Betfair bets

[akinkead72]

how does the backing and laying work on financial bets on betfair?
Thanks, Andrew

 

[nutter punter]

how does the backing and laying work on financial bets on betfair?
Thanks, Andrew

To back an outcome you click the blue box and enter stake and odds.
To lay an outcome you click pink and do the same.

Click settings and enable Sow P@l net of commission and show a seperate future position. The latter will show you your potential profit should the outcome you back or lay occur

 

[akinkead72]

Is it possible to back and lay the same event, basically betting both sides to profit?
Thanks, Andrew

 

[Trader333]

Is it possible to back and lay the same event, basically betting both sides to profit?

No, well not at the same time altough you could do so if the odds change later and you are able to lay at better odds than you backed at.


Paul

 

[Scripophilist]

No, well not at the same time altough you could do so if the odds change later and you are able to lay at better odds than you backed at.


Paul

But it's quite easy to do, have a nose at the video on http://www.betangel.com

 

[akinkead72]

Does the Bet Angel software interface with your betfair account?
Thanks in advance!
Andrew

 

[Scripophilist]

Bet Angel is client software that sits on your PC. You log into your Betfair account from the software and use it from there.

 

[BetfairFTSE]

Click on link below if it helps you to trade


Betfair Free Bet New Account Promotional Codes - Betfair Refer and Earn

 

[Masquerade]

Ok, I have a question seeing as this has been bumped. I know how to do this if you're spread betting sports. But on betfair i'm not sure.

Person X sees an event at 199-1 (200 on betfair) and puts £1 down on the event. The event becomes more likely and now becomes 9-1 (10 on betfair.) Is there a way person X can lock in the 190 points profit so they win either way? Only way I see is person X laying £10 (if they can lay at 10) thus securing their initial £1 stake on the 200 bet.

If the event occurs then they get 190 back (200-10). If it doesn't they get their £1 back and break even on the deal. Am I missing something?

 

[BetfairFTSE]

However, you do not have to lay £10 @ 9/1 (10.0) you can lay for less money and lock in a profit

i.e £5 @ 9/1 (10.0) therefore you are guaranteed £145 if event happens or £5 if it doesnt

 

[Masquerade]

However, you do not have to lay £10 @ 9/1 (10.0) you can lay for less money and lock in a profit

i.e £5 @ 9/1 (10.0) therefore you are guaranteed £145 if event happens or £5 if it doesnt

Hold on.....If I lay £5 at 10. As the backer is getting 10 ie. for every £1 they put down someone needs to be putting up 9 (me in the laying case) i'll be making 50p and losing if my event doesn't occur.

I guess there's no way to actually lock in the difference as you'd be able to in proper trading unless you're spreadbetting this.

 

[rubyduby]

Hold on.....If I lay £5 at 10. As the backer is getting 10 ie. for every £1 they put down someone needs to be putting up 9 (me in the laying case) i'll be making 50p and losing if my event doesn't occur.

You initially backed at 200, risking £1 to win £199. (minimum bet on Betfair is actually £2, but let's ignore this for the moment)

If you then lay £5 at 10, you are risking £45 to win the backer's stake of £5.

So your net position is:

Event occurs: profit = £199 (profit on the original bet) - £45 (loss on the second bet) = £154

Event does not occur: profit = £5 (profit on the second bet) - £1 (loss on the original bet) = £4.

If you wanted to close the position for a level profit whatever the outcome you would lay £20 at 10 (risking £180 of your potential winnings on the original bet to win the backer's stake of £20), which if you work through it gives you a level profit of £19 (either £199-£180, or £20-£1).

 

[Masquerade]

Ah ok - that makes sense. Laying £5 means covering £5 of backer's stake. I was thinking about my risk.

So in summation. If i'm backing something at 200 and then odds go to 10. There is no way I can make the full 190 points in the middle. I can just cover the other side and make a small profit if it doesn't happen and reduce my profit if it does.

So I guess the only way to really take advantage of shifts in odds like that is via spread betting.

 

[rubyduby]

Ah ok - that makes sense. Laying £5 means covering £5 of backer's stake. I was thinking about my risk.

So in summation. If i'm backing something at 200 and then odds go to 10. There is no way I can make the full 190 points in the middle. I can just cover the other side and make a small profit if it doesn't happen and reduce my profit if it does.

So I guess the only way to really take advantage of shifts in odds like that is via spread betting.

Well I'm not sure that the '190 pts' way of looking at it is really that helpful. If you are used to trading in the 0-100 binary bet format that the spread firms quote, the trade above (the level profit example) is the equivalent to buying and selling the same binary bet with a 9.5 pt profit.

Specifically:

Backing at odds of 200 with a stake of £1 is exactly the equivalent of buying a binary at 0.5 for a stake of £2 per point.

Laying £20 at odds of 10 where you risk £180 to win £20 is the exact equivalent of selling a binary at 10 for £2 per point.

So this Betfair example is the exact equivalent of opening a binary position with a buy at 0.5 for £2 per point and closing with a sell at 10 for a 9.5 pt x £2 profit of £19.