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James_N

purplepatch wrote: »

I think it's because you've done lay bets (pink column). You should have done the blue column for "normal" ladbrokes type betting. I know it's long, but if you read the thread all should be clear (ish!).

In words of less than one syllable please. reading age of 3. This question:

What is "lay"?

What is the point of winning very small amounts unless you have a lot of bets like that - as a bookie would have presumably? Why would I want to "chance" winning a little but losing a lot? It flies in the face of reason.

donglestalker

Mathsguy wrote: »

Because, my friend, you have placed a LAY bet. You are now acting as the bookie, rather than the punter.

Think of it as this:

In a normal bet, you take a big risk and have a small chance to win and if you do win then you win ALOT. If you don't win, you lose only the original amount.

In a LAY bet, you take a small risk and have a large chance to win and if you do win then you win a small amount (the original amount). If you don't win, you lose ALOT.

I hope i dont get in trouble for this.

Dont i need a licence to be the bookmaker? And where would i get one from?

Mathsguy

jessicamb wrote: »

no its not. 5% on your winnings are paid to Betfair (or less if you do more betting). If you lose you pay no commission.

The spread in the market is irrelevant here.

Ah I stand corrected.

piltonvet

to bet eachway click on the racing quick bet tab ,then select race ,then click on each way ,i found that to be the easiest.

jessicamb

James_N wrote: »

In words of less than one syllable please. reading age of 3. This question:

What is "lay"?

saying something will not happen

its betting in reverse - you are being the bookie

I strongly advise everyone not to mess around with laying bets unless you know what you are doing

Mathsguy

James_N wrote: »

Why would I want to "chance" winning a little but losing a lot? It flies in the face of reason.

Because there's a high chance of you winning each time. But it's not for everyone, so probably best for you to stick with the blue (back) bets

cornerclose

James_N wrote: »

In words of less than one syllable please. reading age of 3. This question:

What is "lay"?

Lay is the opposite of bet.

If you bet on a horse with a bookmaker, you bet and he lays. If the horse wins, you win and he loses. If the horse loses you lose and he wins.

At Betfair you can choose whether to bet or to be the bookmaker and lay.

If you want to bet you use the blue box. If you want to lay you use the pink box.

DANGER - if you lay and the horse wins you can lose a lot of money. Please don't attempt to lay unless you fully understand what it means.

James_N

jessicamb wrote: »

saying something will not happen

its betting in reverse - you are being the bookie

I strongly advise everyone not to mess around with laying bets unless you know what you are doing

I feel like "out of depth". I backed a horse for £1 "each-way" when I was 18 just to see what the inside of all those mysterious shops looked like. I won a few quid and NEVER went back.

brettcta

i'd only lay bet if someone entered a 3-legged horse which had been dead for 6 months.

James_N

I am understanding, thanks people.

If I wanted to have a sure fire "win", can I BACK and LAY against the same horse. There will be a slight loss on the different prices, but not more than 2-3% as far as I can see. I should then either win ODDS + stake for BACK or ODDS + Stake for LAY.

Any reason why not?

Unexciting but the result is I am £30 QUidco + £25 stake returned + some guaranteed "winnings".

Are my maths up to this game?