oh no...

mjd · Post by **mjd** » Sun Oct 30, 2011 11:20 pm

before going to the pub tonight I stuck a tenner on Athletico to beat Zaragoza 3-0.. 10-1..

third goal goes in, and the tension begins..

about 2 minutes later Zaragoza score..

Would of probably been able to profit quite well there if I could access betfair from the pub. (trading out)

lesson is - never leave a bet un-attended! Pain

trayhop123 · Post by **trayhop123** » Sun Oct 30, 2011 11:55 pm

this might be a silly question ,,,,,,,,,,, but not being a gambler , i simply dont know .

what exactly is betfair ? ,,,,,,,,,,,,, whats laying off a bet ,? ,,,,,,,,,,, how does it work ? ,,,, how do they make their money etc?

harry2 · Post by **harry2** » Mon Oct 31, 2011 12:58 am

Betfair is gambling, not against a bookmaker, but another gambler.

Very simple example

Say Man United play Man City in the FA Cup Final and have the same chance of winning.

The bookies would bet
5/6 City and 5/6 United

In theory they take a £600 bet on both teams

They now have £1200 staked and whoever wins they pay out £1100 (six hundred to win five hundred)

If you were on Betfair you could get close to evens on both teams.

So £1200 in the pot and the winner collects £1200.

Betfair take commission on any WINNINGS between 2% and 5% depending on turnover in bets.

Say you were on 4% commission you would have to pay 4% of your winnings of £600 = £24 (still a lot better than the bookies)

You can bet in play on most events so if you had bet £600 on City and they were 1-0 up with ten minutes left the odds might be 1/5 City and 5/1 United, so you trade out at a profit by betting £200 on United,

You would now have staked £800 and will get £1200(original bet of £600 at evens)if City hold on or £1200 (£200 at 5/1) if United win the cup. Less commission charges, a no-lose situation.

Of course if United were 1-0 up you would be up shit street.

You can bet or lay your fancy, whether it's horses, football, X Factor, almost anything right up to the final whistle.

HornyNick · Post by **HornyNick** » Mon Oct 31, 2011 2:06 am

^^^^
I didnt understand a word of that!

ops:
This is why I dont do bookies!

messiah · Post by **messiah** » Mon Oct 31, 2011 3:09 am

I would recommend an iphone for in-pub betting, however it does just turn my mates into complete freaks who can only care about looking down at the screen to see the latest odds.

Oddfeet63 · Post by **Oddfeet63** » Mon Oct 31, 2011 8:30 am

What he said iPhone and get bet fair app

harry2 · Post by **harry2** » Mon Oct 31, 2011 9:17 am

http://learning.betfair.com/en/videos/w ... tfair.html

mjd · Post by **mjd** » Mon Oct 31, 2011 9:48 am

Betfair gives a punter a massive edge.

a) Much better prices. On Horse racing a 66-1 chance at betfred could be something crazy like 190-1 on betfair for example.

b) (And this is what I didn't do) you can back and lay in running.. Meaning if you back 3-0 at 10-1 at the start of the game and at 80 Mins it becomes 3-0, the price for a 3-0 finish with 10 Mins left would of been quite short.. Thats where you can lay..

£10 Back at 10-1 = £100 Profit
£10 lay at 10-1 = £10 Profit, but losing the bet costs you £100 !

Marcossvon · Post by **Marcossvon** » Mon Oct 31, 2011 12:14 pm

Unbelievable to see Betfair struggling in the share Market these days. Their model is brilliant, they have a great brand, but if they continue to try and delve into the spreadbetting Market they will regret it.

jetsetwilly · Post by **jetsetwilly** » Tue Nov 01, 2011 3:03 pm

You can bet in play on most events so if you had bet £600 on City and they were 1-0 up with ten minutes left the odds might be 1/5 City and 5/1 United, so you trade out at a profit by betting £200 on United,

You would now have staked £800 and will get £1200(original bet of £600 at evens)if City hold on or £1200 (£200 at 5/1) if United win the cup. Less commission charges, a no-lose situation.

The other situtation of course would be to lay city at 1/5 as the price has contracted rather than back United at 5/1.

jetsetwilly · Post by **jetsetwilly** » Tue Nov 01, 2011 7:01 pm

...and besides Betfair's game market would be a 90 min. market I believe anyway thus bringing the draw into it aswell (which was hence my previous post about laying man city which would give you the draw but perhaps I'm being anal!!! lol :-))

Oddly tbh you'd need the FA Cup Winner market for your needs Harry2.

mjd · Post by **mjd** » Tue Nov 01, 2011 10:31 pm

I think some of the big prices you get on football turnarounds are well worth going for. Its all about greening out (as they say)

I stuck £8 at 54-1 for Genk to win tonight vs Chelsea, this was in the second half, and I put the bet on about 5 minutes before they scored (that worked, I tried one earlier in the night that didn't)

After they scored they were cut to around 8.5/1 so I started trading out.. Made 30 quid in the end which isn't amazing, but im learning a bit about it.. I was thinking Genk might win it, so didn't want to trade too much too soon. Ended 1-1..

its a bit hit and hope, but the value is hard to ignore!