General Betting
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Hi been using CASHOUT for a wee while just now. A run of freakish results has been giving me freakish rewards and Betfair just reply with a link to the CashOut video.
Hoping someone else can explain whats going on here.
I have had 3 bets on teams not expected to win, eachtime I have bet on their win and on a draw. Small stakes of about £2 or £3.
Last night it happened during Sporting L v Athletico B. At 0-1 I put £2 on Lisbon winning at 16-1. I also put £2 on them getting a draw.
Once Sporting Lisbon equalised I started getting a CashOut offer of £29.00 approx. I accepted the CashOut and then put £2 on the win again. The bet came up accepted and when the screen refreshed I was offered the CashOut again, of £29 approx. It was not the exact same cash figure, but it still dont me that straight after I had bet just £2 I could cashout at £29. I accpeted and did this another 3 times, getting the same result eachtime, another CashOut in the £20+ region. All Cashouts were accepted, but in my statement, it doesnt show any Cashouts, being credited, just "winning" bets and there it shows as small sums of wins, such as £2 or £3 pounds. The Sporting win was up as a £30 win as the single biggest payout. Every other win was £2 or £3.
I dont know if Im expaining myself too well. But this has happened for Wigan game against Arsenal and Barca game at weekend. Eachtime I have bet on Win for massive underdog or a draw. When Wigan/Sporting/Levorno have took the lead the Cashouts have been hugh. Once accepted if I bet on either Win or Draw the very next moment the Cashout option is huge again?
Sorry if Im confusing people, but Betfair have access to my account and they dont want to explain either. At first I thought the first Cashout is fair enough. But the 2nd and 3rd seemed too good to be true. From my statement it seems thats correct, but still why am I being offered these Cashouts and where are they going, once accepted?
Hoping someone else can explain whats going on here.
I have had 3 bets on teams not expected to win, eachtime I have bet on their win and on a draw. Small stakes of about £2 or £3.
Last night it happened during Sporting L v Athletico B. At 0-1 I put £2 on Lisbon winning at 16-1. I also put £2 on them getting a draw.
Once Sporting Lisbon equalised I started getting a CashOut offer of £29.00 approx. I accepted the CashOut and then put £2 on the win again. The bet came up accepted and when the screen refreshed I was offered the CashOut again, of £29 approx. It was not the exact same cash figure, but it still dont me that straight after I had bet just £2 I could cashout at £29. I accpeted and did this another 3 times, getting the same result eachtime, another CashOut in the £20+ region. All Cashouts were accepted, but in my statement, it doesnt show any Cashouts, being credited, just "winning" bets and there it shows as small sums of wins, such as £2 or £3 pounds. The Sporting win was up as a £30 win as the single biggest payout. Every other win was £2 or £3.
I dont know if Im expaining myself too well. But this has happened for Wigan game against Arsenal and Barca game at weekend. Eachtime I have bet on Win for massive underdog or a draw. When Wigan/Sporting/Levorno have took the lead the Cashouts have been hugh. Once accepted if I bet on either Win or Draw the very next moment the Cashout option is huge again?
Sorry if Im confusing people, but Betfair have access to my account and they dont want to explain either. At first I thought the first Cashout is fair enough. But the 2nd and 3rd seemed too good to be true. From my statement it seems thats correct, but still why am I being offered these Cashouts and where are they going, once accepted?
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Replies: 23
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You are not getting another cash out but the very same because after you have made another bet and odds have not changed so much it will offer you again to cash out at the same level. Cash out I think means hedging and you will get the money after markets have settled not immediately to your account. If I understood you correctly...
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I don't think betfair offer you these cashouts with your best interests at heart.
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Cash out greens the book for you. Leaving you with 1 winning results and 2 break even results.
You take some of your potential profit (£2 at 16/1) and cash out places an amount on the draw/loss for you. So instead of your options being, WIN 32, LOSE 2, LOSE 2, you get, WIN 29, LOSE 0, LOSE 0 make sense? |
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best not to use the cashout feature
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Cash out is not a good idea. Go on classic (not the abysmal BETA version) and click on the "what if" option (which isnt available under BETA).
The what if function will show you how your profits will change if you place more bets on the same market to hedge or take a profit. |
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click on the "what if" option (which isnt available under BETA).
it's not!  , shows how determined they are to get people on to cashout. |
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I think it's more a case of what still remains under BETA as they seem to have got rid of every useful function there was on classic.
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In a nutshell, the cashout feature works out what bets you need to put on to lockin the same profit regardless of the outcome.
