General Betting
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What I cant understand on Betfair is why a spread also exists and who/why/and-to-what-level this is enforced?
Taking a simple event that a horse FastRunnerA it has a back price of 2 and a lay price of 2.1
If I put 10,000 pound to lay at 2.1 (creating an exposure of 110), I would expect the back side to move to 2.1 so someone can take me up (i.e. get me matched)
Similar if I take a bet a 2 then there must be someone waiting to take it, but how if betfair only lets the punter lay at 2.1
Taking a simple event that a horse FastRunnerA it has a back price of 2 and a lay price of 2.1
If I put 10,000 pound to lay at 2.1 (creating an exposure of 110), I would expect the back side to move to 2.1 so someone can take me up (i.e. get me matched)
Similar if I take a bet a 2 then there must be someone waiting to take it, but how if betfair only lets the punter lay at 2.1
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Have you got "Back and Lay" and "Market Depth" ticked?
Everything you described is what happens. If you want to lay 2.1 you can, if you want to lay 2.0 you can , if you want to lay 1.03 you can too! (It doesn't mean it will get matched, but you can put your money up at any price you want) |
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You can enter whatever odds you want (subject to the odds increment ladder). If you enter the best odds available then your bet will be at the head of the queue.
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Sorry, didn't see Lori's post which is strange given there's 8 minutes between our posts.
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mattsimple, I can understand you are a bit confused as you only joined Betfair today.
I suggest you go to a market with no or very little liquidity in it and put in some prices just to see how this laying and backing works. Just make sure the prices you put in aren't value to anyone else. You could go to a fotball match which is to be played in several days from now in one of the leagues in one of the smaller country and try it out. Put in lays at low prices ( 1.2 or lower) and backs at high prices ( 20 or higher) and your money wont be matched by someone else. I think this is the best way to learn the principle of backing/laying, to actually see where in the market your money is put when they aren't matched instantly. |
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checking the "what if" box (under "more options") will show you the potential outcomes if matched as well.
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