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Rigsby
13 Mar 23 16:50
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Date Joined: 01 May 03
| Topic/replies: 316 | Blogger: Rigsby's blog
Hyperthetical question:
In The Players , 8 players tied in 19th Place
i.e finished 19th to 26th
How are both Back and Lay bets on this Betfair market settled for these 8 players?
Same question would apply if 6 players had tied in 16th place
TIA
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Report dave1357 March 13, 2023 4:09 PM GMT
8 players for two places, if the betfair odds were 5 on a player, the return would be 5/(8/2) or 1.25 return for 1 unit staked. Same odds, 6 players tied for 5 places, 5/(6/5) - 4.17 return for one unit staked. The layer obv pays these amounts, so a losing lay, but less than the initial liability.
Report dave1357 March 13, 2023 4:15 PM GMT
If the odds were lower, say 3, then the layer would win as 3/(8/2) is a return of .75 for one unit staked in the first case.
Report Rigsby March 13, 2023 4:39 PM GMT
Thanks
I think I understand
I would be laying rather than backing. What bothers me is that there is a potential for 8 losing lay bets rather than 2 if there were 2 players Joint 19th, although I guess the reduced payout compensates.
Report dave1357 March 13, 2023 5:25 PM GMT
depends on the odds obv, in the case of the eight sharing two places, anything below bf odds of 4 is a winner for the layer, anything above a loser to various degrees.
Report dukeofpuke March 13, 2023 7:59 PM GMT
in the place market each player is one market ie you could have 4 wins 4 losers but each player is settled separate whereas in the outright win market you could back 8 players only one wins so you wouldnt pay commission on the 7 losers and the liability is shared among the 8 players whereas the place market the liability accumulates
Report Rigsby March 13, 2023 8:10 PM GMT
Thanks for that Duke, sheds a different light on things and the calcs on my spreadsheet
Report dave1357 March 25, 2023 3:20 PM GMT
are you sure about that duke? That isn't the way commission is calculated in horse place markets.
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