1st 2008 Weekend Betting(FA CUP)

IrishMike · 07-01-2008 10:35pm

Just out of interest how much did u make 3beards after all is said and done?
I never ever use betfair so am interested in giving it a whirl

threebeards · 07-01-2008 10:51pm

IrishMike wrote: »

Just out of interest how much did u make 3beards after all is said and done?
I never ever use betfair so am interested in giving it a whirl

I layed overs for €100 @ 3.45 which meant a liability of €245 and then backed at 3.55 for a win of €255. What that meant at the end of the day was a €0.00 liability and chance of a €10 win (less commision) if it ended up over 3.5. The net result to my account for the night is I have exactly the same amount in there now as I did before kick off.

As far as i'm concerned, if the game is on live it's hard to beat betfair because it gives you a great chance to hedge for a small profit (or even sometimes a big profit) depending on how games go.

An example of how it would have been no good tonight would be if someone backed Torquay prior to kick off at 2.02. They were never less than that price so there would be no way of laying it off.

I have to say I much prefer Betfair to any of the bookmakers sites so if you want to give it a go you'll hear no complaints from me.

lolkelly · 07-01-2008 10:54pm

IrishMike wrote: »

Just out of interest how much did u make 3beards after all is said and done?
I never ever use betfair so am interested in giving it a whirl

Mike i know you post a lot of bets on here so youre a keen enough gambler. Not using betfair is madness IMO. You posted up some good bets on the in running darts! Not only would the prices been slightly better for the winner of each leg, but using a tool like Bet Trader Pro or Bet Angel (both free), you can get bets off quicker and make great use of covering/hedging your bets!

Even for now start up a betfair account. Lazer is probably the easiest. There was a free 40 euro bet when you bet 40 euro in the sunday indo. I think theres one there every week. Start off by just doing the basic backing and watch some of the laying and how it works!

You wont regret it...

IrishMike · 07-01-2008 11:07pm

Oh great as if im not bad enough.
/me is off to sign up.
I know im going to regret this

Pj! · 07-01-2008 11:11pm

Betfair should be no.1 on everyones list to be fair. Often get better prices there.

Don't hesitate to sign up to any bookmakers even if its just for a better price on one selection.
Most give sign-u bonus', search for them.

Oh and use oddschecker or oddscomparison to find the best odds.

IrishMike · 08-01-2008 12:00am

Ok had a good mess around with betfair and from what i can see you need a very large bank to make any decent money.
For example 3beards you needed over €500 to make €10?
bit extreme if u ask me

Hopefully the odds will compare better for soccer games.
Is it possible to do an accumulator?

lolkelly · 08-01-2008 12:12am

IrishMike wrote: »

Ok had a good mess around with betfair and from what i can see you need a very large bank to make any decent money.
For example 3beards you needed over €500 to make €10?
bit extreme if u ask me

Hopefully the odds will compare better for soccer games.
Is it possible to do an accumulator?

you usually find accums under sports and then multiples in the left nav.
the odds alone, especially on some of the longer shots, should be a reason for using Betfair

threebeards · 08-01-2008 11:20am

IrishMike wrote: »

Ok had a good mess around with betfair and from what i can see you need a very large bank to make any decent money.
For example 3beards you needed over €500 to make €10?
bit extreme if u ask me

Hopefully the odds will compare better for soccer games.
Is it possible to do an accumulator?

Not the case Mike when it's in the same market. For example, if I had €100 in my account, I could lay a team for a potential loss of that €100 but if the price increased and I wanted to hedge out I could do so without having to deposit any money.

Use this example: Torquay were just over even money last night to win. For this example I'm going to say they were even money i.e. 2.00. If I layed them for €100, my potential loss is that last €100 in my account. If they then go behind as they did last night and their price goes up to 3.5 (5/2) say, I could back them using the same €100 because I'm cutting my losses. What this means is that by backing them now for the same €100 at a higher price, my liability is nil and if they go and win I have a 5/2 winner less the €100 which is the same as a 6/4 winner.

This can only be done in the same market though so to use the same €100 example, if I still had a liability on the outcome of the match, I couldn't go and back another aspect of the game i.e. overs/unders goals.

