General Betting
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Hi, I'm new here so...please go easy on me!
I understand the concept of Lay betting (in that you're betting that an outcome WON'T happen), but what I don't get is how the profit is worked out. I understand the liability side of things, as that's straight forward but I played a Lay bet recently at odds of 11 (decimal), my stake was £2. My liability was set at £20 and the payout amount said £22. My bet was placed/matched/accepted and the lay came through, but my account was only increased by £2. The details of the bet (from my placed history) is:
Bid Type: Lay
Persistence: C
Odd req.: 11
Stake (£): 2.00
Liability (£):
Avg. Odds matched: 11
Profit/Loss (£): 2.00
Am I being really think here (most likely) or has something not gone right? Shouldn't I have won the Payout amount?
Any help or explanation would be really helpful, I think I just need to get my head around it.
Thanks!
I understand the concept of Lay betting (in that you're betting that an outcome WON'T happen), but what I don't get is how the profit is worked out. I understand the liability side of things, as that's straight forward but I played a Lay bet recently at odds of 11 (decimal), my stake was £2. My liability was set at £20 and the payout amount said £22. My bet was placed/matched/accepted and the lay came through, but my account was only increased by £2. The details of the bet (from my placed history) is:
Bid Type: Lay
Persistence: C
Odd req.: 11
Stake (£): 2.00
Liability (£):
Avg. Odds matched: 11
Profit/Loss (£): 2.00
Am I being really think here (most likely) or has something not gone right? Shouldn't I have won the Payout amount?
Any help or explanation would be really helpful, I think I just need to get my head around it.
Thanks!
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Replies: 13
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£20 was the amount that came out of your account to place the bet.
You won £2 plus you have your £20 returned = total of £22 Therefore your account has increase by £2 |
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Ur backing a 1/10 outcome
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your playing at being the bookmaker
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Ok, so you only always ever win your stake back, regardless of the odds?
£2.00 @ 17 = Liability: £32.00, Payout: £34.00. £2.00 @ 10 = Liability: £20.00, Payout: £22.00. £2.00 @ 150 = Liability: £298.00, Payout: £300.00. £5.00 @ 10 = Liability: £45.00, Payout: £50.00. If that's the case, I think that's where I found it confusing. |
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Sorry, I should clarify the above:
Ok, so you only ever win the amount you staked back (as profit), regardless of the odds? |
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they never win, though. All winners here
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Ok, that's cleared it up for me, thanks for everyone's input.
I shall now continue along my Lay path :) |
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I'm sure I will need it. Yeah, I'm fairly new to gambling, I seem to pick horrible Backs so am trying my hand at Laying. Horses aren't really my thing so am doing it all in F1 races - something I know more about than horses!
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When you are Laying the stake (the £2 ) is not yours . It is the stake of the person betting £2 to win £20 off you.
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I've said it before, but the BF online help really is pretty good at this kind of basic stuff - lay betting page is at:
http://betfair-en.custhelp.com/app/answers/detail/a_id/6482/p/107/b/97 |
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Thanks longbridge, that page was exactly what I was originally looking for.
All the searches I tried failed to show the page! |
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there were to parties to the bet, the bet was struck at 11.0 (10/1), the other party was staking £2 to try win £20, you were the counterparty and when the bet was declared a loser you took the £2 stake money from the other party, should it have won, it would have cost you £20.
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@f1fan
No trouble. |