General Betting
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Hi,
I do hope a Moderator, or better still a Staff member of Betfair, reads this post as I believe the rule applying to 'unmatched bets' is unfair! Perhaps in the interests of fair play and open debate, they'd like to read this post and add a comment.
Tonight, Derby (soccer) were playing Colchester in a League Championship match in the UK. I wanted to place a bet against The Draw just before the playoff, then Back it later should a goal be scored.
As many punters will know, this strategy would hopefully yield me a profit as a prudent 'trader' rather than a speculative 'gambler', if the Back price was later to be greater than the Place bet.
My 100 bet was disallowed under Betfair's rule that i'd exceeded my 'loss limit' despite the fact that my account was/is in credit!
Being relatively new to Betfair and still in profit, I queried this with Betfair's HelpDesk. They were very polite and, of course, helpful in stating that this 'rule' was imposed to stop the compulsive gambler from being, hate to say it, 'compulsive' and exceed his/her 'agreed' loss limit.
I couldn't understand that as my account was in profit, why was I NOT allowed to place a 100 bet? After all, I have over 500 in my Betfair account! Whilst awaiting a call back from the Betfair HelpDesk I looked up their rules governing this situation.
I discovered, amazingly, that 'unmatched bets' are also counted towards the 'loss' total. Doesn't matter IF your account is in CREDIT. If the sum of your 'unmatched bets' exceed your original self-imposed betting limit, your bets during the set 'time-period' are dissallowed.
Without wishing to prolong this debate, I also need to add that this 'rule' only applies to deposits by debit or credit cards and PayPal. It doesn't, as in my case, include bank cheques! My 'limit' was set when I made an initial deposit by credit card. Later I increased my account bank by 500% with a bank cheque! But cheques aren't isn't covered under these 'rules'!
The 'rule' states that if I upgrade my 'agreed' limit, I have to wait 7 days before the new increase is accepted. The outcome was, I was unable to place my 100 bet. After 41 mins of play Derby were 3 - 1 up and the odds on a score had risen to 65 -1.
Needless to say, at these generous odds I stood to make a substantial profit running into thousands of pounds had I been able to Back the draw @ 65 - 1. The only thing that stopped me from placing the bet was Betfair's unfair 'unmatched bets' rule.
All Betfair punters make daily bets which are unmatched! Who amongst us keep a tally of such alledged 'losses'?
Who amongst us would consider that cancelling an 'unmatched' bet which hadn't been taken up in the market place would be thought a 'loss'!
The oucome tonight is I have to wait seven days before my adjusted account is valid. I am allowed to make wagers of 20 or less, but I have to wait a week before I can return to my norm!
Meanwhile Derby beat Colchester by 5 -1, no chance of a draw, which means I would have won thousands of pounds were it not for this unfair rule.
If you too have experienced this problem or simply agree with me that the Unmatched Bets Rule is UNFAIR, than please support me here on the forum by adding your comments.
Hopefully enough voices will will pursuade Betfair's management to change this unfair policy to something accepatable by you, I and Gambler's Anon!
Warm wishes,
Dino :o)
I do hope a Moderator, or better still a Staff member of Betfair, reads this post as I believe the rule applying to 'unmatched bets' is unfair! Perhaps in the interests of fair play and open debate, they'd like to read this post and add a comment.
Tonight, Derby (soccer) were playing Colchester in a League Championship match in the UK. I wanted to place a bet against The Draw just before the playoff, then Back it later should a goal be scored.
As many punters will know, this strategy would hopefully yield me a profit as a prudent 'trader' rather than a speculative 'gambler', if the Back price was later to be greater than the Place bet.
My 100 bet was disallowed under Betfair's rule that i'd exceeded my 'loss limit' despite the fact that my account was/is in credit!
Being relatively new to Betfair and still in profit, I queried this with Betfair's HelpDesk. They were very polite and, of course, helpful in stating that this 'rule' was imposed to stop the compulsive gambler from being, hate to say it, 'compulsive' and exceed his/her 'agreed' loss limit.
I couldn't understand that as my account was in profit, why was I NOT allowed to place a 100 bet? After all, I have over 500 in my Betfair account! Whilst awaiting a call back from the Betfair HelpDesk I looked up their rules governing this situation.