You don't need a huge bankroll to get started. Say you started with €200, as was said earlier, you're a shrewd enough punter to make money. In general I try to limit my punting to events/games that I have an opinion on and I ususally try to stay away from the horses on betfair although I have a friend that makes a good living from laying horses on betfair. The difference is he has the knowledge for horses, I don't.

Occassionally (especially with pints on board) I have done some stupid things for example I punted my whole bankroll on John Part last week at 1/10 when he was 4-1 up :eek: My blood pressure wasn't the better of it for 2 days. I had a lot of beer on me at that stage and got lucky. It was a lesson to me though.

jameshayes · 08-01-2008 11:33am

threebeards wrote: »

Occassionally (especially with pints on board) I have done some stupid things for example I punted my whole bankroll on John Part last week at 1/10 when he was 4-1 up :eek: My blood pressure wasn't the better of it for 2 days. I had a lot of beer on me at that stage and got lucky. It was a lesson to me though.

Been there, unfourtunatly done that!

ErinGoBrath · 08-01-2008 1:05pm

threebeards wrote: »

If I layed them for €100, my potential loss is that last €100 in my account. If they then go behind as they did last night and their price goes up to 3.5 (5/2) say, I could back them using the same €100 because I'm cutting my losses.

Are you sure? I think it takes the €100 liability from your available balance and only pays back the winning stake and liability when the bet is settled?

jameshayes · 08-01-2008 1:09pm

ErinGoBrath wrote: »

Are you sure? I think it takes the €100 liability from your available balance and only pays back the winning stake and liability when the bet is settled?

I think betfairs system is beefed up now and allows this, not 100% tho

Pj! · 08-01-2008 2:25pm

You can't do that i'm afraid.

It will take the liability from your balance. But if you're showing green (ie guaranteed a profit), you can use the guaranteed profit amount to play other markets, before the original market is closed.

IrishMike · 08-01-2008 2:40pm

Forky wrote: »

You can't do that i'm afraid.

It will take the liability from your balance. But if you're showing green (ie guaranteed a profit), you can use the guaranteed profit amount to play other markets, before the original market is closed.

Have to say that from my very limited understanding this is the conclusion that i came up with.
Am definitely open to correction though.
What happens if you try to hedge and noone matches your bet?
Are you basically left hanging?

dsmythy · 08-01-2008 3:17pm

IrishMike wrote: »

Have to say that from my very limited understanding this is the conclusion that i came up with.
Am definitely open to correction though.
What happens if you try to hedge and noone matches your bet?
Are you basically left hanging?

This is unlikely to happen. There does be plenty of punters knocking about taking the prices. What you don't need mind is to be setting up your hedge and for a goal to go in the wrong way!

Although if you decide to hedge as an afterthought and you miss the opportunity it shouldn't be too big a deal as you wanted to back your selection anyway.

threebeards · 08-01-2008 3:51pm

ErinGoBrath wrote: »

Are you sure? I think it takes the €100 liability from your available balance and only pays back the winning stake and liability when the bet is settled?

TBH I'm not 100% sure on this but I'd say I'm 90%. The reason I think it's like this is because in the Account Page, I will very often have an amount that can be withdrawn/bet inclusive of a stake because I've hedged. To satisfy my own curiousity though and that of others, I'm going to see if I can get a definitive answer.

EDIT: I've gone into the Betfair 'Help' section and found this. This is sort of what I'm trying to explain but I'm even confusing myself.

Betfair wrote:

What is Trading?
Trading is one of the best and most unique things about Betfair. Trading is having more than one bet in a market; seeking to improve your position or lock in a profit on all possible outcomes.

In the example below, you have layed a selection first, and then backed the same selection soon after at a higher price, guaranteeing a profit whichever result occurs. This is what most users call a Green Book because all possible outcomes show a profit (displayed in green below each selection). On top of that, your liability is now zero, meaning there are no funds tied up from your account, so you can place more bets on other markets.

This is sort of what I'm talking about but not answer the question fully cos I couldn't find the answer. I'm going to check it out though and come to you. If I'm wrong I'll happily stand corrected.

threebeards · 08-01-2008 4:08pm

I've just emailed Betfair now with my query and will post up the reply when it comes.

