New to Laying (Betfair etc...)

lazystakes · Posted: Sat Apr 12, 2008 2:24 pm Post subject: New to Laying (Betfair etc...)

Although im not new on here and have been betting personally for many years i have always dodged the concept of laying bets , and stuck to just backing

As at first glance it seems a bit of a minefield, but i now want to get on the bandwagon (a bit late i know ) I have read the olbg laying section navigated through the school tab , but still although i understand it i am struggling a touch with working out figures when it comes to laying

Does anyone recommend any good books or even website , forum threads that can get me up to speed better

Because i use arb betting on tradional bookmakers , i want to use this on Betfair to make 1% a day approx (trading)

Any One ?
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lazystakes · Posted: Sat Apr 12, 2008 2:27 pm Post subject:

If I Lay using $10 on each of the following what are my returns (before and after the 5% is taken)

Lay

@1.7

@4

@6.2
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3rd in Copa America Comp

2nd out of 3115 in Sun Poker Free-Roll

Betfairalfie · At Stud Joined: 01 Mar 2005 Posts: 4809

best advice i can give is set up bf correctly;

go to any market, click OTHER OPTIONS

click SHOW P/L and DISPLAY P/L NET OF COMMISSION, DISPLAY WHAT IF FIGURE
hey presto, it does it for you Smile

Good luck, but tread very very easily to start as you are bound to mess up once or twice.

SparHawk · Posted: Sat Apr 12, 2008 7:43 pm Post subject:

If you Lay using £10 on any odds your return is £10 (the backers stake), less your 5%, which I'm sure you can work out.

Your liability (what you pay out) for the odds you have listed is:

@1.7 = £7.00

@4 = £30

@6.2 £52

If you want to limit your liability to £10 then you need to change your Lay stake to:

@1.7 = £14.30

@4 =£3.33

@6.2 £1.92

These figures will then be your return (less 5%). Your Liability will always be £10 (ish).

Setup your Betfair as Alfie has advised and it will work these out for you.

sportking · Group 2 Class Joined: 26 May 2006 Posts: 200

hi all

new to all this laying stuff, just been on Betfair and reading through olbg school and i think i've got this right.

if i want to Lay something for £10 total do i divide the £10 with the odds i.e odds off 2.00 i would Lay £5.00

if the odds were 5.00 i would Lay £2.00

could someone verify please as it looks a good market to get into

cheers

Betfairalfie · At Stud Joined: 01 Mar 2005 Posts: 4809

Back to school for you I'm afraid.

Risking 10 to Lay a selection @2.00 will result in a profit of 10 less commission if the selection loses.

Risking 10 to Lay a selection @5.00 will result in a profit of 2.50 less commission if the selection loses.

Get the basics right before you start risking the real stuff.

sportking · Group 2 Class Joined: 26 May 2006 Posts: 200

i wrote it wrong, i was thinking fractions and wrote it in decimal (that the first thing to get my head round i still work in fractions)

the odds i meant were 2/1 -3.00

5/1-6.00

but in theory is that how it works?

Betfairalfie · At Stud Joined: 01 Mar 2005 Posts: 4809

yes thats right.

If you get your BF options sorted correctly, as mentioned above, you should be ok.

Its no guaranteed goldmine though.

sportking · Group 2 Class Joined: 26 May 2006 Posts: 200

cheers betfairalfie,

i haven't joined Betfair yet as i'm still trying to get my head round it as you may be able to tell i'm from the old school.

fairfranco · At Stud Joined: 17 Nov 2005 Posts: 4243

I recommend joinning the Betfair play money account first and having a play around if your not confident with the interface and the aspect of backing/laying and general trading options.

I wouldn't use to proof systems etc as I don't feel it would reflect real markets the same (i may be wrong as i haven't spent long on it) once you feel confident go in real with small bets.

JRD553 · Posted: Wed Apr 23, 2008 4:55 pm Post subject:

Hi Guys i'm new to laying as well and if you don't mind would just like to check and see i have everything correct...

What i'm thinking is if i Lay something for £5.00 at 1.12...

If i lose i payout £0.60 and get £4.40 returned & If i win i double my money and get my £5 stake plus £5 profit = £10 returned???

Am i right please??? Confused

princecap · Classic Winner Joined: 02 Feb 2008 Posts: 515

That is slightly wrong I am afraid dober.

If you Lay for £5 @ 1.12, and the horse wins, you lose:

£5 * (1.12-1) = 60p
*You are acting as a bookie here. Imagine me coming to you to place a bet for £5 @ 1.12. Now if this horse was to win, you will give me my stake back + 60p. But if the horse loses, you will bag the £5. Its just like this.*

If you Lay for £5 and the horse loses, you win £5.

Hope this makes sense!
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