I discovered, amazingly, that 'unmatched bets' are also counted towards the 'loss' total. Doesn't matter IF your account is in CREDIT. If the sum of your 'unmatched bets' exceed your original self-imposed betting limit, your bets during the set 'time-period' are dissallowed.
Without wishing to prolong this debate, I also need to add that this 'rule' only applies to deposits by debit or credit cards and PayPal. It doesn't, as in my case, include bank cheques! My 'limit' was set when I made an initial deposit by credit card. Later I increased my account bank by 500% with a bank cheque! But cheques aren't isn't covered under these 'rules'!
The 'rule' states that if I upgrade my 'agreed' limit, I have to wait 7 days before the new increase is accepted. The outcome was, I was unable to place my 100 bet. After 41 mins of play Derby were 3 - 1 up and the odds on a score had risen to 65 -1.
Needless to say, at these generous odds I stood to make a substantial profit running into thousands of pounds had I been able to Back the draw @ 65 - 1. The only thing that stopped me from placing the bet was Betfair's unfair 'unmatched bets' rule.
All Betfair punters make daily bets which are unmatched! Who amongst us keep a tally of such alledged 'losses'?
Who amongst us would consider that cancelling an 'unmatched' bet which hadn't been taken up in the market place would be thought a 'loss'!
The oucome tonight is I have to wait seven days before my adjusted account is valid. I am allowed to make wagers of 20 or less, but I have to wait a week before I can return to my norm!
Meanwhile Derby beat Colchester by 5 -1, no chance of a draw, which means I would have won thousands of pounds were it not for this unfair rule.
If you too have experienced this problem or simply agree with me that the Unmatched Bets Rule is UNFAIR, than please support me here on the forum by adding your comments.
Hopefully enough voices will will pursuade Betfair's management to change this unfair policy to something accepatable by you, I and Gambler's Anon!
Warm wishes,
Dino :o)
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Replies: 202
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how would u of won thousands of pounds with your 100 stake?
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not followed the football tonight but you state derby were 3/1 up then colchester win 5/1n?
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sorry derby win 5/1
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so you lay the draw at say 3.3 for a to and derby go 3/1 up how do u make thousands?
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''which means I would have won thousands of pounds were it not for this unfair rule.''
I D I O T |
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Dinosaur - From what you have said I also cannot see how you could of made 000's from a trade !!
Also - Why have you set such a low loss limit if thats a typical single bet ? Sorry if misunderstood you, but a lot of above doesnt make sense. |
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He would have won thousands, ofcourse he would. Unbelievable.
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one thousand pounds sterling is a lot of munee
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A quick call and yr limit is set at 20.000 pounds
no issue Yr own dawn fault |
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I think you'd be better off leaving the limit as it is because you obviously don't know what you are doing.
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On first impressions, it looked a well-thought out piece, worth reading
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gone fishing!
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Hi Guys,
Thank you all for your comments, even the rude ones! lol To answer the points you made. 1) How can you make thousands from a single trade? Simple. Lay a selection at a low odds then Back it later at very high odds. In the Derby v Colchester soccer match, the Lay odds for The Draw were around 3.00. After 41 mins play, Derby were 3 - 1 up. The Back odds on The Draw had risen to 65. Therefore, a 100 ($195) bet on the Lay would have left you with an exposed position of 200 ($390). Later, a 100 ($195) bet on The Draw at 65, would have closed your exposed position for a profit of 6,400 ($12,480) less the Lay bet and win commission. You could have 'greened up' and taken a smaller profit but Derby were going so strong they finished the match 5 goals to 1. 2) Why did I set a low loss limit? As I said, I set my limit when I opened my account with a credit card. Later I added funds to my account with a cheque. The 'loss limit' is not supposed to apply to cheque deposits, therefore I hadn't changed it. The Rules clearly state that the 'loss limit' only applies to deposits by debit or credit cards and PayPal, not cheque deposits. 3) Why is the 'unmatched bets' rule unfair? From reading your replies, it would appear none of you were even aware this rule existed. If you place a bet which is unmatched, this is counted as a loss. Absolute nonsense! A reasonable person would argue that if a bet is unmatched, then it didn't happen. There is no loss as the transaction hasn't taken place. But under the rules all unmatched bets are counted as losses. I wonder if Betfair's accountants tally their own books this way? If so, then they can write off a lot of tax! lol 4) 'A quick call and yr limit is set at 20,000'. NOT SO! You have to change the limit yourself in your Account, under Pref. This then takes 7 days to effect. I trust that answers all your queries. Bottom line is, the Unmatched Bets Rule is unfair. Whether Betfair will reconsider revising the rule on the strength of my single prostestation is doubtful. As overall I really like Betfair, I will live with their odd rule and check my balance daily to see what my non-existant losses are! lol Dino :o) If you want to debate 'How To Make Thousands From A Single Trade' I'll open up a new thread. Let me know. |
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If you have unmatched bets ofcourse you shouldn't be able to place another bet if it means that in case your unmatched bets get matched you may exceed your loss limit.
