General Betting
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What is the best way on Betfair of preventing silly losses. I had been winning recently and built my balance up nicely but could not easily withdraw cash as I had already withdrawn what I had deposited.
Close to the end of a football match I intended to cover myself by offering £2 @ 300 for a Liverpool win but instead placed £300 @ 2
I am sure I am not the first to be so stupid but had Liverpool won I would have won £10,000 but of course they didn't and I couldn't lay off the silly bet
The only way I have found is too put surplus cash into the Australian wallet and thereby limiting my exposure to mistakes to the amount left in the UK Wallet
Does anyone have a better suggestion?
Close to the end of a football match I intended to cover myself by offering £2 @ 300 for a Liverpool win but instead placed £300 @ 2
I am sure I am not the first to be so stupid but had Liverpool won I would have won £10,000 but of course they didn't and I couldn't lay off the silly bet
The only way I have found is too put surplus cash into the Australian wallet and thereby limiting my exposure to mistakes to the amount left in the UK Wallet
Does anyone have a better suggestion?
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Replies: 20
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Yes, put the money somewhere where it might get matched.
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open your eyes!, is my suggestion
people get killed every day crossing the streets without looking to whats coming in, here its the same |
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done it a few times myself always double check I know in play you sometimes want to be quick but it doesn't take long to double check before you confirm and wiil save a lot of money in the long run
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Speaking a while ago speaking to a betfair customer services person I asked if they could have another limit and 'limit for now' type limit to avoid silly mistakes, that doesn't have a delay. He found it a wierd idea, but I see all the time people wanting it, and ending up e.g. using oz wallet to do the same thing via a workaround. It'd be a good idea.
What investor says "Yes, put the money somewhere where it might get matched. " doesn't make sense, did he mean "Put the money somewhere where it WON'T get matched.", as that would work. Like stick "your bank - whatever to limit" on something like arsenal at 20s to win next match when they're on 1.66, it'll never get matched. And even if it does, there will be enough cash to lay off for +££££s. |
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Lusitano71
open your eyes!, is my suggestion people get killed every day crossing the streets without looking to whats coming in, here its the same Spot on. The trouble is though (in the UK at least) the compensation society has turned people into wet blankets seeking reward for incompetence, which is now very big business most of the claims being fraudulent. All down to greedy so called compensation lawyers using bombardment advertising 24/7. Younger people now think it's normal to receive £££'s for walking around with their eyes closed and tripping on a banana skin. |
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Dear god someone put down his Daily Mail for a minute to pop a compltely irrelevant rant off. Feel better?
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I think what Investor meant was put your bank in a market where, if it gets matched, you're laughing and if it doesn't your money is safe.
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Thanks for the replies I think the idea of offering a bet that will not be matched is a good one - might even gain from some other poor soul who doesn't look left and right before crossing the street! and Trevh you will notice from my post that I was NOT blaming anyone else other than myself nor asking for compensation. Thankyou for implying that I may be described as 'younger people'.
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Whenever you make 'execution errors', trade out for the cheapest loss and regard it as a cost that needs to be factored into yr estimate of yr edge.
In yr example, you must have backed Liverpool at an average 33-1 as a game was in its dying stages. Rather than wasting seconds by putting up money on the same runner line, you shd have taken the loss by submitting money to the liquid sub-market. Sorry if this doesn't apply as I'm not a football bettor and don't know the circs of the L'pool game. |
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askari1 03 Feb 11 02:09
Whenever you make 'execution errors', trade out for the cheapest loss and regard it as a cost that needs to be factored into yr estimate of yr edge. --------- how does that help you if you accidentally lay 999-1 for 10 quid when the correct price is evens? |
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Now that's an error of true portions.
Let's not beat about the bush eh viva ? |
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* true proportions
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viva, would you not back at evens after such a mistake?
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How could you even make that sort of mistake? Even when drunk.
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^
I've backed an evens shot at 1.01 by accident before. In my case it happened in the over 1.5 half time goals market. I had a market up for the wrong game, which wasn't in play. Luckily the trapper had only put £150 up, so after getting that matched, I cancelled the rest. The market was a late night illiquid game, so I didn't trade out, and ended up winning about £1.50. This is an extreme example, but I have made plenty of mistakes that in total have costs me £hundreds, perhaps even thousands. The most annoying of these is the occassional tendency for odds to fail to update after a goal until new offers come in. That way it is impossible to tell when a goal has been scored (if you're not watching and reading the current score from the odds themselves). I've got safeguards in place for that now, but did lose more than £300 over two days in CL games back in 2009 due to this. |
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It's comical that you ended up winning off that Investor
 These things are easily done especially when you're busy and there's lots going on. Easy to go through the motions out of habbit with too much speed and not enough double checking. That's how I ended up with £230 on 3-3 backing it from 180 down to 18.00 |
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The Investor Joined: 05 Jun 06
Replies: 3889 04 Feb 11 14:47 viva, would you not back at evens after such a mistake? ---------- if i could bring myself to touch the computer again, probably. but I'm not going to start trying to factor hypothetical errors into my "edge". that's just meaningless. |
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I have also lost 000s through execution errors. I'm thinking of things like laying in the place market to cover a supposed arb when my bet at the bm s was only struck in the place market (happened more than once) or similar phenomena like withdrawals meaning three rather than four places.
I've also submitted four figure sums by failing to hit the decimal point (there, I can't see the alternative to taking a trading hit). I've fallen asleep on numerous occasions before and after 'keep bets', failing to take off an earlier bet. What I mean by factoring the likelihood of these errors into my edge is that I'm slightly less likely to place ew arb and other bets (or require a bigger subjective margin to do so) b/c they are more complicated to execute. This also applies to ew accas, to accas where the gap between the races is small and to events (e.g. horse and football accas) where there is a potential time overlap between them being run. Off the top of my head, over the years I've lost well over 20% of my winnigs to execution errors--not dumb bad bets or genuinely freak events but bona fide hash-ups. |
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*bet struck only in the win market
You see--execution errors |