Betfair Supercharged: How ChatGPT & BTC Unite for Winning Football Trades

Ready to elevate your football trading to a whole new level? In this episode, we delve into how the powerhouse combination of ChatGPT and the Betfair Trading Community’s football software can give you a serious edge on the exchange.

Discover how AI-driven insights can turbocharge your strategy development, backtesting, and risk management, while BTC provides the real-time statistics and market know-how that serious traders crave. 

Whether you’re looking to automate your routine or simply refine your in-play decision-making, this is the podcast that will show you exactly how these two game-changers can work together to help you rake in more consistent profits on Betfair. 

Transcript

0:00

Betfair Supercharged, how Chat GPT and Betfair trading community unite for winning football trades.

0:07

Hello, welcome to another podcast from Betfair trading Community.

0:11

Today we're gonna talk about Chat GPT, AI, but Chat GPT in particular, and it's changing role in trading and Betfair trading.

0:20

And basically how we can use it to our advantage and specifically combine it with Betfair trading Community.com software to make sure that we are getting the most out of our trading, to make sure that we can get an edge on the market.

0:35

So let's just get straight into it.

0:38

I asked Chat GPT how we could do this.

0:41

And this is what it said.

0:43

Combining chat GPT with a specialized tool like Betfair Trading Community's football software can give you a powerful edge in your football trading.

0:51

Well, thank you, Chat GPT, they said it.

0:53

, the software provides stats, matching sights, historical data, while Chat GPT can serve as your AI co-pilot for strategy development, analysis, and assistance.

1:06

Below are some practical ways to do this, and we're gonna go through those and I'm gonna give a little bit of my opinion as well.

1:13

Now, I'll start this cavet by saying that.

1:17

Some people have started using AI and thinking that, oh well, if I use AI I can, you know, I can just ask it, are there gonna be two goals in this game.

1:25

It's not, it's not quite as simple with something like chart GPT.

1:29

It's not, it's not good enough basically that you would particularly want to use it alone for your trading.

1:36

But where it becomes really powerful is when you combine it with software like Betfair trading community football software.

1:44

To really give you a leg up on the market.

1:48

Because what you can do is you can combine initial thoughts, initial strategies, initial concepts, and you can use chat GPT to kind of refine that, maybe formalize what your strategy should be, maybe analyze your strategy and your results so far.

2:04

This is all really, really powerful stuff.

2:07

And that's what the response actually starts talking about.

2:10

It talks about enhancing research and pre-match analysis.

2:14

Betfair trading community provides detailed stats, team form, head to head, goal timings, etc.

2:20

Use these data points as the foundation of your training decisions.

2:24

Identify key metrics you find most predictive like shots on target, possession, or recent form, and then use chat GPT for synthesis.

2:35

And prompt it to say, well, given Team A's high XG, so say you've got a strategy, an XG strategy that you've built on Betfair trading community, and you can see that a certain team has a really high XG today, and then, and in the last 5 games, they've had a really good XG, you could say what potential trading angles might exist here?

2:57

And then Chat GPT will go on to give you some ideas about how you could trade it specifically.

3:03

, it can suggest angles like backing over 2.5 goals, looking for in place scalping opportunities, or timing your entry based on gold trends.

3:13

And I feel like this is something a lot of traders really struggle with because they don't know, well, look, I've got an idea about what I want to trade, but I don't know when to enter the market, I don't know when to exit the market.

3:26

Oh, there's been a goal.

3:27

Should I get out now?

3:28

Should I stay in?

3:29

Oh, there hasn't been a goal.

3:30

Should I take a loss now or should I stay in?

3:34

All these things, imagine you're betting on the over 2.5 goals market in those scenarios.

3:39

You're constantly wondering what you should do.

3:41

You know, the team scores, you're looking at a profit.

3:44

Do you go with it?

3:45

Do you go and try and get more money, or do you take the profit now?

3:51

Conversely, you've backed over 2.5 goals and it's 0-0, like I just said.

3:56

30 minutes into the game, are you looking at taking a loss?

3:58

These are questions a lot of people have, and they're actually very difficult to answer.

4:04

That's where something like Chat GPT can come in handy because you can ask it for suggestions.

4:10

Now again, these are suggestions.

4:12

Don't take what it says as well, I'm taking this to the bank.

4:16

And Chat GPT would even say that itself to you, but it can be a really helpful guide.

4:22

Number 2, generate custom trading strategies.

4:27

So here you're gonna use Betfair trading Community software data and chat GPT brainstorming.

4:33

Take specific data outputs, you know, let's say Team A typically scores between the 60th and 75th minute in 70% of matches.

4:42

Well, you've got that data, right?

4:44

Let's say your strategy on Betfair trading community tells you that, or let's say you're just using the football ratings software page on the site and you found a match that interests you and you go, well, this is the data.

