blonde poker forum

To put it simply, I just don't get it.  Regularly I see posts on this site saying stuff like "I've backed this so I'll secure profit later by laying it etc" and "win lose or draw I'm in profit"

How does it work? So if I have £20 lay bet on a 0 - 0 draw at 10/1, I lose £220 right????

So if I back it to be 0 - 0 at 8/1 I win £180.  So a loss of £40

Is the idea just to simply back something at a higher price than a lay bet or is it not as simple as that?

Idiots guide required please.

Go easy on me  ;surrender;

Yeah, you just do that, except the other way around.

It's as simple as that.  The difference between the odds you back and lay is your profit.  If lay odds are higher than backed odds, you make a loss, or can cap any loss you may have.

Ok, so, scenario 1 is this:

At 10am, I think a horse will win later today so I back it at 5/1
At 3pm, other people think this and the price is 3/1

So do I just lay it at this price for a little profit either way?

Sounds far too simple. 

Why isn't everyone doing it?

Correct, there are people doing it. Finding a horse that will come in that far is the skill. I actual trying with small stakes to teach myself how to trade this year on English football, pretty mixed result so far, it ain't as easy as it looks.

because it's just as likely that your horse will drift to 7/1 in which case you should've laid it at 5/1 when you in fact backed it

You've got a few options there.

Say you've bet £100 at 6.0

If it has gone into 4.0 you can lay it off to cover your initial bet and then the bet becomes a freeroll with the remainder, or you lay off enough to guarantee a profit whatever the outcome.

Option 1

Bet £100 @ 6.0
Lay £100 @ 4.0

The bet is now neutral, but if it wins you pocket £200

Option 2

Bet £100 @ 6.0
Lay £140 @ 4.0

This means you are guaranteeding yourself £40 profit whatever the outcome.

If it wins you collect £600, but pay out £560.
If it loses you pay out £100, but collect £140.


This ignores whatever commission you would have to pay, which you would need to take into account.

Your spot on but remember to lay a fraction more than what you backed for if you want profit all round.  Otherwise you will break even on the field and have the profit on the one horse.

But generally you have the idea ... now you just have to find ways to make it work.

You can also get betfair to show you your profit and loss on each selection so you dont have to work it out.

Everyone is doing it, that's why the price has come down to 3/1   :)



^trying to be funny, not helpful, do not read

So why would you ever lay something if you can only ever win your stake money back????????

Huh?

If you lay £10  on a 3 to 1 shot, you have a liability of £30. So you either win £10 (the backers stake) or lose £30, you are just playing the bookie. Just look at it like backing a 1/3 shot.

So your saying I'd get my £10 back if it lost and someone else's £10, for a £10 profit???

Told you I needed an idiots guide!!!

On betfair and other exchanges you aren't putting £40 on the above bet, you are putting £30 to win £10. The £10 comes from the person who has backed the odds you have layed.

There is no other £10 just the £30 the backer can potentially win.

It really is more simple than you can imagine. They have a few tutorials on the site that will probably tell you most of what you need to know. Best thing is deposit a few quid and just learn as you go along.

So, if I just laid £100 on a horse @5/1 and it won, I lose £500?

If it lost, what do I get back? Just my £100 stake or my stake plus what more?

If you lay a bet, look at it as you being the bookmaker and taking the bet.

If it wins, you pay out at the odds stated.  If it loses, you pocket the stake.

you don't have a £100 stake in this case. you're putting up £500 against someone elses £100. one of you scoops the lot

You never staked 100, you laid a bet of 100 and if it loses that is what you win. Your liability (500) is removed from your account until the result is determined. This is what you lose if it wins.

OK, almost got it now guys, so, when this horse loses, my account gets credited with £600 total yes?

yes (minus any comission)

it will have been debited £500 when you laid the bet

Right betfair will always take your maximum loss when you place a bet and then return the money when its settled.

When you lay a 5/1 horse for £100, £500 will come out of your account and £100 from someone elses.  The event is then settled and the winner will get the £600.  

Either you win £100 or lose £500.

You then pay comission on any amount won i.e. for you it would be on the £100.  (p.s. its 5% before u ask)

wish so much i was mr betfair

would be so nice

ex pro gambler to setting up company in loft from Uni to Queens award for Enterprise 3 years running and making Britains Rich list

MBN

who is Mr Betfair? (I'm not talking about Blatch)

Andrew Black and Edward Wray

http://en.wikipedia.org/wiki/Betfair

If I have ever wished I had come with an idea, betfair is the one.

Absolute genius and so simple.

How many times previously had you had a bet with a mate down the pub and not thought "hang on, that would make a good website"

Thx for your help on this guys

Time to lose the lot
 :)up

I know teams of people working in shifts in betting shops in london/boarders  where they can get a back price(or not, sometimes you dont need it) with the little machine in their hand just arbing all day, they make a lot of money.

Fack me, now I understand hedge funds.

mbsn just discovering betfair. I was 18 (7 years ago) when i discovered it, it was heaven, i did my brains tho, and only just this year a winner on there.

I'm pretty sure that the first betting exchange that I started messing about with, also around seven years ago was called Flutterbet which then got taken over and absorbed by Betfair, and after that the rest, as they say, is history.

I started on flutter.com as well when I was at Uni.

Such cheesey software with Bill says blah blah blah - £5 says he is wrong.

been messing about with bet angel software really useful tool i must say.

Year 2000 they say.

http://en.wikipedia.org/wiki/Betting_exchange

Sandy

Im still a betfair virgin and that is for real

haha, i started on flutter at 17, just lied on the dob and used my solo card!  degen obv.  flutter was class, you actually bet against a specific person!