This popped up on another thread and I think it would make for a good standalone thread,as I know we have a few posters who use it alot and others who would like to try it. So post any questions or tips here.
Can someone explain in plain English the term 'laying off'.I have seen it pop up here a few times but still can't get my head around it.
You become the bookie, if you lay a golfer at 40-1, you must have €800 in your account to cover it. Said golfer wins you lose €800, if he loses you win €20. Fairly sure thats how it works.
Back and lay are the 2 options on every matket on betfair When you back its for your selection to win When you lay its for your selection not to win The minimum you can stake on any bet to win or lose is €2,there is no maximum. Pick any sporting scenario that your regularly watching and i'll try explain the back and lay options better.
I have read some good blogs over the years with lads losing/winning loads.Seems to be a lot of people at it and making a few bob.
Take the golf for example.I along with the rest of the IK community backed Kevin Chappell e/w to win the Travelers Championship.The odds with PP were 80/1.If he makes the cut but shoots 75 or more on on Saturday can I lay off then and what is it worth to me?
His odds will reflect his chance,theres no point trying to lay off AFTER he shoots a 75 as his odds will be enormous.Also you need to have plenty cash to arb like that if you back with a High St bookmaker and then use betfair to lay back.On betfair you can lay back on the potential winnings you have on your selection. For example..........i placed a total of €23 on Kevin Chappell @ odds of 130 giving me a potential win of €2967.If i wanted to lay Kevin Chappell @ 100 to return my stake of €23 (and somebody took the bet) it would cost me €2300 of my potential winnings.Assuming it was matched i now sit with no liability as i have got my €23 back but i still have potential winnings €667 (€23 x 30= €23 @ 29/1).
I enjoy these type of blogs throw up a few links if any are still going. I just remembered a great blog years ago by Jonathan Maitland when he remortgaged the house and tried to make a million gambling on shares and stocks
If Elvis knew much about odds and gambling he could makes thousands off betfair.Lads have made thousands from automatic trading robots on betfair that back at odds in running when markets trade underround (thats is under the 100% theoretical mark of profit and loss).ie When a market trades at 97% theoretically you can back every runner to total stakes of 97 quid and be guaranteed a return of €100.Markets trade hundreds of times underround a day in running on horse racing but it happens so quick you hardly ever see it,the bot is designed to get in and back all selections for you when it does.
It's quite a simple concept actually, the algorithm on the other hand is the tricky thing. I could make it so it would bet automatically, but getting it to calculate win %s and when to bet, would be very very very difficult. You'd need to be some form of Savant.
Its like card counting in blackjack not illegal but if the casinos catch you doing it you will be barred from every casino in the western world within the hour.
Cheers mate.That explains it.It sounds more risk free than mainstream bookies.Obviously you still need a certain amount of luck but the fact you can protect your investment makes it much safer.
Lets say I have £100 quid in my account which I would only be likely to have. If I place £10 quid Antepost on Kevin Chappell at 130 =£1310 Then I lay £10 on Kevin Chappell at 90 = £910 Does it allow me to do this due the fact that I would only have £90 in my account or does it reliease I will have £1310 if Chappell infact wins. Hope this makes sense.
thats how I had so much fun in the last couple of majors. betting and laying all over the shop. Once your bet you can lay up to the value of your potential winnings as they will offset.