4:56

Now if you feed that into Chat GPT Chat GPT can propose you trading scenarios and it might say something like, well, based on these statistics, how, how I was structured in play trading strategy is and then XXX and it will tell you, it will tell you why to do it.

5:13

So one of the ways you can ask is, so ask a question like this.

5:17

Based on these statistics, how could I structure an in-play trading strategy that capitalizes on late goals?

5:25

These are the kinds of questions that people are asking all the time.

5:28

And with the amount of data that Chat GPT can look through, and you've already used the power of the Betfair trading community data for the sports side of it.

5:37

Then you're looking at the analytical data of chat GPT or or any AI that you you decide to use and if it's good enough, if it's powerful enough, if it's strong enough, it can give you some really good ideas.

5:48

, and it can also, you know, suggest other things you might not have noticed like corner count, odds movements, things like that.

5:57

OK, now.

6:00

One area where people will be able to use this, and this is a bit, you know, beyond my pay grade, so to speak, is in coding.

6:09

OK, now I'm not a coder, it's not something I really dabble in, but a lot of people do.

6:14

Now, if you want to use the stats from Betfair trading community as it as it suggests you do here actually with Chat EPT to build a bot or a code or just basically you could even do it for building a bot for something like, let's say BF Bot Manager, where you're plugging your BTC stats into that, you're plugging your selections in.

6:37

Well this is gonna be able to write Python and things for you.

6:40

Now again, I, I, I'd probably want some knowledge on coding before I started doing this,, but yeah, I mean that's, that's where it's going.

6:49

So, and that will only improve,, so yeah, I mean, again, above my pay grade, so I'm not gonna talk about that one too much, but something that will definitely interest a lot of you, I know.

6:59

OK, number 4.

7:01

Strategy evaluation.

7:04

Now this is really important.

7:06

Interpreting results, because I think a lot of people, they create a a sheet of data.

7:13

And they've back tested these games and you know, maybe it's shown a bit of profit, but not much and People are sitting there going, I'm sure this strategy could be improved, but I haven't got a clue how to do it.

7:26

Well, this is where this is exactly the scenario where Chat GPT can help you.

7:31

Because if you've created your strategy, you've been testing on Betfair trading community, once you've got the performance metrics like total profit ROI strike rate, Chat GPT can help analyze why certain trades succeeded or failed.

7:46

You might say something like, based on these results from my back test, what improvements might reduce variance, OK?

7:54

Now.

7:55

You might be able to go through that sheet and work that out yourself, but something like Chat GPT is gonna be able to look at it in seconds and go, right, here's how you can improve.

8:05

Here's what you need to do.

8:06

So that's something that's really, really, really key to this, and I think will help make something like this so much better.

8:13

, the other one to get into is.

8:18

Human judgment plus AI insights.

8:21

So what you're doing when you're combining Betfair trading community software with chat GPT and your own judgment.

8:30

You're combining three really powerful sources of information.

8:34

Your brain, believe it or not, a very powerful source of information.

8:39

Some people might try and tell you otherwise, but, but it's not the case.

8:42

, Chat GPT obviously really powerful tool, and then obviously the Betfair trading community software, another really powerful tool.

8:50

And what it does is it can kind of reaffirm or question your initial thoughts.

8:55

You know, you might think something's a really good trade, you plug it in and say, do you agree?

8:59

And Chat GPT says I don't, and then tells you why.

9:02

, always remember that Chat GPT's knowledge isn't real time.

9:07

It's best used for strategic thinking rather than split second decisions.

9:11

So it's not for in play.

9:13

You're you're not gonna want to use this for in play at that moment.

9:16

It it it will help you if you want to create something for in play before the match, you know, make a plan.

9:23

But during the game, it's not gonna be that helpful once it's kicked off if you're looking at making other decisions.

9:29

And that's something to be really aware of.

9:32

Again, people, I think, I think a lot of people just want to fully rely on this stuff.

9:37

And I really strongly urge that you don't.

9:40

That's why something like Betfair trading community exists, right, because obviously we've got, we can support you, we can train you, we can look after you, make sure that you're not trading in a bad way, and if you come and talk to us, we can always help you out.

9:55

The problem with AI is that it doesn't have that human element to it.

10:01

So, you know, Chat GPT might tell you something, but.

10:07

You're not always gonna know exactly, oh, that's 100% right, or whether it's the right thing to do.

10:13

, so I just be really careful because like I say.

10:18

It's not perfect, it's still in its early days.

10:21

The stuff is still very much in its infancy.

10:24

, and that's why you wouldn't want to rely fully on it.

10:27

I know I've mentioned this already, but it needs to be mentioned again because it's so important to make sure you're not over-reliant on something.

10:36

And the whole point of combining your human judgment, bet fair trading community, it's like that whole of, you know.

