Quick betfair question

BrandonBlock

I tried to back a selection at 2.02, I'm the only 1 who wants to back it at 2.02 and say I put €10. The 2.02 is now showing in the coloured box (best odds is it?) on the lay side. There's a lot more money under the 2.04 and 2.06 sides on the Lay side though. But my €10 is the only 1 at 2.02. I don't understand this. ? Surely 2.04 and 2.06 are better odds than 2.02. Why is mine showing up in the coloured box (the best odds 1) ?

It's just I'm new to betfair and haven't really found any good guides on using it yet. Do the €454 and €391 under 2.04 and 2.06, are people who want the selection at 2.04 and 2.06? I only want it at 2.02 so surely my €10 should be matched quicker?

Thanks.

Bateman

No-one's layed it yet.

Your price is more attractive to a layer, hence it's showing up best price on the lay side. If someone lays your back request at 2.02 for ten bob, their liability is €10.20. If they lay at 2.04, their liability is €10.40.

If you wanted to lay the selection at 2.02, and others were willing to lay it at 2.04 and 2.06, obviously your price wouldn't be best price on the back side.

BrandonBlock

Ok, so because I put up 2.02, if someone chose to lay €100 on the selection they would automatically be given my price of 2.02 on €10 of their €100, and 2.04 on the rest of their stake (€90). Am I right there?
Thanks anyway I know it must be irritating when you understand something yourself and try to explain to someone else

Robin1982

brandonblock wrote:

I tried to back a selection at 2.02, I'm the only 1 who wants to back it at 2.02 and say I put €10. The 2.02 is now showing in the coloured box (best odds is it?) on the lay side. There's a lot more money under the 2.04 and 2.06 sides on the Lay side though. But my €10 is the only 1 at 2.02. I don't understand this. ? Surely 2.04 and 2.06 are better odds than 2.02. Why is mine showing up in the coloured box (the best odds 1)?

Its really quite simple.

You have said you want to back 2.02 for €10; When you placed that bet, there wasn't anyone already on the exchange willing to "match" your bet and lay €10 at 2.02 - there might have been people willing to lay €10 at 1.98 or 2.00, but not at 2.02; Therefore your bet is "unmatched" and is placed on the available to lay side (pink;right-side); If someone comes along and says "I'm willing to lay this bet €10 at 2.02, then they can see that there is someone (you) willing to back 2.02 for €10 (as its on the screen on the lay side) so they click the 2.02 and the bet is matched.

Those bets at 2.04 and 2.06 have done exactly the same as you, except these people will only accept minimum odds of 2.04 and 2.06 respectively. Since the layer mentioned above only wants to lay €10 at 2.02, only you are going to get matched.

But what if he wanted to lay €20 at 2.04? What the exchange does is match everyone at "fairest" price available at the time of the bet. So what would happen would be your bet of 2.02 for €10 would be matched at 2.02 (you are happy because your requested bet has been matched; the layer is happen as he has fewer liabilities - he was willing to lay at 2.04 but you had already said you were happy with 2.02, so the exchange matches at 2.02), and the remaining €10 of the layer's bet would be matched at 2.04. Understand?

Just to finish things off, in the reverse scenario, if you wanted to bet 2.02 for €10 but a layer had already posted an unmatched lay of €10 at 2.10, then the bet would be matched at 2.10.

brandonblock wrote:

It's just I'm new to betfair and haven't really found any good guides on using it yet. Do the €454 and €391 under 2.04 and 2.06, are people who want the selection at 2.04 and 2.06? I only want it at 2.02 so surely my €10 should be matched quicker?

Its not a matter of "quicker". Compared to those at 2.04 and 2.06, you are saying you are willing to accept smaller returns than they are. A layer will always want to accept smaller liabilites therefore your bet will of course be preferential. The exchange's software knows this, therefore bets will always be matched at the most preferential odds.

brandonblock wrote:

Ok, so because I put up 2.02, if someone chose to lay €100 on the selection they would automatically be given my price of 2.02 on €10 of their €100, and 2.04 on the rest of their stake (€90). Am I right there?
Thanks anyway I know it must be irritating when you understand something yourself and try to explain to someone else

You don't just lay an amount of money. Every bet on a betting exchange has 3 attributes: type, odds and amount. Type can only be back or lay. The above scenario would be correct only if the person wanted to lay €100 at odds of 2.04 or greater

Bluetonic

BrandonBlock wrote:

It's just I'm new to betfair and haven't really found any good guides on using it yet.

No better guide than this one from 'wb'.

http://www.boards.ie/vbulletin/showthread.php?t=2054910815