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
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