10:43

Two heads are better than 1.

10:44

Well, here, 3 heads are better than 1, because you are gonna be using information from all three.

10:50

And you might think, well, I wanna do this trade, look, I've seen this data, there's definitely gonna be goals, and then Chat GBT goes, well, OK, maybe, but did you know the last game was 0-0?

11:00

You know, things like that that could point out.

11:03

, be pointed out, are gonna help you.

11:06

So don't be afraid to use all three, still use your judgment as well.

11:10

Make sure that you are applying yourself to it.

11:13

, because you want, you don't want to fully detach from this stuff, you don't want to fully detach from your own trading.

11:20

Again, I don't recommend that, and I think that it's really important that we don't do that.

11:26

So one thing you can also do here is continuous learning and updates.

11:31

So, let's think about strategy tweaks.

11:34

Now, strategy tweaks at times can be.

11:37

Can be sort of frowned upon by Betfair traders because people are like, well, if your strategy doesn't work, just tweaking it isn't a great idea.

11:45

You might end up backfitting,, if you don't know what backfitting is, you could ask Chat GPT, it'll tell you.

11:51

But basically it's when you're over filtering so that you're only taking the good data and therefore your actual test results are fairly invalid.

12:00

And moving forward, you're probably not gonna be able to replicate the success from that data.

12:05

Well, here's where I think chat GPT becomes powerful because it can do almost mini tweaks.

12:11

You know, you can say, here's the example that it gives, and I think it's a really good one.

12:15

My late goal strategy only works 60% of the time.

12:19

Any suggestions for entry timing or stop loss parameters.

12:23

Now Chat GPT will be able to help with that, especially if you share the stats from your strategy.

12:30

Again, try and share as much detail as you can.

12:33

Because Chat GPT is very good at taking a lot of detail and working with it.

12:38

, and you know, the one I'm using at the moment,, what's it called, 01 or 01, I don't know what they call it, but basically the latest version of Chat GPT.

12:50

It does take a few seconds to think sometimes, you know, if you ask it a complex question, but that's good, it is then thinking, it's, it's, it's coming up with an answer.

12:59

It's not just copying and pasting some other information it got on the internet once, right?

13:04

It's actually thinking about what would help you, and that's what machine learning is.

13:08

That's the true advantage of machine learning, because we can all go and copy and paste information,.

13:15

But actually being able to give you suggestions for entry timing and stop loss parameters, that's really powerful.

13:21

Again, something people struggle with.

13:23

When do I enter, when do I exit?

13:25

We mentioned it earlier, but it's, it's worth reinforcing because a lot of people do struggle with that, and if you haven't already, that's probably something that you're gonna,, encounter at some point in your trading journey.

13:36

And to get better at bet fair trading, we need to be doing continuous learning and updates and we need to analyze our strategies.

13:44

And if, if you don't feel that like you're that good at doing that,, you know, Chat GPT can have a good look for you.

13:52

And you can agree, you can disagree with what it says, but the important thing is you will get another good opinion to work with.

13:58

And I think that's a really powerful thing.

14:01

OK.

14:02

Number 6.

14:03

Now, on this, on this kind of one, we're gonna talk a little bit about best practice,, and I, I've given a couple of sort of warnings about this stuff, and I think that's really important.

14:13

, look, AI, so some people don't like AI, right?

14:18

Just flat out don't like it.

14:20

I'm kind of in the camp somewhere in the middle.

14:22

I can see why it could be a problem, but at the same time, I can see why it could be really helpful.

14:28

But.

14:29

The important thing here is that you're not using AI to do your trading for you.

14:34

Yeah?

14:35

You're using AI to kind of help guide you, help give you some ideas, and then you're using the Betfair trading community software and data to confirm that, to kind of give strength, give weight to those ideas and whether it's worth trading.

14:50

And then your final touch will be, like I say, your own judgment, where you go, do I want to make this trade or not.

14:56

Remember Betfair trading is always gonna be you placing the bets.

15:00

No one else is gonna do it for you and no one's gonna help you place the bets,, you know, people actually ask me, I get quite a lot of the time, especially if they're in a country where betfair's banned, I'll say, oh, can I just give you a load of money and and you place the bets for me.

15:14

, the reality is, you know.

15:17

People aren't gonna do that for you, you have to.

15:21

Have some autonomy, some control over what you're doing,, and even the best strategies will suffer drawdowns from time to time.

15:30

You know, combined chat GPT's ideas with Betfair trading community solid data and a disciplined bankroll management plan.

15:39

And I'll say that again, a disciplined bankroll management plan.

15:43

You need to be really careful with your money, like with any betting, like with any trading.

15:48

, just because you might have found what you think is a golden goose strategy or a golden goose selection that day, don't just put tons and tons of money on it, OK?

