Stupid Betting?

[aldric]

For the last 3 days I have been 'blindly' backing 3 - 6 horses each race based on their odds and nothing else. The majority of the races I have been betting on are handicaps and the minimum odds are usually around 8.0 and a maximum of 20.0 (ish). I have bet on every type of race though and haven't been too selective if i'm honest. I have been risking between £6 and £20 per race and usually try to win more on the higher odds. This is an example from tonight of what i've been doing:

Horse Racing > Punch 27th May : 2m Mdn Hrd Showing 1 - 6 of 6 Selections

Selection Odds Stake(£) Bid type Placed Profit/loss(£) Elysian Rock 13.50 3.00 Back 27-May-09 19:00 37.50 Get It Sorted 11.50 3.00 Back 27-May-09 19:00 -3.00 Green Tobasco 7.60 4.00 Back 27-May-09 19:00 -4.00 Mark Me Up 7.60 4.00 Back 27-May-09 19:00 -4.00 Remind Me Monday 9.40 4.00 Back 27-May-09 19:00 -4.00 Silver Reef 25.00 2.00 Back 27-May-09 19:00 -2.00 *Average odds: On Off Back subtotal: 20.50 Lay subtotal: 0.00 Market subtotal: 20.50 Commission @ 4.59%: 0.94 Net Market Total: 19.56

I used to just lay selective favourite or high odd selections but this seems to have much less risk for better reward. The above example isn't the best as I only got an even money return, there have been others where the return has been significantly higher. Is this a completely stupid idea? I'm guessing it is and I should be looking at some form as I usually do.

[aliando]

Re: Stupid Betting? probably worth paper trialling over a significant period. 3 days may give you false hope.