LamieRobertson
Not awoke
Ye I was toying with that.....but have now layed Adkins so now have a free bet at 5/1
Open a Betfair account and clean up
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- Start date
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Ye I was toying with that.....but have now layed Adkins so now have a free bet at 5/1
Mackenzie
Old Brightonian
I think most (me certainly) have cashed out on Poyet by now. I suspect Reading are looking to appoint a new manager sooner rather than later (if this whole episode had any truth) though at which point any remaining bets will be settled.
I backed and layed Connor last season, it was annoying having to wait for it to be settled.
Reinelt12
Sick Note
Ok, this laying lark has got me confused...
I layed Poyet at good odds and then yesterday cashed out - it put my original stake back into my fund and now it says whoever gets the job I get x amount back even Gus.
I take it i have to wait until a permanent manager is appointed to have that money in my fund or is there a clever way to put it on another outcome?
I layed Poyet at good odds and then yesterday cashed out - it put my original stake back into my fund and now it says whoever gets the job I get x amount back even Gus.
I take it i have to wait until a permanent manager is appointed to have that money in my fund or is there a clever way to put it on another outcome?
Kneon Light
Well-known member
Oh I agree cashing out is the way to go. Just wanted to warn people in case they had layed Poyet heavily and were just sitting back expecting a payout. Hopefully they will get one but cashing out and taking slightly less is definitely safer!
Iggle Piggle
Well-known member
- Sep 3, 2010
- 5,979
Yeah - unfortunately you have to sit and wait for a manager to be appointed. You can either 'cash out' and all of the outcome will go Green (Greened up in betfair parlance) and those funds will be released when the market is settled. The other way of doing it would be to back Poyet (minimum stake £2) which you can back to cover your liabilities. Whilst this won't release your wininngs it will release your stake back into your account.
Iggle Piggle
Well-known member
- Sep 3, 2010
- 5,979
That was to [MENTION=5392]Reinelt12[/MENTION] the bottle of red taking hold
Reinelt12
Sick Note
Thanks, that's what I thought... At least I understand what greened up means now!
LamieRobertson
Not awoke
I see odds on Adkins have drifted while those on Dolan and RDM have shortened ..ive a few quid on them on much longer odds.. but it will probably end up with someone no ones heard of..
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shaolinpunk
[Insert witty title here]
When it comes to betting, anything more than a simple 'I've bet 10/1 that X will do Y' makes my head spin
I closed my betfair account so couldn't bet but when he hit 1.14 I was sorely tempted to reopen... it was crazy. How much did you win?
- Thread starter
- #52
It was a big bet for me. I layed it for £100
Could somebody, in extreme laymans terms, explain this 'laying' lark to me please?
I'd have been very keen to do so myself if i'd have known a bit more about what I was doing, but didn't quite know. Do the odds fluctuate? And what's all this about being unable to cash out, yet some seem to have done so?
I'd have been very keen to do so myself if i'd have known a bit more about what I was doing, but didn't quite know. Do the odds fluctuate? And what's all this about being unable to cash out, yet some seem to have done so?
sten_super
Brain Surgeon
I can do this, but not the second half - hopefully someone more familiar with Betfair will do that.
Laying is effectively acting as the traditional bookmaker. In a bookies, you place a bet for £10 on a 5/1 shot, the bookie is liable for £50. On betfair, someone else is placing the £10 bet, and you are covering part (or all) of that by 'laying' it. If you 'lay' £10 on a 5/1 shot, you are effectively placing up the collateral for a £2 bet - if the bet comes in, you lose your £10, but if it doesn't come in then you get the £2 bet plus your £10 stake.
Because Poyet going to Reading was shorter than evens, laying resulted in a return greater than the initial stake (effectively odds longer than evens, when thinking about a typical bet), so there was plenty of money to be made (for those that were sure that he was staying!).
It's what bookies do to punters in conventional betting. They determine the odds for something to happen and offer those odds for punters to take.
You determine the odds you believe are fair for an event and how much liability you want and offer that to other people to take. In most markets, there will also be money sitting there willing to back at certain odds - you can choose to match that if you want.
So...
a) You could determine that Gus going to Reading was a 1/2 chance and you're prepared to stick £10 out there at those odds. Someone (or some people) may take that.
or
b) Someone could be saying they are prepared to back Gus going to Reading at 3/5 for £20. You could take some of that, matching your tenner at 3/5.
WIth Betfair you can place one or many back/lays on the same market and Betfair automatically offset them against each other. So someone may have laid Gus at 1/2 yesterday and then backed him at 20/1 today. This is called 'greening up' because whatever the outcome you'll profit, or at worst not lose, depending on how you structure your bets.
The Maharajah of Sydney
Well-known member
For any novices not sure on calculating the stakes to "green up" , Arb Cruncher will work it out for you ;
http://www.arbcruncher.com/free_popup.asp?type=6
(make sure the drop-down menu is scrolled down to Back/Lay)
http://www.arbcruncher.com/free_popup.asp?type=6
(make sure the drop-down menu is scrolled down to Back/Lay)
Very nice, well done