However, Betfair take a margin for providing this service, i.e. if you sat down and worked out the bets yourself you'd be better off. |
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''click on the "what if" option (which isnt available under BETA).''
are we sure about that?? ^^^^^^^^^^^^^^^^ im sure it does it for me.... where it says betslip, place bets, open bets, on right of your screen look above open bets and theres like a cog wheel icon, click it, you can apply 'what if' in that menu. ive got mine ticked and it alters my potential outcomes when entering my stake without confirming the bet. apologies in advance if im getting this confused with something else you mean. also as i use cash out quite a bit, especially when on my phone because its alot easier, does anyone know roughly how much worse im off using it? |
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The cog on the menu bar next to site feedback
 !! Someone explain the logic in that.Can someone tell me whether the.. 1. Ordered by matched date 2. Average odds matched 3. Consolidated odds are available somewhere under BETA Do they exist and if so where? |
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2 & 3 are check boxes at the bottom of the betslip 'Open Bets' tab
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DivideByZeroError
In a nutshell, the cashout feature works out what bets you need to put on to lockin the same profit regardless of the outcome. However, Betfair take a margin for providing this service, i.e. if you sat down and worked out the bets yourself you'd be better off. -- This is simply not true. The fact is that market prices are not stable, so to avoid a partial match and end up with a half-baked green book, the orders calculated by your browser (it's just javascript) are based on the current market price + a margin to make it more likely you will match. these bets are just like any others you place (just the stize and price have been pre-calculated) and best execution will give you the best price at the time. No green book algorithm is perfect because there is a time delay between observing the market and sending bets into the exchange, in which time the prices may change for or against you. The margin is there so that for most people, most of the time, the green book they end up with after pressing the button is pretty close to the indicated figure. |
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thanks longbridge...will have a gander in due course.
Chilly I will put said debate to the test. I'd agree with DivideByZero at this juncture because the figure I see on the screen does not give me best execution but admit until I've used it in practice and not in running I don't know. |
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lol I was going to try the cash out facility but I don't trust it.
To test it I evened up my book to the following figures quoted after commission: Barca +349.08 Chelsea +381.43 To equalise it totally its should be +359.87 the pair but I am being offered only 350.54 (and I dont even know if thats before or after commission) so instead of giving me odds of 1.5 on Barcelona its giving me odds of 1.04. THANKS BUT NO THANKS |
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I read that instead of laying your selection it backs all others, which can result in much much worse odds, especially in markets where non-runners are still quoted as 1000 to back.
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there are only 2 selections though Chelsea and Barcelona!
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I think I have a theory??????? on how it works.
It does the reverse of every single bet you've struck so for instance.. If you laid Chelsea at 1.5 for 500 and also backed them for 250 at 1.5 it wouldn't recognise that you had in effect only laid them for 250 at 1.5 but instead replicates all 750 worth of bets meaning you lose out on the margins an unnecessary number of times so if you keep cashing out your returns get lower and lower. |
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which is possibly happened to Ronin.
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Chilly the Dog
you are wrong,you do receive less with cashout thanif you work out your bets yourself,it maybe a couple of quid here or there,but that adds up,you should try it before you give misleading advice. |
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Joebroke - the value quoted is a pessimistic estimate. If you find a quiet market (ie one where prices are not changing) and test, you will find that it gives you much better results.
It boils down to what you'd rather have: a) a button that tells you the very best position you could be in right now if you had a time machine and placed the bets half a second ago or b) a button that tells gives you an estimate (biased down) that will often be bettered in reality. Even if you use geeks toy and use the green/red button there it can still go wrong. The difference is that that is showing you your best position relative to the market now, which is unlikely in any lively market (which by definition is where you are most likely to be trading). |
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Explain this one then Chilly...
To test it I evened up my book to the following figures quoted after commission: Barca +349.08 Chelsea +381.43 To equalise it totally its should be +359.87 the pair but I am being offered only 350.54 |
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just the same as tradeing in profit yourself but their doing it for you wish they do it on horses to save time
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Thanks for all contributions, the Betfair reply isnt worth copy and pasting, it basically referred me to the user video. I have asked them to tell me where I can see CashOuts on my statements, or if there is somewhere else in my accounts section that lists them, but instead they just ignore that request and refer me back to the video.
To me it seems that once you cashout the figures in Green below the Name of the bet are useless. If you then place another bet it includes the previous bets, that I assumed the CashOut had made void. It does seem, with all due respect to all, that no one seems to know how it works and Betfair dont want to explain it. In my reply from them explaining the Cashout and then placing of new bets, to Cashout again, their explanation began with the word "Obviously...." and then told me that obviously the Cashout figure presented the second time is not what I am going to recieve- even though in their UserGuide it states the Cashout figure is the MINiMuM amount I will recieve. I got a flood of money through the Man U v Everton game and have only really got a passing interest in betting, I think Betfair love a punter like me! |