Richie

ErinGoBrath · 08-01-2008 4:21pm

It looks like you can only spend it if it's in the 'Green book' therefore in your Torquay example above no money would be available to back with as your lay is not guaranteed until full time.

Pj! · 08-01-2008 5:56pm

Yep you can only spend it if its "green".

In the Torquay example you will only win money if Torquay win. If they don't you havent lost, but you havent won either. You would have a "green book", but to the value of '£0.00, £150.00' (the first figure being the Torquay losing figure, the second being the Torquay winning figure).

If your green book was '£50.00, £75.00' you'd have £50 pound to trade in other markets.

I wouldnt worry too much about trading anyway if I was just beginning using Betfair. Just use it for backing for the moment, get the feel of it.

macshadow · 08-01-2008 8:33pm

Don't forget that you can adjust your stake or liability to make a profit either way.There is a tutorial on the BF site somewhere, also go to extras on the main page then click on play for fun and you can trade with dummy money to see how you would fair. The basics are simple and well worth getting to grips with. You can also bet less than 4 euro, if you want to have something small on long odds like ht/ft market.

Pj! · 08-01-2008 8:58pm

threebeards it appears you are indeed correct! You can hedge bets without depositing money.

How long has it been like this???????????????

Its very welcome news though!

macshadow · 08-01-2008 9:03pm

Forky wrote: »

threebeards it appears you are indeed correct! You can hedge bets without depositing money.

How long has it been like this???????????????

Its very welcome news though!

Since day one Forky, it's the whole idea of an exchange.

Pj! · 08-01-2008 9:15pm

Well you learn something new every day.

Never knew you could hedge with a €0 balance.

Interesting...

macshadow · 08-01-2008 9:29pm

Forky wrote: »

Well you learn something new every day.

Never knew you could hedge with a €0 balance.

Interesting...

just reread my post sorry if i sounded snappy

threebeards · 09-01-2008 10:46am

Forky wrote: »

threebeards it appears you are indeed correct! You can hedge bets without depositing money.

How long has it been like this???????????????

Its very welcome news though!

Yeah I just got confirmation of it from Betfair. Here's a copy of my email to them and their reply:

Hi,

I’m hoping you can put me straight on the answer to a query.

If for example I have a remaining balance of €100 in my Betfair account and decide to lay for 2.00 with my full bankroll of €100 leaving me with that €100 liability and a possible €100 profit. If I then had the opportunity to back the same selection in the same market at for example 3.50, would it be possible to do so without depositing further funds i.e. negate the liability of the €100 with one cancelling the other and the balance coming to me in profit if the result went my way?

Regards

Reply from Betfair:

Dear Richard

Thank you for your e-mail.

It is possible for you to place a bet on a market as per your query, where you do not have sufficient funds but where you are backing and laying the same selection. Our system will realise that you cannot lose from both these bets and will only hold your worst possible loss as exposure.

Please do not hesitate to contact us if you have any further enquiries.

Kind regards

Elise Hockey

Betfair Helpdesk

Helpdesk Tel: 0870 0110 444
Helpdesk Fax: 0870 0110 555
Eire Tel: 1 - 800 944 000
Australia Tel: 1- 800 644 738
Free Fax (Australia) 1 - 800 068 593
International: +44 20 8834 8060

This customer services email is sent by Betfair Limited on behalf of one or more Betfair Group companies.

Betfair Limited | Winslow Road | Hammersmith Embankment | London | W6 9HP

Registered in England and Wales under company number 5140986

The information in this e-mail and any attachment is confidential and is intended only for the named recipient(s). The e-mail may not be disclosed or used by any person other than the addressee, nor may it be copied in any way. If you are not a named recipient please notify the sender immediately and delete any copies of this message. Any unauthorised copying, disclosure or distribution of the material in this e-mail is strictly forbidden. Any views or opinions presented are solely those of the author and do not necessarily represent those of the company. Betfair ® and the BETFAIR LOGO are registered trade marks of The Sporting Exchange Limited.

1st 2008 Weekend Betting(FA CUP)

Comments