Matched Betting

southernscouser

moozie wrote:

I just can't get my head around it! A couple of weeks ago I blamed it on hormones, now I have to blame it on deteriorating grey cells!

I can't even 'get' SS's simple example :eek:

Maybe I should stick to bingo sites through Quidco :think:

OK, take it line by line and post back here what you don't understand! I will make you understand it!

postingalwaysposting

ss this is the way i see it (prob totaly the wrong way around) am i on the right lines... you bet on (whatever it is) winning and losing..... or am i tottally wrong.....

moozie_2

southernscouser wrote:

When the newbie guide talks about 'laying' bets (is this putting a bet on? ) try and think of it as you acting as the bookmaker (This confuses me )
Laying a bet of £10 basically means me saying, 'Mrs S, if you come and bet £10 with me I'll give you odds of 2.5'! (I never understood 'odds' )

SS, you are one persisted man and I am one hopeless case :rotfl:

Thank you :kisses3:

southernscouser

postingalwaysposting wrote:

ss this is the way i see it (prob totaly the wrong way around) am i on the right lines... you bet on (whatever it is) winning and losing..... or am i tottally wrong.....

Kind of.

For example at the bookies you bet on Chelsea to win. At Betfair you bet/lay on them NOT to win. This means that you are betting it is either a draw or they lose.

By 'laying' at Betfair you are basically acting as your own bookie and you are saying, 'SS come and place £10 with me that Chelsea will win'. If Chelsea do win you win at the bookies but have to pay out to me.

If Chelsea DON'T win (ie draw or lose), then you lose at the bookie but I lost with you so you keep my stake and don't have to pay me anything.

When laying a bet you are betting that Chelsea won't win. Not draw or lose, but won't win. :think:

captiva

SS, I've been thinking about giving this a go for a while, but the concept of odds, and unusual phrases are a bit intimidating.

Is this basically the idea -

If I bet both for and against an outcome, I will win one and lose one, making the bet pointless. But if I can get the betting site to 'fund' one of my two bets with a free bet, I will be that much money better off at the end? I guess this is subject to slight deductions for commissions and other such costs?

I don't really understand why it would be better to choose one set of odds rather than another though? If they are similar on both 'sides' of the bet, why does it matter what the actual odds are?

Thanks!

southernscouser

moozie wrote:

When the newbie guide talks about 'laying' bets (is this putting a bet on? ) try and think of it as you acting as the bookmaker (This confuses me )
Laying a bet of £10 basically means me saying, 'Mrs S, if you come and bet £10 with me I'll give you odds of 2.5'! (I never understood 'odds' )

SS, you are one persisted man and I am one hopeless case :rotfl:

Thank you :kisses3:

Laying a bet basically means covering the other 2 results out of win, lose and draw depending on what one you have backed at the bookie.

OK, you BACK £10 at Will Hill for England to win.

You LAY £10 at Betfair for England not to win. By LAYING £10 you are offering me the chance to take up a £10 bet with yourself on England winning.

If England do win, you have won at the bookies but you have to payout at Betfair (as you are effectively acting as your own bookie). This cancels each other out.

If England lose, you lose at the Bookies but get to keep my £10 that I took up on your offer at Betfair.

Either way you are evens but now have a free bet!

Any clearer?

LewisC_2

Now we're getting somewhere! Perfectly phrased, captiva - exactly what I was trying to say.

southernscouser - thanks for taking the time to help us useless lot

LewisC_2

southernscouser wrote:

Laying a bet basically means covering the other 2 results out of win, lose and draw depending on what one you have backed at the bookie.

OK, you BACK £10 at Will Hill for England to win.

You LAY £10 at Betfair for England not to win. By LAYING £10 you are offering me the chance to take up a £10 bet with yourself on England winning.

If England do win, you have won at the bookies but you have to payout at Betfair (as you are effectively acting as your own bookie). This cancels each other out.

If England lose, you lose at the Bookies but get to keep my £10 that I took up on your offer at Betfair.

Either way you are evens but now have a free bet!

Any clearer?

Right, and presumably you then stick this free bet on a dead cert (Chelsea to beat Rotherham), and withdraw the winnings?

southernscouser

captiva wrote:

SS, I've been thinking about giving this a go for a while, but the concept of odds, and unusual phrases are a bit intimidating.

Is this basically the idea -

If I bet both for and against an outcome, I will win one and lose one, making the bet pointless. But if I can get the betting site to 'fund' one of my two bets with a free bet, I will be that much money better off at the end? I guess this is subject to slight deductions for commissions and other such costs?

I don't really understand why it would be better to choose one set of odds rather than another though? If they are similar on both 'sides' of the bet, why does it matter what the actual odds are?

Thanks!

You got the main concept captiva!

If I bet both for and against an outcome, I will win one and lose one

Try and think of it as backing against one outcome and then 'laying' against that same outcome, not backing the other possible outcome. :think:

But if I can get the betting site to 'fund' one of my two bets with a free bet, I will be that much money better off at the end?

Exactly. You minimise your loses with comission as such with your own money then clean up with the free bet!

Don't worry to much about odds. There is a spreadsheet that works everything out for you!

southernscouser

LewisC wrote:

Right, and presumably you then stick this free bet on a dead cert (Chelsea to beat Rotherham), and withdraw the winnings?

No!

Thats gambling. There is no such thing as a dead cert.

You do exactly the same as the bet with your own money. That way you can get back around £24 of a free £25 bet which means £24 profit!