I doubt that's the case if you cancel the unmatched bets. |
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The old "what if" scenario..... we all have a "story" dont we?
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Dinosaur 03 Mar 11:08
Hi Guys, Thank you all for your comments, even the rude ones! lol To answer the points you made. 1) How can you make thousands from a single trade? Simple. Lay a selection at a low odds then Back it later at very high odds. In the Derby v Colchester soccer match, the Lay odds for The Draw were around 3.00. After 41 mins play, Derby were 3 - 1 up. The Back odds on The Draw had risen to 65. Therefore, a 100 ($195) bet on the Lay would have left you with an exposed position of 200 ($390). Later, a 100 ($195) bet on The Draw at 65, would have closed your exposed position for a profit of 6,400 ($12,480) less the Lay bet and win commission. Is this a wind up or what ? |
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you think?
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Dinosaur you can't moan at a low loss if YOU set that limit. I think mine is set to the default of 5k, this is more than enough for placing 100 on football matches.
As for the idea that this cost you thousands - totally mad. By backing the draw at 65 when Derby were 3-1 up you would have won thousands if (and only if) the game had ended in a draw. The chances of that happening would have been (roughly) 64-1. The game did not end in a draw - Derby won. Also it is correct that unmatched bets are considered as part of your liability because they may get matched. |
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Like I said before, leave your limits as it is, you don't know what you are doing.
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ROFLMFAO
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1) How can you make thousands from a single trade?
Simple. Lay a selection at a low odds then Back it later at very high odds. In the Derby v Colchester soccer match, the Lay odds for The Draw were around 3.00. After 41 mins play, Derby were 3 - 1 up. The Back odds on The Draw had risen to 65. Therefore, a 100 ($195) bet on the Lay would have left you with an exposed position of 200 ($390). Later, a 100 ($195) bet on The Draw at 65, would have closed your exposed position for a profit of 6,400 ($12,480) less the Lay bet and win commission. You could have 'greened up' and taken a smaller profit but Derby were going so strong they finished the match 5 goals to 1. If betting was this easy i would be a multi millionaire when I was 10 |
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Dinosaur - Thanks for replying which confirmed I hadnt misunderstood you and it is just a simple case of you not having a clue what you are doing.
As for the loss limit, for your sake leave it ridiculously low and why not emaiil betfair and apologise for being such an idiot. |
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lol
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He has a point.
The only problem is that the game ended 5-1, not 3-3. Shame. :) |
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Hi MWS
You said; "If you have unmatched bets of course you shouldn't be able to place another bet if it means that in case your unmatched bets get matched you may exceed your loss limit. I doubt that's the case if you cancel the unmatched bets." I agree. What you say applies to the event in running. However, the point I'm making is all your unmatched bets remain on file after the event in your account until the loss limit period you set has passed. So, if you set a loss limit of $500 for a week and you have 5 x $100 unmatched bets at the beginning of the week, you will have to wait until the following week before you can resume betting - as you have exceeded your agreed quota! Hi Freddo, We do indeed! lol Hi Angoose, No, this is not a wind up! Check it out for yourself today on football, rugby, horse-racing or tennis. Doesn't work on greyhounds. Last week I layed Blackburn v Arsenal, Correct Score, 0 - 0. At the end of the match I backed the 0 - 0 draw @ 1000. I stood to win 47,367.97 against a loss of 33. Before I had time to 'green -up' with Bet Angel Basic the match was suspended. I have a Screen Print of the match which is why I'm able to be so accurate. It's only a matter of time Angoose before I catch one of these jackpots then I'll return to the forum to post my good news! This strategy is open to all, good fishing! Dino :o) |
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this time next year eh .......
