins his accounts are closed down, if he loses he can do whatever he wants. So the bookmakers are running a service whereby they can only win. This would not happen if UK gambling was run along the same lines as the Tote system in France. Why should private shareholders, many of whom are using offshore tax havens, get rich from the sport when the profits could be going directly back to the public? This would also make sure that pro-punters could get their bets on without being restricted. I would also ban FOBTs (fixed odds betting terminals)

SBO:Would you ever consider going on the other side and becoming a bookmaker?

AK:Yes. But I would want to be a really old school bookmaker. Not one who is sitting there laying 2.75 when I can back a horse back at 3.00 on the exchanges. If I was going to be a bookie I would like to be one of those who were made from different cloth. Like Stephen Little, Bill Chandler, William Hill or a Freddie Williams. Bookmakers who were willing to stick a price up and live or die by their judgement. That appeals to me, but realistically I can’t see myself with going that way.

SBO:How would you advise punters to improve their punting skills, specifically with horse racing?

AK:I believe in the validity of the saying: “There is none so wise as the experienced.” I believe you should try and learn from people who have trodden this path. It may well be that in the future I will run some seminars and I have also written a book which is currently being considered for publishing which will be called: Betting on horses in-running. This isn’t a self-serving plug on my behalf, but from my own experiences I learned first-hand from people who trod the path that I want to go down. If at all possible try and do the same. Talk to pro-punters and try to learn from them whether that be me, or someone else in the same business.

The late Clive Holt has one of the most interesting backstories of any
professional horse racing bettor.

Rather than having a well-crafted plan at the track like many future
successes, Holt was a total amateur with no concept of bankroll management.

Through a stroke of luck, he managed to keep winning and turn his hobby into
a lucrative career.

But as much as Holt won on the tracks, he became an even bigger success as an
author and betting expert.

That being said, let’s discuss Holt’s story further, beginning with his early
life, how he became a pro gambler, his legendary Fineform system, and the
various books he wrote.

Clive Holt’s Early Life

Little is known about Clive Holt’s early life. But before becoming a
professional gambler, he worked at the Electricity Board in England.

He was introduced to gambling by his father, who used to bet on greyhounds in
the 1960s. Intrigued, Holt started visiting racetracks in the early 1960s and
experienced moderate success for a beginner.

Unlike more tactical gamblers like Phil Bull, Holt was looser with his
bankroll management and didn’t even keep track of his records. Later on, Holt
would admit that he initially had no strategy and instead bet whatever was in
his pocket.

Nevertheless, Holt continued winning – including sums worth as much as
£1,000.

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While Lady Luck may have been on Holt’s side in the first few years, he began
developing acumen for horse racing betting.

But the same bad habits that plagued Holt in his early betting continued to
surface in the 1970s. Namely, he refused to keep proper records on his betting,
with his only tracking method being how much he came to and left the race course
with.

After a string of mediocre results, Holt decided to start keeping better
track of how he was doing.

“It probably had the greatest influence on my future success,” he recalled.
“As the figures and the percentages built up before me, it was clear that I was
becoming more and more analytical.”

Thanks to his analytics, Holt was able to determine what types of bets were
most profitable for him. This allowed him to better manage his bankroll, survive
losing streaks, and eventually become a long term winner.

Clive Holt Becomes a Pro Gambler

No longer coming to the track without a plan and betting whatever was in his
pocket, Holt started feeling more confident in his skills.

By the mid-1970s, he experienced a strong run over several weeks that earned
him more money than he could make in two years working at the Electricity Board.

This convinced Holt to quit his day job and pursue a professional gambling
career. Years after first walking into Merseyside’s Haydock Park as an amateur,
he was now betting for a living.

“I set off for Chester on the 6th May 1975 in a new Ford Ghia Capri, in a new
suit and in a new job,” he recalled. “My first bet was £67 to £30 on Western
Jewel with Roy Christie on the rails down to a ticket number. The horse won by
two lengths and was never in any danger.”

Long gone was the man who would bet everything he had at once in pursuit of
big scores. In fact, even as a professional, Holt never won more than £1,000 at
a time, thanks to his disciplined approach and moderate bets.

Unfortunately for Holt, he became too successful at wagering on horses, and
both William Hill and Coral closed his accounts in 1978.

It wasn’t uncommon for UK betting shops to close the accounts of successful
bettors. But this made it harder for Holt to find action and forced him to do
the majority of his betting at race tracks.

A Life of Luxury Cars and Vacations

Perhaps more than any other bettor, Holt enjoyed talking about all the
material possessions that professional betting afforded him.

He claimed to have purchased luxury and classic cars like a BMW, De Tomaso
Pantera, Jaguar, and Lotus.

Holt also boasted of taking his wife and four children on holidays to Africa,
America, Australia, the Canaries, Caribbean, Hong Kong, Israel, Mediterranean
Coast Singapore, and the United States.

