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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£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
You won £2 plus you have your £20 returned = total of £22
Therefore your account has increase by £2
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.
£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.
Sorry, I should clarify the above:
Ok, so you only ever win the amount you staked back (as profit), regardless of the odds?
Ok, so you only ever win the amount you staked back (as profit), regardless of the odds?
Ok, that's cleared it up for me, thanks for everyone's input.
I shall now continue along my Lay path :)
I shall now continue along my Lay path :)
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!
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.
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
http://betfair-en.custhelp.com/app/answers/detail/a_id/6482/p/107/b/97
Thanks longbridge, that page was exactly what I was originally looking for.
All the searches I tried failed to show the page!
All the searches I tried failed to show the page!
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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