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This is even funnier than MSE !! Perhaps we are going to get one of these each week now.
Backed 0-0 @ 1000 when it was 1-0 .. lol Ignore my last advice - REDUCE YOUR LIMITS IMMEDIATELY |
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In fact, Betfair have a social responsibility to suspend your account to prevent you losing any more money.
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I suggest you change your exposure limit to zero, and your loss limit.
It will be safer for you in the long run. |
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i dont think im quite awake yet im on my third cup of coffee reading this and i still dont get it wtf.
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Have I been hooked ?
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Is this a wind up or what ?
IMO yes it must be |
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he cant be serious, my advice for him is to get a woman quick, take his mind off betfair, will save him a fortune
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Hi,
For all you non-believers, here's a letter I got this week from Steven at laytoprofit.com with his version of the system. Incidently, you don't need to** me off, if you don't like the idea then attack the plan not the man. ok! I don't call you a bunch of idiots because you fail to grasp this simple concept. I assume you haven't understood the plan and continue to explain. I know we'll agree when it dawns on you and for those of you who still don't understand then let us, like sporting gentlemen, agree to disagree and not insult one another. Dino :o) Hi, Here is a method you may like to try on Betfair over the next few days.... Method 1: The Updated Lay the Draw If you purchased SocaBet, you'll know all about the laying the draw method. It's fairly simple to understand. You basically lay the draw before the match and then trade it off as soon as a goal is scored. The only problem with this method is there are various flaws. Flaw 1 : The odds don't move enough if there is a goal in the first half. Flaw 2 : The odds don't move enough if the weak side scores first. Flaw 3 : Your liability is never quite low enough. So how do we stop this? The answer is: Lay the draw at HALF TIME, as long as it's currently a draw in the match! What we need to do here is to find a match where both teams are over the odds 2.0 at half time. These are close encounters and the draw starts off at 3.xx If it is still a draw at half time, the draw figures will be in the low 2.xx's and sometimes even around the 1.9x mark. What does this mean? Our liability will be very low! Much lower than the starting odds for the game. If it was in the 1.90's you'd be risking less than you staked! The aim of the system is to lay the draw at half time as long as it's 0-0 then trade off when a goal is scored. Lets take the following screenshot* for our example. http://www.socatrader.com/images/screen1.jpg At half time, you'll notice that the odds for the draw are now 1.88 which means there has obviously been very little goal mouth action. We now want to place a LAY bet of 100 against the draw. http://www.socatrader.com/images/screen2.jpg You'll now notice that our liability is only 90! Had we laid this match at the beginning, our liability would been about 220, seeing the odds for the draw started off at 3.2. In the example above, you're basically gaining a bet at odds of 2.0+ because we can win more than we can lose. This is an incredible method for getting a good value for our bet and everybody knows that is the secret. Let's now say Arsenal score and take the lead on the 76th minute. This will have a dramatic effect on the odds... Take a look at the next screenshot: http://www.socatrader.com/images/screen3.jpg You'll notice the odds for the draw are now sky high at 7.6. We have two options available to us now. Either back the draw for the same amount which is then planning on it ending as a draw or hedge our bet to make a guaranteed profit. In this case I recommend hedging because when a big side like Arsenal take the lead so late in a game, you don't expect them to throw it away. For more information, please go to http://www.socatrader.com Steven Final disclaimer from Dino. I'm not promoting Steven's website nor his plan. Neither do I stand to earn anything from telling you about his plan. I post a copy of Steven's letter purely for educational purposes. |
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steven will be so thrilled to be connected with this lunacy.
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Ok dino but i still dont get your origanal post how it cost you 6400 surely the game would of had to end in a draw for you to win big and also why back a 0 0 at 999/1 when its 1 0
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there is only one reason you would do that - and there should be a law against it.
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I am not slating you I just dont grab the concept and I find it amusing. Once one of your bets comes up, copy and paste it on here and I will eat my words. I just hope im not waiting to long, for your sake.
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listen mate 0 - 0 is IMPOSSIBLE if the score is 1 - 0 ok
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