He also purchased a family home in the country that featured stables,
numerous acres, and quick access to a training center for his horses.

Holt was quick to state that had he still been working his job with the
Electricity Board, he never would’ve been able to live this lifestyle. He also
claimed that he could’ve quit betting on horses at any time if a more lucrative
opportunity arose.

Considering that Holt sold books, it’s unclear whether or not he boasted of
his luxury cars, exotic vacations, and large house as a means of driving up
sales. But given his success as an author, Holt’s image of driving Jaguars and
vacationing in the Caribbean didn’t hurt his cause.

General Betting Advice from Holt

Holt was well known for making at least four visits to the track personally
every week, usually from midweek until Saturday. This differs from some
successful bettors, who send others to the track to place wagers for them.

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Holt not only felt that these personal visits made it easier for him to see
the horses’ form, but he also enjoyed the atmosphere while betting.

He was adamant that you know the recent form of a horse and only bet on ones
who are running at their peak.

“One vital ingredient for successful punting is that you’ve got to be
confident that your selection can win,” Holt explained. “Horses with good recent
form, preferably winning form, running against limited opposition within their
class, when at their peak, progressing or improving – do win the majority of
races, all year round.”

He added, “They are a constant source of winners for anyone to exploit.
Almost every winner worth backing falls into this category which is broadened
even further by the four pros: proven, progressive, promising, and profitable.”

Holt’s Fineform Ratings System

Holt’s most famous betting strategy is the Fineform Ratings system. This
system was originally sold as a small book with 28 pages, this work deals in
both general advice and how to effectively use the system.

The first part of the book discusses the lofty expectations that many bettors
set for themselves when starting out. Later, Holt dives into how one can
effectively use his system to rate horses on both flat and hurdle courses.

To begin discussing Fineform Ratings, let’s start by looking at the scoring
system that Holt used to rate horses:

All horses are assigned points based on their last two races, with the
maximum possible score being 12 points. The horse that finishes with the most
points is the one that you’re supposed to bet on.

If two runners tie for the top spot, then you should award an extra point to
a distance winner.

In the book, Holt stresses that this is a proven system that will produce
winners when done right. He supports this theory with stats and results showing
the importance of good form, the course, and distance.

Points to consider with the Fineform Ratings strategy is that there was no
all-weather category when this strategy was published, and the flat and national
Hunt seasons have off seasons.

For all weather racing, January represents the off season, meaning a horse
could go a couple of months or more between races. If you see a situation like
this, it’s harder to use the Fineform Ratings system to predict good form.

Although considered a unique and valuable system when it was released over
two decades ago, Fineform is considered an antique strategy by today’s
standards.

First off, it lacks the complex statistics that are made available to bettors
today through databases and software programs. These days, there are much more
analytical and refined betting systems for horse racing.

Another problem is that virtually anybody can use Fineform because it’s such
an easy method. As is the case with any betting strategy, it’s hard to find a
winning angle when any amateur can use the same system.

But given the age of Fineform, it’s possible that many overlook it today,
meaning you could revisit it and perhaps add your own twist to experience
success.

Clive Holt Books

Holt wrote several books, including the following:

• Profitable Betting Strategies – Published in 1993
• Be a Successful Punter: Win with Fineform as Your Guide – Published in
  1998
• Profitable Winners Always Back Value Winners – Published in 1994
• Fineform Winners Guide – Published in 1997

As you can see, Holt’s author career spread out over decades. Given that he
was just getting started in the early 1960s, it’s unlikely that he had any
profound gambling advice back then.

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But Holt’s later works are / were highly regarded for both their general
betting advice and unique systems.

The Fineform Winners Guide would serve as his latest and most famous work.
But Be a Successful Punter and Profitable Winners Always Back Value Winners were
also big sellers too.

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Despite Holt’s books and advice being decades old, many still read and
discuss his advice on forums.

Conclusion

Many people dream of quitting their day jobs to pursue a gambling career
because it offers the ability to earn a substantial income while betting on
races / games. But few ever achieve this dream because it takes considerable
time and skill.

This makes Clive Holt a rare breed since he eventually made enough money to
quit his day job and chase a dream.

Holt originally suffered from common beginner’s mistakes, such as having no
bankroll management plan and betting whatever amount he felt like in the
beginning. But after becoming fed up with mediocrity, he finally decided to take
things more seriously and develop a bankroll management plan.

The result was a success, as he identified what bets were most profitable and
put his money towards singles wagers, rather than multi bets.

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According to Holt, his betting success allowed him to live a comfortable life
that also included the finer things like luxury cars and exotic vacations. But
it also got him banned at prominent betting shops like Coral and William Hill.

His combination of betting success and a lavish lifestyle served him well in
the publishing industry as he sold numerous books over the years.

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By the time Holt died in the mid-2000s, he’d established himself as a legend
whose advice was worth following. As a testament to his visionary strategies,
Holt’s Fineform Ratings system is still used by gamblers today.