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   Notes • Games were selected from the following football leagues – English (Premiership, Divisions 1, 2 & 3, Conference), German (Bundesliga 1 & 2), French (Le Championnat & Div. 2), Spanish (La Liga Primera & Segunda), Portuguese (Liga 1), Dutch (Eredivisie), Greek (Ethniki Katigoria) & Italian (Serie A & B). These gave a total of 4000+ matches each season for match selection. • All selected games were played in the date order that they occurred but not in the time order that they occurred within each day as it was not possible to determine the time when the games were played. As kick-off times were not known, each day’s games were randomly arranged. • Other than money gained or lost through betting, no additional funds were added to or withdrawn from the betting fund throughout each season. • For this illustration, the size of the betting fund was measured on the first day of each month. If no fresh update was available on that day then the size of the fund at the last update is used. The previous update can be up to a week or so before the first day of the month. • Our calculations did not take exchange commissions into account as this is variable, depending on the exchange that you use and how much discount you are given. Exchange commissions can be up to 5% of winnings on each bet and this will have a small negative effect on the fund performance. • The matched odds were estimated from historical data at levels that, from our experience on Betfair, are achievable often enough to make our betting strategy usable in practice. |
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