How do people make the extra money on their signature.

alba37

southernscouser wrote:

You are kind of right there.

Lets do football for example. You back at say Coral £25 on Man U to beat Chelsea.
You then lay at Betfair for Man U to beat Chelsea. But what laying means is acting as the bookie. So in effect you are now Coral and I'm you taking the bet at Betfair. Think of Betfair as a betting warehouse. Just a place we meet to do the bets.

So if Man U win you win at Coral but then you have to payout at Betfair because they didn't lose or draw.

If Man U lose or draw you lose at Coral but win at Betfair.

These 2 bets cancel each other out for a minimal loss. Lets say a quid. Well thats no good BUT you have now activated the free bet. So when you bet at Coral again its not your money. So by doing the same process you will lose £1 again (if all odds stayed the same). That means you have made £24 from that bet minus the £1 of your money lost equals £23 overall profit!

Have a read of these threads. :beer:

That's the most I have understood so far!! Thanks southernscouser!!

oscar52

still dont really understand - best left alone i think

southernscouser

oscar52 wrote:

still dont really understand - best left alone i think

I takes time mate! Keep reading over the newbie threads in the link I provided above. Theres too much money available to give up that easily! :beer:

oops_a_daisy

the best way that I can understand matched betting is that you place a bet for one outcome at the bookie and then you lay the same outcome at Betfair. At the bookie you will only get paid out if your outcome happens however at Betfair your lay bet is for that outcome not to happen so you are covered for a win, loss or draw in football for instance.

example middlesbrough v's sunderland

you bet on middlesbrough to win at bookie and place a lay bet for middlesbrough to win at Betfair

if middlesbrough win you get paid out at Bookie and lose at Betfair
if middlesbrough lose you get paid out at Betfair and lose at the Bookie
if they draw you lose at Bookie and get paid out at betfair

clear as mud

always use the matched betting spreadsheet calculator to work out how much £ you need to lay to offset the bet at the bookie.


and back to the thread.......:p


edit - sorry just to say at the bookie you are betting for that outcome to happen at Betfair you are betting for that outcome not to happen.



aaaaaannnnnd back to the thread

oops_a_daisy

oscar52 wrote:

still dont really understand - best left alone i think

took me months to learn - but keep reading it every now and then and it will 'click'

all the best

Mrs_Sparkle

oscar52 wrote:

still dont really understand - best left alone i think

It took me AGES to understand and now I do it's dead easy and I'm making a nice little pot of money, not quite up to SS's standard but I'm getting there.

oscar52

Dont think Im clear here. I understand the concept very much, what confuses me, is the betfair part - I understand the same outcome part and all the rest, but its the actual "lay" that confuses me (always has done, and is why never looked at them) dont want to end up winning with yje bookie and paying out £3K with betfair (maybe bit extreme) Also bit i dont understand (some things take a LONG time) is am I "betting" on betfair or accepting bets on betfair.

Anyone want to volunteer to come round my house and show me??!! - you could slap me when I still didnt get it (at a push I might even supply tea and chocolate digestives)

Nuclear_Tom

I think the thing to remember with matched betting is that you are not gambling. All you are doing is extracting the free cash that bookies offer when you sign up.

whatatwit

From what I have read so far and struggled to understand, is that you need the odds to be matched.

southernscouser

oscar52 wrote:

Dont think Im clear here. I understand the concept very much, what confuses me, is the betfair part - I understand the same outcome part and all the rest, but its the actual "lay" that confuses me (always has done, and is why never looked at them) dont want to end up winning with yje bookie and paying out £3K with betfair (maybe bit extreme) Also bit i dont understand (some things take a LONG time) is am I "betting" on betfair or accepting bets on betfair.

Anyone want to volunteer to come round my house and show me??!! - you could slap me when I still didnt get it (at a push I might even supply tea and chocolate digestives)

The lay part was the same thing that threw me mate so you're not alone!

You are kind of accepting bets on Betfair.



OK this is what a screen looks like at Betfair. You see the circled bit, that is the lay box for Sporting Lisbon. 1.83 is the odds in Decimals. The bit that say £1989 is the amount of money still available at those odds on this bet. So say the spreadsheet says the lay stake is £25.56 you would click on that one purple box and in the new window it opens type the lay stake in (£25.56). What this basically means is that you are taking a bet from someone else that Sporting Lisbon will win and their stake is £25.56. If they don't win the game then you keep the punters money (£25.56). If they do win then you have to pay out the liability which is the stake, £25.56 x the odds.

If you were backing the draw (at Coral for example) you would lay the draw at Betfair.

If you were backing Naval at Coral you would lay Naval at Betfair.

Normally in football there are 3 outcomes. Win, lose and draw. In matched betting there are 2 outcomes. You will do one of these. Win or don't win. Lose or don't lose. Draw or don't lose. By taking someones money at Betfair it's no different to you going into a bookies! They are backing 1 outcome which means you get the other 2! :think: