Matched Betting

postingalwaysposting

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?

so basically unless england win you will lose all 'your' money but if you use a free bet (given to you after you lose a layed bet) you will get some money if its layed on england losing :rotfl:

LewisC_2

I think I get it now. southernscouser - I will PM you over the weekend when I'm ready to place a "bet" and get you to check the details, if all is OK with you.

captiva

LewisC

Good luck! If there's nothing too sensitive in the data, could you have that weekend discussion about your first attempt at matched betting on this forum so we can see how you go and what to do?

LewisC_2

captiva wrote:

LewisC

Good luck! If there's nothing too sensitive in the data, could you have that weekend discussion about your first attempt at matched betting on this forum so we can see how you go and what to do?

Absolutely

southernscouser

postingalwaysposting wrote:

so basically unless england win you will lose all 'your' money but if you use a free bet (given to you after you lose a layed bet) you will get some money :rotfl:

You will lose all your money at Will Hill but then you gain my £10 for what I backed with you at Betfair.

I might be confusing you all but think of Betfair as your own bookies.

This is what a typical page on betfair looks like. Concerntrate on the purple bits.



By clicking on the purple Win box that says 1.72, you are offering someone the chance to take up a bet with you at those odds (1.72) that Sunderland will win. In the next screen you then decide how much in bets you are willing to accept. If Sunderland do win then that punter would have won from you so you will have to pay out but as you also backed Sunderland to win at Will Hill you have cancelled out the bets.

southernscouser

LewisC wrote:

I think I get it now. southernscouser - I will PM you over the weekend when I'm ready to place a "bet" and get you to check the details, if all is OK with you.

I've got to work tomorrow so I won't be able to.

My advice would be to do some pretend runs first. There are loads of offers out there so there is no need to rush things. Do dummy runs this weekend then if you get things right do it for real next weekend!

postingalwaysposting

right ss i seem to be geting it, my brain has woken up, one last question though, what if noone backs you layed bet at betfair?

bluekp

ss - you are doing a great job here.

I am willing to help with any questions anyone has as well. As ss has said once you've got your head around it you'll wonder what all the fuss was!

southernscouser

postingalwaysposting wrote:

right ss i seem to be geting it, my brain has woken up, one last question though, what if noone backs you layed bet at betfair?

Very good question! :T

You see under the odds of 1.72? That figure of £565 effectively means that is how much people want to back at your bookies. So if you accept a £10 bet it will go down to £555 and stay there until the next person accepts a lay bet.

bluekp

LewisC you can always post your figures onto the Newbies board and there is always someone there who will check it over for you.