Betfair

[BlueZippy]

Just having a look at Betfair and it has me confused.

I don't understand it how you can choose "your odds"... The help section isn't very useful either.

 

[HeLMie]

Thats for laying a horse i presume... As in letting people back the horse and you cover the winnings if it does get up, Hence you're playing the bookie...

 

[starz]

Just having a look at Betfair and it has me confused.

I don't understand it how you can choose "your odds"... The help section isn't very useful either.

Take the tuturiol, bit hard to explain here.
Basically you can back something or lay it. Laying is the opposite to backing.
Choose your odds, either take what's on offer or ask for something higher and wait for it to be matched.

 

[sethlad]

Ok,it does take a little getting used to.

3.2 3.35
100 30

Odds on the left ($3.2 blue on BF) is price you can back at & amount available ($100)
Odds on the right ($3.35 pink on BF) is price you can lay at & amount available ($30)

If you want to back at $3.3,change the 3.2 to 3.3 & enter.
Figure on the right will change to 3.3 & wait for it to be matched.
May get it,may not.

Same for laying,just because the price is 3.35,doesnt mean you have to give that price.Change 3.35 to 3.25,figure on left will change.
If someone wants that price,they will match the bet & youve layed at 3.25
If not,no bet.

Of course,lots of others will be doing the same so odds will fluctuate,a true live market.
Best way is to watch a few before you jump in.Minimum bet is $6.

seth

 

[Ron]

I haven't used betfair before so i've been looking at it a bit today and i think i am starting to get the hang of it.

What i want to know if i open something to win, can i then set a maximum amount i can lose?
What i want to do is say open Australia at like $3.70 or something and then win easy money when the Aussies crash in the semis.

 

[HeLMie]

I haven't used betfair before so i've been looking at it a bit today and i think i am starting to get the hang of it.

What i want to know if i open something to win, can i then set a maximum amount i can lose?
What i want to do is say open Australia at like $3.70 or something and then win easy money when the Aussies crash in the semis.

Yeah, you nominate whjat you are willing to offer and how much you are willing to lose....

 

[sethlad]

Just remember that if you lay,Betfair takes the $$$ you have risked out of your account once someone matches your bet.
So,if you lay Australia for $100 at 3.75,$275 of your cash is tied up until the end of the tournament.
It guarantees your bet & works both ways.If you are the punter,it guarantees the price you have taken as $$$ have been taken from layers account.

seth

 

[BlueZippy]

Thanks for the replies.

Still a bit confusing but makes a bit more sense now.

I'm giving www.playbetfair.com a go so hopefully I can get the hang of it before the footy season starts.

 

[BlueZippy]

What's with paying commission? If you win they take 5% of your winnings? Am I reading right?

 

[HeLMie]

They gotta make money somehow.....

You get way better odds anyway...

 

[davidgoes4wce]

To keep it simple

If you say BACK Roger Federer to win a tennis tournament

say at $2.00

+200 FED V -200 OTHER PLAYER

if feds price reaches 1.01 you can hedge out

by laying on FED

+198/+0

 

[Ginola]

To keep it simple

If you say BACK Roger Federer to win a tennis tournament

say at $2.00

+200 FED V -200 OTHER PLAYER

if feds price reaches 1.01 you can hedge out

by laying on FED

+198/+0

Now that's a hot explanation. I think Seth's is easier to understand for the first timers.

 

[BlueZippy]

lol yeh that was confusing.

Anyways it doesn't look like they use BPAY so I don't think I will be depositing with them.

Opened up the IAS account so at least the odds I get will be a bit better (TAB and Sportsbet).

 

[johnnyhoward]

What's with paying commission? If you win they take 5% of your winnings? Am I reading right?

It's 5% of your profit if you're new. Sounds like alot but compared to the much worse odds at TABs it's absolutely worth using Betfair. Your commission gets lower the more you bet, I'm down to 4% commission now (but I've been with them for a while). Still, as I said it's a moot point because you get way better odds anyway.