15:58

Do it sensibly, you know, and that's how you can actually do this properly and have success in the long term.

16:04

And the people that do have success, they are people that manage their money properly.

16:08

They don't risk what they can't afford to lose, and they don't put, you know, 10%, 20% of their bankroll on one bet.

16:15

OK?

16:16

And that's essentially what this is saying.

16:18

, now, we've mentioned this a little bit, but I think it's gonna be important to clarify one last time.

16:24

There are real time limitations with chat GPT.

16:28

, it doesn't connect to live markets or real-time feeds.

16:32

So it's best for strategic brainstorming and post-match analysis.

16:37

That you think it's good for the pre-match, it's good for the post-match.

16:41

It's the kind of thing as well where you could go, OK, here's my trading today.

16:46

Can you tell me what I could have done better?

16:49

Where, where did I make a mistake?

16:51

Where now you might not agree with what it says, but it's good to get an opinion.

16:55

The other thing you can do is, is use it for clarification, you know, you might see a lot of terms on Betfair trading community and you go, I don't really know what that means now.

17:03

We're happy to help you, we're happy to explain it to you.

17:05

, but you know what's really quick, just last chat GPT because it'll take like 1 2nd to do.

17:12

So that's a really, really powerful and important thing you could do there to actually quickly improve your trading.

17:19

So let's bring it all together in conclusion and work out what exactly can we do to make money trading on Betfair, using Betfair trading communities, football, stats software and Chat GPT to analyze some of that data and some of the types of trades we're making.

17:38

So leverage Betfair trading community's strengths, OK, a really, really simple one, but you know, leverage the strengths.

17:47

The strength is, it's in-depth structured football data.

17:51

And it will give you alerts for your trade opportunities.

17:55

So you create a strategy, it will tell you every day what your selection should be, and it will tell you what your criteria was.

18:03

So let's say you've got, well, I, I want games where over 2.5 goals happen 75% of the time between the teams in the last 10 games.

18:13

Well it'll tell you when you get a qualifier, exactly what the percentage is, so maybe that match, let's say Man United play Norwich and and the data for that match is 80%, you'll be able to see that.

18:24

And that's really powerful.

18:26

So again, I like what it says here, where it's talking about the in-depth structured football data and alerts for trading opportunities.

18:34

Number 2, harness chat GPT.

18:37

And here's how best to do it for brainstorming, OK?

18:41

If you, if you wanna think of ideas, if you wanna kind of have an idea, again, creating a strategy, where do I start from?

18:47

What hypothesis could I have?

18:49

Well, this can be a really good way to do it.

18:52

Use it for analysis, analyze what you're doing, you know, if you've had a bad day, show it the results and say what went wrong.

19:00

And it'll be able to tell you, there's a good chance it'll be able to tell you and give you a good idea of what did go wrong.

19:06

Refine your strategic edge.

19:09

So Chat GPT it's almost like a level up.

19:13

You know, it's not, it's not gonna be the be all ender, it's not gonna be the one thing you use with your Betfair trading or it certainly shouldn't be.

19:19

But it can help you get a little push up at the end, give you a little leg up.

19:24

And that's what I mean by refining your strategic edge, because the more of a leg up you have on the market, the more you're likely to do well in that Betfair trading market.

19:34

That's just reality, right?

19:35

That is just the reality of the situation, but so many people think that they can just go, oh well, I'll just use my own opinion.

19:43

I mean, a lot of people think they can get away without using any software or data, and I say, Show me all the traders that have made a living that way on Betfair, and I'll tell you what, it's a hell of a short lists compared to the ones who have used software and data.

19:57

So if you really wanna have success, it's pretty obvious how to do it.

20:01

Test and iterate.

20:02

This is really important, validate new ideas using BTC's data before going live with your strategy.

20:10

Ask Chat GPT's opinion on it.

20:12

By using Chat EPT's AI driven insights in tandem with Betfair trading Community's Focus Football software, you can streamline your research process, expand your strategic creativity and refine your automated routines, ultimately aiming to increase your consistency and profitability in football trading.

20:36

OK guys, I hope you've enjoyed this podcast.

20:38

I've certainly enjoyed doing it.

20:40

, if you've got any questions on any of this stuff, just find me an email info@ Betfair tradingcommunity.com.

20:47

Or if you're a member, go and chat to me on the forum, you can always chat to, you know, me, Martin, Ryan or Adam.

20:53

I am Martin, by the way, not me, Martin, Ryan and Adam, I am Martin.

20:57

, but yeah, in case you don't know my name.

21:00

And you can find us on the forum and talk to us,, because ultimately, we can help you, we can help you with this stuff, we can help you with your Betfair trading, and we're always here for you guys.

21:12

Have a great week and I hope you make some money trading on Betfair.