I dont understand the concept of laying.

you lose stake*(odds-1) or 33 in your example.
Lay if you the think the odds of an event are smaller than they should be. Back if you think the odds of an event are larger than they should be.

Think you might have confused matters further

Get your partner to take her clothes off.

Get her to LAY on the bed.

Take your clothes off.

Now LAY on top of her.

Then see if anything springs to mind !!!!!!!!!!!!!!

So from a 100 lay, you don't lose the 100 stake?

You lose the Liability from 1.33 lay - which is 33?

In what circumstance can you lose the whole 100?

if the odds were 2.00 ie evens the you loose 100

and if they were 5.0 you'd lose 400.

You go in to your local high street bookie and place a 100 bet on a horse at 5/1.
The bookie has laid the bet, if the horse loses, the bookie keeps your 100 stake.
If the horse wins, the bookie returns your 100 stake plus your winnings of 500.

Simple as that.

How about this way..

IF you lay odds-on i.e.lower than 2.0 you are more likely to be wrong - but lose less than you stand to gain.
IF you lay odds-against i.e. higher than 2.0 you are more likely to be correct, but risk losing more than you stand to gain.
IF you lay at evens (2.0) - you are equally likely to win or lose your stake.

How does that sound?

If you're laying odds on i.e. BF odds less than 2.0 you can't lose all your 100. If you decide to lay 100 at 11.0 then you can lose 1000. The amount you place on a lay is your potential pre comission winnings so not really your stake.

A 100 lay at 1.33 is effectively a 33 back at 4.03. There was another recent thread giving the formula O/(O-1) for converting place odds to equivalent back odds.

I'm getting it.

So basically, you're also paying a persons winnings? You're playing the bookie.

So if you lay a bet at 4/1 (5.00) at 100 you don't only lose your 100 but you have to pay 400 winnngs as well? meaning you've lsot 500 in all.

Is this right, or am I wrong?

So what is best - is there an advantage to lay a bet when it's odds against to lose - at 0.01 for example?

Yes, you are effectively playing the bookie.

In your example of 100 at 5.0, your liability is 400.
On here, you never receive the 100 stake placed by the backer so you just have to "pay out" the winnings should that selection win the event.

I'm astonished by the number of people who reply to these threads. Oops!

Agreed. Has to be fishing. The bait is geting sillier too. Does not understand laying but now understands laying at 1.01.

He joined three days ago ..........

I'm new to betfair, but not new to betting in general.

Just trying to find my feet with the concept of laying, before I dive in and lose with uneducated bets.

Out of interest, how can I be fishing? :-)

Does this mean playing dumb in order to what....get better odds?

No, I am a novice at laying. Just saw a load of people in the Baseball forum talking about laying a MLB bet at 0.01 and a flurry of them did it.

I still don't get that however.

Laying at 1.01 is similar to backing at 100/1.
They are risking very little and speculating on a very unlikely turn-around in the event.

odwyer1980
Your surname wouldn't be O'Dwyer, and 27 years old would you?

That's my name and my age.

I'd say 1.06 that you used 1980 and odwyer to come to that conclusion?

Are you related to the O'dwyer's of Kilnamanagh

FFS.Was the idiot posting this thread looking for the tweenys website and got betfair instead.

class mick bud eez on the winde and theyre replying to the pr1ck!

pmsl

the lads gone mick, hes 5 behind with 4 2 play and tiger woods is the opposition!

Lol.ill be a layer!!

think hes allready unbackable? hows ure luck anyway mick mines horrendous m8!

Not bad at all.Sorry to hear your in a slump at the moment.
Have you had a name change?

odwyer
u still there m8

what was i before m8?

limerick richard and other "doubters".

You were all new once.

I'm an experienced gambler, but new to this concept.

Is this difficult for you to comprehend.

Nevermind.

Dont know mate??

owdyer

need to set up your setting and its all done for u mate

no havent mick not for some time, used to be known as something 2 do with a north east football team but anyhow not for awhile.

i will talk you through how to do it m8 if you want

griff hes skitting u lad!

only joined 11 june

or rejoined you mean

griff enough of that sh1te how are you m8 tell me a bit about ureself

spot on mate work on an oil refinery
would love to do full time on here
not desciplined enough though

and you

in between jobs bud, been punting 4 years love bfair but rite outta luck at mo, got plenty of knowledge but no PATIENCE which fooks me?

waht you do for a living mate

been on here almost four years
punting in boookies loads more

sorry what

odwyer

http://www.betfairpromo.com/learnbetfair/

I dont understand any of this.Could someone please explain in simple terms.

sales management but not been working for two months, i wrote that wrong i meant ive been betting for years, 20 nearly? been on here quite a while, been betting in bookies as well, like betting on here problem is ive got no self control, ive had some big figures on the screen and done my tubes back too them.

very similar make money on trading football struggle with horses

Reason dont know football know horses and think too much about the outcome football just trade figures

like now 18.45 at uttox cottingham should win easy definite place win but goings changing
it should handle it

the moneys down for it should lay now trade off in running but would get greedy

Welcome Od,,, to the fascinating world of betfair where losing money is indeed a very enjoyable experience and can be done a hell of alot faster than in your local bookies!!!!!

.

nh

I dont understand the maths

Heres an example

If i lay a horse paying 2.00 for 100 pounds if it wins i lose 100 pounds , thats ok.
But if it losses i only win apx 76 pounds , how can this be right?

Lump and bump and dump.

amazing

he is now the most successful punter on betfair

think he was fishing ?

'he is now the most successful punter on betfair'

Er, he lost £700.00 on a £20.00 lay on a talent show!! Amongst many others - If that's successful the rest of us may as well pack it in now...

most successful punter on betfair? pls explain? him and schalke probably 2 of the biggest idiots on the site, both in different ways. schalke actually has a grasp of knowledge on sport just seems hellbent on placing bets at stupid prices. odwyers sporting knowledge is like a lump of swiss cheese.

:) certainly an interesting character. Had a fun time just now looking through some of his general Betting posts on gubbed. (I was actually looking for the one where he did a Shalke-type 1.01/1.02 thing and said "it's like picking up pound coins in the street" and then lost two or three 1/50 shots within the week or something.

I didn't find that, but to make up for it, I did discover he went full-time last November, yet in January still didn't know what a bf platinum account was :0 Trust he's been offered an upgrade since.

Newbies might be interested to know that the fred starter went pro 5 months later. odwyer had above average talents admittedly, but it nevertheless gives hope for everyone imo

shame all his football forum threads are gone

Does anyone know what became of him?

He was banned from here ( for saying Snooker was a corrupt sport :D ) then turned up on purple last year admitting he had lost thousands and was in debt :(

Now has this blog

http://odwyer1980.blogspot.com/

found the other thread, but can't reply to it for some reason :|

http://site.forum.betfair.com/jive3/betex/ThreadsFrameset.jsp?forumID=32&threadID=1101355

odwyer1980

The best way for k n o b s to lose money is:

Go to cash machine.

Withdraw shed load.

Get on bus and ascend the stairs.

Open window and throw out the feckin lot.

Sorted.

By the look of his blog he's making thousands these days

odwyer1980 14 Jun 15:26
That's my name and my age.

I'd say 1.06 that you used 1980 and odwyer to come to that conclusion?

jesus ur an ould one... 1980 lol