 

[sethlad]

Betfair are halving their commission on the AFL season to 2.5%.
Press release was a little unclear if its on all markets or just season bets

seth

 

[Ginola]

that's good to see seth.

Tell me though, i'm reasonably new to betfair (october 2006), but is there much liquidity in the markets during the footy season and is there much in play activity during the game?

 

[sethlad]

This will definitely help.I find their markets already very competitive but they have only recently started trialling multiples.
Im not a big better in play but I do know,thanks to a very strange Aust Govt rule,you cant bet "on-line while in play"
Phone betting is available though????

seth

 

[Ginola]

This will definitely help.I find their markets already very competitive but they have only recently started trialling multiples.
Im not a big better in play but I do know,thanks to a very strange Aust Govt rule,you cant bet "on-line while in play"
Phone betting is available though????

seth

I've been betting other sports in play eg; soccer and tennis over the phone which is a real pain especially when it takes you at least 40 sec to get to your account after all the checks.

Do you think the Aus Govt will change this stupid law any time soon?

 

[sethlad]

Change of Govt might be our best chance,be thankful you dont live in WA.
Theres still a few issues but they are working them out slowly.
Still no Vic harness

seth

 

[Daytripper]

I've been betting other sports in play eg; soccer and tennis over the phone which is a real pain especially when it takes you at least 40 sec to get to your account after all the checks.

Do you think the Aus Govt will change this stupid law any time soon?

It was a law originally enacted to prevent people using online casinos. Unfortunately it was written before Betfair became part of the punting landscape and therefore the legislators failed to provide an exemption for sports/racing.

Been dumped in the too hard basket now.

Also, you'd have much more of a chance of this law being changed under a coalition government than an ALP government.

 

[sethlad]

So youre saying we have less chance than the current no chance if Big Kev finds the line?

seth

 

[The Dustbin]

It's 5% of your profit if you're new. Sounds like alot but compared to the much worse odds at TABs it's absolutely worth using Betfair. Your commission gets lower the more you bet, I'm down to 4% commission now (but I've been with them for a while). Still, as I said it's a moot point because you get way better odds anyway.

Where do i find this feature Jh?

 

[davidgoes4wce]

To keep it simple

If you say BACK Roger Federer to win a tennis tournament

say at $2.00

+200 FED V -200 OTHER PLAYER

if feds price reaches 1.01 you can hedge out

by laying on FED

+198/+0

Its real easy. I was using Betfair for 3 years and I must admit its the best for footy betting.

Laying is a fairly easy thing, I can give a few examples



Kangaroos V Carlton NAB Cup round 2

Kangaroos were at one stage $1.03 and ended up losing a match.


Now lets LAY Kangaroos for amount $1000 at 1.03 . Kangaroos ended up losing the game and Carlton progressed coming from 37 points behind.

MY P & L would be: +$1000.00 Carlton/-$30.00 Kangaroos

Lets say midway in the 4TH QTR, carlton has a 2 goal lead and its odds have slashed to say $1.20.

Notice we have a liability on the roos (-$30.00) and we wish to eliminate that.



From an economic perspective we can follow 3 situations
We start off with
-30 Kangaroos/+1000 Carlton

A) Max Profit On Kangaroos
+$5964 Kangaroos/+0 Carlton

B) Max Profit On Carlton
+$0.00 Kangaroos/+$880 Carlton

C)Break even Profit on either team who wins
+600 Kangaroos/+720 Carlton

 

[davidgoes4wce]

It's 5% of your profit if you're new. Sounds like alot but compared to the much worse odds at TABs it's absolutely worth using Betfair. Your commission gets lower the more you bet, I'm down to 4% commission now (but I've been with them for a while). Still, as I said it's a moot point because you get way better odds anyway.

Do you bet in-play with betfair by any chance?

 

[Ginola]

Do you bet in-play with betfair by any chance?

I bet in play with my biggest lay being Hingis against Huntchucokva a couple of weeks ago at 1.05 and then backed her at 1.95. Hingis lost the match but had handy green results either side.