Betfair Query! :)

GreenMint

GreenMint

GreenMint

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Hey all, another betfair/laying query here, from a bet I just had.

Went on betfair, saw a race about to start, backed the horse that ended up winning, and layed against the horse that ended up second place.

The lay, in the my history is showing at this:


Market Selection Bid
type Bet ID Bet
placed
Odds
req. Stake
(£) Liability
(£) Avg. odds
matched Profit/Loss
(£)
spacer.gif
spacer.gif
O RSA / Turf (RSA) 25th Feb / 11:20 R3 1400m Plt 3. Time To Applaud Lay ******** 25-Feb-08
11:20 5 2.00 5 2.00


From what I was thinking, laying £2 at 5 odds, would equate to £10 profit on top of your £2 back, but I just got the £2 back?

Very puzzled, think i've missed something here, but not sure what :D
 
Betfair confuses me and 2 of my closest friends work there! No matter what they do I just don't get it. Give me fractional odds any time.
 
Anewbe4u said:
Give me fractional odds any time.
Click to expand...

So true, Bet fair is good, but soo confusing.

Get down the bookies and get your gambling on real style, then if you're confused atleast you can punch whoever owns it in the face and go into hiding. Thats a fun day for everyone.
 
Well, yeah, i get what its saying, as it was odds of 5 (So, 5x) it listed:

Bet: £2
Odds: 5
Liability £8
Profit: £10

Seeing as I won, where's me profit? :D
 
As you're laying (ie: betting against) if you lose (ie: the horse you were betting on wins) you lose the bet * odds, so £10, hence liability is the £8 difference from your bet & your bet * odds.
 
No, because if you lay, you are betting against, say you lay against Horse #2 to win, at 5 odds and you put down £5. If he wins, you pay out £25.

Its less chance of a loss, but with a bigger chunk lost if you do lose.
 
but the op got his 2quid back?

laying = betting on a horse to loose?

if he looses you get 2 x 5odds.

if he wins you get 2quid back?

this is why i stick to fruit machines when I have spare change in my pocket...and dont go to the bookies :)
 
Thats why i'm confused, I don't bet much on there, just £2 every now and again, but on the listed bet it said potential liability as £8, potential profit at £10, and all I got was money back, despite the horse not winning!

Betfair - Just one of those things in life as hard to undertand as women! :(
 
lozza23_uk said:
laying = betting on a horse to loose?

if he looses you get 2 x 5odds.

if he wins you get 2quid back?
Click to expand...
What should happen when laying is that:

If the horse loses then you get back the punters stake (i.e the £2 that the OP placed).

If the horse wins then you pay out the odds that you agreed to (in the OP the odds were 5.0 (i.e 4:1) hence the pay-out of £10.

The liability is £10 - £2 = £8.
 
Anewbe4u said:
With a lay bet I think its like you're the bookies.

SO for example, punter bets £2, they lose, you get the £2.
Click to expand...
This is correct.

No matter what odds you lay at, if you win the bet you only get back the offered stake - hence why the OP only got back £2.
 
in the Op's example.

you have staked £8 (£2 @ 5.0 which is 4-1) for that horse to lose. If it loses you get your £8 stake back PLUS £2.

It basically the opposite of backing a winner.

Same example - you bet £2 for the horse to win @ 5.0 (which is 4-1) you get your £2 stake back when it wins plus the £8 winnings. If someone had layed the horse (i.e matched your bet to lose) they would be £8 down as that is your winnings.

Hope that makes sense.
 
When you lay an event, the odds have nothing to do with how much you win, they only decide how much you lose should your selection 'win'. Laying is you being the bookmaker, so if you lay £2 at 8.0, you are basically saying to someone, give me £2, if your selection wins, i'll give you £2 back * the odds, and if it loses, i'll keep your £2. So in your case, the horse didn't win, you keep the backers stake of £2. If the horse had one, you'd have paid out £10.
 
risky laying anything tbh, as mentioned you are the bookie in those circumstances - laying off is best kept for matched betting / Arbs etc imo
 
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