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O/T betfair

Discussion in 'Hull City' started by Amin Arrears, Jun 10, 2012.

  1. Amin Arrears

    Amin Arrears Well-Known Member

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    Hi ne'er really done much gambling and am completely stumped here, hopefully someone with knowledge can help explain.

    First on this £35 risk free bet, if I lose can I put that straight back to my bank or do I have to gamble it?

    Second on this lay, I understand that's betting against a team to win. But before Italy scored they were 6/1 to win Spain were 2/1 (live bet) but laying Italy was at 6.3 and betting against Spain was worse than backing them. Surely with Spain clear favourites backing them should have lower odds and laying Italy should be far worse as Spain are favs and laying is double chance so if it's a draw you still win. How can betting on a double chance Spain win or draw be the longest odds? Ridiculous!
     
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  2. petersaxton

    petersaxton Well-Known Member

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    Ask Papa Allam
     
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  3. doveston

    doveston Active Member

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    Stop been a fanny and lump it all on city to win the champship
     
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  4. x

    x Well-Known Member

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    i think you need to do some reading up on the odds on betfair. but see if this helps.

    first off, the odds on betfair are what is known as decimal odds. so 6.0 is your return (stake + winnings) if you back at those odds. 6.0 is the same as 5/1. 3.0 is 2/1 and 2.0 is evens. anything between 1.0 and 2.0 is odds on.

    the lay odds are what you are offering, not what you are taking. so, for instance, if you lay at 6.0 you are offering 5/1 to other people. if they win, you pay five times the stake you specified . if you win, you get their stake (less commission).
     
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  5. Amin Arrears

    Amin Arrears Well-Known Member

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    cheers mate got it sussed now, laying at 5/1 is a £50 bet for £10 win. only thing confusing me now is you have 3 sets of odds to choose on each back and lay, what's that all about? I can understand why people would lay lower odds but you'd have to be insane to back at lower odds...
     
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  6. x

    x Well-Known Member

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    the three sets of odds can be a clue about movement in the odds aming other things. suppose the amounts look like this:

    italy win: back 3.0/£50 3.1 /£80 3.3/£20 * lay 3.4/£500 3.5/£420 3.6/£350

    on the lay side there is a gap between 3.1 and 3.3. there is only £20 at 3.3 so if you want to put £50 on you won't get it all at 3.3.

    the "weight of money" is on the lay side by a long chalk. this means it is very likely (though not certain) that the odds will shorten soon. there is a lot of money waiting for lay bets but much less waiting for back bets. this is important to people who "trade" on the odds, particularly in horse racing before the off. this doesn't apply so much to football as the odds usually get stuck well before kiock off and hardly moved again till the game starts.

    if you were to put a back bet at odds lower than is on offer - say you put £120 at 3.0 - it would fill it as nicely for you as it could (same with laying). in this case you might get £20 at 3.3 plus £80 at 3.1 plus £20 at 3.0. but only if you get in there first. by the time you place your bet someone might have taken those odds or the odds might have moved a bit, one way or the other.

    if you'd put £100 at 3.3 it would get you £20 at 3.3 and your other £80 would sit at 3.3 side waiting for someone who wanted to lay for that. but there might not be anyone.

    worth pointing out that when a game or race has started, there is sometime a chance to bet in-play or in-running. if this is the case, there is a delay of maybe 5 seconds on your bet being placed.

    there is other software you can get for placing bets that doesn't just show three bet and three lay odds, but all the odds on offer. this is usually for traders but there is often the option to lay all of the horses like a bookie would.

    traders will try to get a situation where they back a horse at one price and lay it at a lower one. then they can hedge so that no matter which horse wins they make maybe 50p or a couple of quid or something. it's not easy to do though. they look for lots of small wins and aim for more wins than losses. there are about 8000 races a year. an average of £3 a race would be a decent enough income.
     
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  7. Amin Arrears

    Amin Arrears Well-Known Member

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    Ah, that clears that up nice cheers pal. So with betfair I'm always betting against 'layers' or other gamblers rather than the bookie when I back a team and betfair works as a sort of tracker, or is fixed odds vs the bookie only?
     
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  8. x

    x Well-Known Member

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    pretty much. betfair itself doesn't make the bets, the users do. betfair makes its money by charging commission on winnings (not all winnings - just a user's total profit on a market). however, you can be sure that the users include bookies using the site to balance the money from their shops but they have less control and the margins are much lower on betfair. the bookies will keep an eye on betfair odds and change theirs to stay similar because they have to be competitive.
     
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  9. The Omega Man

    The Omega Man Well-Known Member

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    Seconded..
     
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