New Posts For Thread: Making up a book - help pleasehttps://community.betfair.com/general_betting/go/thread/view/94082/28796203/making-up-a-book---help-pleaseHi all,I am setting up a pool competition just between a few friends in aid of charity and I'm thinking of running a book on the event. However, I wouldn't know where to start with pricing up the odds and making sure I wouldn't pay out more than theu wont lay enuff runnershttps://community.betfair.com/general_betting/go/thread/view/94082/28796203/making-up-a-book---help-please?post_id=514278405#514278405u wont lay enuff runnersWed, 28 Dec 2011 03:09:27 -0600I want my overround to be slightly over 100% with any additional profit from the book being put in the charity pot.You will probably lose as people will be better informed about their true odds. You would need to take £10k to raise £100 with a 101%https://community.betfair.com/general_betting/go/thread/view/94082/28796203/making-up-a-book---help-please?post_id=514278157#514278157I want my overround to be slightly over 100% with any additional profit from the book being put in the charity pot.You will probably lose as people will be better informed about their true odds. You would need to take £10k to raise £100 with a 101%Wed, 28 Dec 2011 02:42:47 -0600Very easy to build a spreadsheet to work out the overround for you as prices change.But tobermory's hit the nail on the head. Impossible to guarantee a profit with a traditional book.Much better to do it on the Tote principle and build in a percentaghttps://community.betfair.com/general_betting/go/thread/view/94082/28796203/making-up-a-book---help-please?post_id=514245413#514245413Very easy to build a spreadsheet to work out the overround for you as prices change.But tobermory's hit the nail on the head. Impossible to guarantee a profit with a traditional book.Much better to do it on the Tote principle and build in a percentagTue, 27 Dec 2011 04:30:42 -06001. work out as a percentage how likely each player is to win, making the percentages add up to 1002. for each player, calculate 100/(their percentage chance of winning). This gives their true price.3. Take a little bit out of each runner, so make a thttps://community.betfair.com/general_betting/go/thread/view/94082/28796203/making-up-a-book---help-please?post_id=514239001#5142390011. work out as a percentage how likely each player is to win, making the percentages add up to 1002. for each player, calculate 100/(their percentage chance of winning). This gives their true price.3. Take a little bit out of each runner, so make a tMon, 26 Dec 2011 20:00:52 -0600Easy enough to make a 108% book5/16/17/112/1 X214/116/1 X220/1 X325/1 X233/1 X3 but that doesn't guarantee you won't lose.The hard part is making sure you balance the amounts you take so the losers cover the pay outhttps://community.betfair.com/general_betting/go/thread/view/94082/28796203/making-up-a-book---help-please?post_id=514237801#514237801Easy enough to make a 108% book5/16/17/112/1 X214/116/1 X220/1 X325/1 X233/1 X3 but that doesn't guarantee you won't lose.The hard part is making sure you balance the amounts you take so the losers cover the pay outMon, 26 Dec 2011 18:52:10 -0600Don't forget to factor in three premium charges for the winners and 5% for everyone that enters!https://community.betfair.com/general_betting/go/thread/view/94082/28796203/making-up-a-book---help-please?post_id=514220111#514220111Don't forget to factor in three premium charges for the winners and 5% for everyone that enters!Mon, 26 Dec 2011 06:46:48 -0600If you think you are able to correctly price the runners, it's easy to create a book at whatever % you want to. Just go to a multiple runner market on here like Premier League win market. Click the lay button on 16 of the teams, insert the prices yhttps://community.betfair.com/general_betting/go/thread/view/94082/28796203/making-up-a-book---help-please?post_id=514219889#514219889If you think you are able to correctly price the runners, it's easy to create a book at whatever % you want to. Just go to a multiple runner market on here like Premier League win market. Click the lay button on 16 of the teams, insert the prices yMon, 26 Dec 2011 06:31:42 -0600Hi all,I am setting up a pool competition just between a few friends in aid of charity and I'm thinking of running a book on the event. However, I wouldn't know where to start with pricing up the odds and making sure I wouldn't pay out more than thehttps://community.betfair.com/general_betting/go/thread/view/94082/28796203/making-up-a-book---help-please?post_id=514219679#514219679Hi all,I am setting up a pool competition just between a few friends in aid of charity and I'm thinking of running a book on the event. However, I wouldn't know where to start with pricing up the odds and making sure I wouldn't pay out more than theMon, 26 Dec 2011 06:21:41 -0600