Punters’ Paradise:
At what stage did you decide to go pro?
RHIG:
Pro is an overused word. I don't like to talk of myself as a pro - in social settings, formal settings etc it just causes aggro.I think of myself as full-time. A full-time bum if you like, I first became a full-time bum in the summer of 1993.
"I think of myself as full-time. A full-time bum if you like, I first became a full-time bum in the summer of 1993."
Punters’ Paradise:
You talk about 'aggro' there - do you find a 'stigma' attached to gambling?
RHIG:
There is some stigma attached to it. Though that is mostly because people assume
that a 'pro-gambler' is either: a) deluded; b) a drug dealer accounting for all the cash he has on him
"People assume
that a 'pro-gambler' is either: a) deluded; b) a drug dealer accounting for all the cash he has on him "
Punters’ Paradise:
There is a quote I like "Bet on these 3 horses winning - that's gambling; bet on these three cards coming up - that's entertainment; bet on these three stocks rising - that's business. See the difference?"
RHIG:
Generally it's not such a problem for me socially. Most of my friends are putters on for me. They know I win and am not an addict/criminal. In more formal settings not having a proper job is a pain in the arse. You really are a non-person. I find it incredibly hard to open new current accounts and the like. I have to pay all my rent for the year up front etc.
Punters’ Paradise:
For your mates, any sense of stigma isn't really an issue I imagine? How about family?
RHIG:
My family are OK with it. Like my friends they know I win consistently, so it's not a problem.
Punters’ Paradise:
I have heard that some 'pros' set up 'shell' jobs, just to avoid that hassle - you ever consider doing the same?
RHIG: I worked for Betfair until this time last year. I still do sporadic consultancy work, but doing sporadic consultancy work still puts you alongside out of work actors when you're holding it up as a badge of respectability. My wife has finally got a 'proper job' so hopefully she can help me out on that front
"Doing sporadic consultancy work still puts you alongside out of work actors when you're holding it up as a badge of respectability."
Punters’ Paradise:
You wait tables in your spare time?
RHIG:
You've started to get me worried. This is the first year that I'm gonna fill in my tax return and there's gonna be little on it bar building society interest
Punters’ Paradise:
Do you find that your 'career' impacts on your social life much?
RHIG:
A little, especially in the summer months (thank god night racing is almost over). The main problem is holidays. I tend to take mine off-season, when I'd probably really like to go somewhere when it's sunny in the summer.
Also, when I take short breaks, I usually go when I've got a couple of quiet days. This is a bad idea as my quiet days are usually Mon-Wed and there's just no atmosphere if you go to a Spanish city or similar on those days. No nightlife.
Punters’ Paradise:
Take me through a typical day - presumably it's out of the bed at 6am and ablations to the RHills shrine facing Mecca?
RHIG:
I raise myself from my slumbers at noon (an hour earlier if I need to go around the shops to do a few sporting each-ways), generally take it easy until the start of racing and then bet away until racing's end. In the evening I'll either relax or do some research.
Punters’ Paradise:
What about the practicalities - is most of your betting on-line?
RHIG:
All of it bar the odd each-way acca in the shops. I don't do phones - takes too long.
Punters’ Paradise:
As a successful gambler, you are obviously used to being 'knocked back'
Is this a major problem for you, or more of an irritant, solved by 'beards' etc
RHIG:
Yes - I can't get a bet on my own name, on the horses at least, these days. It's an irritant. If I want to get on I can get on but half of my time seems spent dealing with logistics these days
"If I want to get on I can get on but half of my time seems spent dealing with logistics these days"
The biggest hassle is the stress of it all - I must have over £100k in different 'pots' at any one time, including in people I wouldn't know from Adam's accounts...
Punters’ Paradise:
Lets take an example - say there is a race tomorrow at 4:00 - where do you start your 'process'?
RHIG:
Depends what sort of race it is: do I have to memorize colours, are there any each-way angles etc.
Usually I start my 'process' when the proceeding race finishes around 3.56pm
I don't really do a lot of form study on the horses these days
Punters’ Paradise:
Do you depend on your models and market info?
RHIG:
A little. I use models for soccer more than horse racing. As far as horse racing goes I'm usually little more than a scummy arber/trader/bottom feeder who does the occasional in-running. That's even though I consider myself better at footie betting; the sheer turnover on racing means you can be relatively poor and still make good money getting the basics right
Punters’ Paradise:
How does your betting break down (% wise) between racing and football (and anything else)
RHIG:
I don't keep accurate figures, partly because it's hard to define turnover in these days of trading etc but I'd imagine 90-95% horses 5-10% soccer
"Even though I consider myself better at footie betting, the sheer turnover on racing means you can be relatively poor and still make good money getting the basics right"
Punters’ Paradise:
What sort of staking do you use?
RHIG:
That's not out of choice - if the footie markets I specialise in had the liquidity I'd like I'd bet on little else.
As far as staking goes - I get what I can on without destroying the price. These days I'm much more liquidity constrained than bankroll constrained so I don't really think too much about Kelly.
Punters’ Paradise:
But that would be your 'target'?
RHIG:
Target?
Punters’ Paradise:
Staking proportional to odds and your estimated edge? Assuming liquidity wasn't a problem.
RHIG:
If it's a sport I totally trust I'd bet Kelly if liquidity really wasn't a problem (it always is on the more interesting markets).
Punters’ Paradise:
Liquidity is obviously an issue determined by the amount of people (or more accurately money) willing to trade in a market.
Gambling is a massive growth industry, so we see lots of 'new blood' - which obviously presents opportunities for those who know what they are doing.
However, it seems to me that there is an increasing sophistication of the mug punter (probably helped by sites like this)
Does this bother you in any way ?
"You want to get (mugs) one-on-one in an illiquid market but they don't tend to go to those markets"
RHIG:
Yes, it's a bit of a Catch 22.
Punters’ Paradise:
Do you believe the equilibrium point (in terms of knowledge/shrewdness) has shifted significantly?
RHIG:
The people who know nothing are given a helping hand in the most liquid markets as to what the right price should be. You want to get them one-on-one in an illiquid market but they don't tend to go to those markets.
Punters’ Paradise:
I guess I'm saying that there is a balance point where the mugs and the shrewdies co-exist happily. As the mugs get better, that point moves in their favour. Has that movement been significant recently - i.e. have 'edges' been trimmed?
RHIG:
Not trimmed, Doc. Some edges have gone completely (ask Julian Wilson) while others have opened up.
Read other parts of this interview: Part 1 Part 3
BBC
