Welcome to our Fairbot Review, where we will go over some of the key features of the software and show you why Fairbot is our favourite Betfair trading tool.
There are many types of trading and betting software available to be used for the Betfair Exchange. Trading software is designed to be able to refresh odds at a faster rate and make placing bets a lot quicker than what is possible with the standard Betfair interface.
Each trading software has it's own pros and cons, but Fairbot is popular amongst both seasoned traders and those that are new to Betfair due to it’s simple, easy to use interface, yet still being feature-rich and highly functional.
FairBot is interactive trading software built for users of the Betfair betting exchange. It is built by Binteko Software Company, an official Betfair API Solution vendor, which assures you of 100% compatibility with Betfair.
What are the benefits of using trading software?
- Odds refresh rate – Odds are updated much more frequently than on the Betfair website – with Fairbot they can refresh up to 5 times per second
- Faster placement and cancellation of bets – you can enter or exit a market with just one mouse click
- Real-time charting – Access to price movement charts which can help to spot trends in the market
- Ladder interface – An alternative view of the market which shows the full market depth and allows you place many bets in a short space of time
- Trading tools – Various tools at your disposal to make your trading more efficient, such as “Greening Up”, Stop Loss, Dutching and “Fill or Kill”
- Simulation mode – Can be used for practicing your trading or trying out new strategies
- Automation – Ability to create custom strategies for placing bets automatically
Although software is not necessary to be a successful Betfair trader, it can certainly make life easier and give you an edge over other users. It is also highly recommended for scalping as you are able to react much more quickly and dip in and out of markets with one click. No more bet confirmations to slow you down!
Fairbot Demo Video
The software is designed for Windows operating systems, however it is compatible with Mac OS and Linux using WINE or WineBottler compatibility software. We reviewed the software using Mac OS without any issues.
The main interface on Fairbot is what you will be accustomed to if you are already familiar with Betfair. Below you can see a horse racing market – Cheltenham 13:30 - loaded up on Fairbot.
You can see the volumes of money matched on each horse and the weight of money (WoM) indicator, which is useful for predicting which way the odds will move. Another handy feature is the graphical representation of the price movements, shown behind each of the race contenders.
Below is the same market shown using the ladder interface. On this screen you can place and cancel bets much quicker and also drag and drop bets to alter the odds you want to request. For example if you want to set up a series of drip lays, it is easy to move up and down the ladder to the required odds and set your lays up in just a few clicks.
Simulation Mode is an extremely useful feature, which enables you to learn how to use the software and practice trading techniques without risking a penny of your own money. When it comes to learn trading strategies such as “scalping” this feature is invaluable and allows you to make as many mistakes as you want whilst mastering the art.
Once switched on from the File menu, you will notice in the top right corner it now says “Simulation mode is ON”.
All of the examples from this review have been done using simulation mode, so you can see just how handy it can be. We would definitely advise turning this on whilst you work your way around the software for the first time, particularly if you are new to trading software or trading in general.
The software includes line, bar and candlestick charts and also advanced technical analysis features including Bollinger Bands and Envelope (measures market volatility), SMA and EMA moving averages, MACD, RSI, and CCI.
There is also a chart taken from Betfair, which includes some more at-a-glance statistics for the market.
Fairbot has a number of trading tools available. With the “Trading” box ticked you are able to alter the settings for these.
The video below shows some examples of using the main tools included within the software.
Here I have set the trading offset to 2 and set up a stop loss to trigger at 3 ticks. The “Smart Bets” feature calculates the required to make a guaranteed profit whatever the result. I have turned this off in this example, as I want to attempt to leave all of the profit on one result.
Here you can see I have set up my trade, which was all completed with one click. I set up a lay at odds of 2.04 and once matched Fairbot will place my back bet at 2.08. You can also see the stop loss has been set up to trigger at 1.99.
In this case my back bet was not matched in time and the stop loss kicked in, leaving me with a small loss. This is a very useful tool to use when scalping, as I could have been facing a much worse loss if the odds had continued to shorten. Also I did not have to keep watching the market as everything was already in place.
Attempting anything like this without trading software is pretty much impossible, yet with Fairbot your trades can be set up within seconds.
When the "Smart Bets" feature is switched on, Fairbot will automatically calculate the stakes needed to make a profit whatever the result of the bets.
Below is an example of using the dutching tool to create an equal profit on six out of the twelve selections. You can adjust the desired profit by changing the dutching type settings to variable profit and then it automatically calculates the stakes for you.
You can also use the tool to lay multiple selections to a set stake or liability.
Here I placed a lay bet on Our Kaempfer for £50 at 11.5. You can see that I could have exited the trade for an equal loss of -£2.28 at that point, but my aim was to try and hedge out for a profit once the race was in-play.
I wanted to aim for a profit of around £10-11 whatever the end result, so I simply clicked on the green £11.08 figure on the ladder and my bet was automatically calculated to hedge for an equal profit in-play.
My bet was matched at odds of 15.00 and I finished up with a nice green screen!
(Please note: This was just an example using simulation mode - we would not advise this strategy using real money.)
The Automation part of the software is something that could easily be overlooked but is actually a very useful feature. There are many stand-alone automation bots on the market, but Fairbot has it’s own betting/trading bot built into the software. It does not have as many customisable settings as stand-alone software, but there is enough there to set up some simple automated strategies.
It is accessible via a tab on the far right of the screen once a market has been selected. Here you can assign a strategy to the market and sit back and let the software do the work.
Here you can see a basic Lay The Draw strategy I created and assigned to a football Match Odds market. It simply triggers after the game has been running for 30 minutes and has at least £5000 traded in the market. It will then place a Lay for £50 liability at odds of 2.5 and then attempt to “Green Up” for an equal profit at odds over 10.
(Please note: This strategy has not been tested and may require some alteration, use at your own risk!)
You can add as many rules and conditions as you want, and again simulation mode is great for testing the strategies out before playing with your own money.
How much does it cost?
Exclusively to Goal Profits Review readers, Fairbot is available for 15 months access for the price of 12.
This works out at $99 (GBP will depend on exchange rates) for a 15 month license.
Fairbot is a fantastic piece of software for both beginners and more experienced sports traders and it can certainly hold it’s own against other trading software on the market.
The straight-forward interface makes it easy to navigate, yet it still harbours a whole host of powerful features, which if you take the time learn can be extremely beneficial to your day-to-day trading.