my bet

[smet]

i did this bet

2008-12-06
16:53 6740292088 2008-12-05
17:33 Fixtures 06 December Bolton v Chelsea / Match Odds
Comm Charged 5.01% On Net winnings of GBP16.78 - - - (0.84) 127.88
2008-12-06
16:53 6740292088 2008-12-05
17:33 Fixtures 06 December Bolton v Chelsea / Match Odds / Bolton
Lay 7.20 16.78 Won 16.78 128.72
2008-12-05
17:27 6740243798 2008-12-05
17:27 PayPal Fee - - - (0.60) 111.94
2008-12-05
17:27 6740243798 2008-12-05
17:27 PayPal Deposit - - - 40.00 112.54



chelsea vs bolton and laid the bet and won and only got £16.78 in my account i put £16.78 on the bet ,i thought i won 6x £16.78
this aint half confusing me
because
i backed the same at skybet and lost £20 at 7.00
so surely at betfair laying at 7.2 £16.78
should give me 6 times that

[InFeRnO]

When you win your 'lay' bet you only get your stake back.

Its when you lose your lay bet that you will have to pay out the multiple.

[smet]

right so thats realy confused me now
so how do i win any big money with this backing and laying ???

wat was the best senario for that bet

[robt2005]

Hi Smet,

I'll try and clear things up a bit for you -

"Laying" is basically "you" being the bookie. "Backing" is "you" being the punter. So when you "lay" on betfair (or betdaq, wbx) you are playing the part of the bookie, and accepting other peoples bets. Like any other bookie, if an event (horse race, footy game) "wins" then you have to pay out. But if it loses, you keep the other persons stake - thats why its called a betting "Exchange". With reference to making £'s with backing and laying, - if you bet on something at high odds and then lay it off at low odds, the difference between your "payout" (backing) and your "liability" (laying) is your risk free bet. Just try putting some practice bets on with betfair (backing and laying with different odds) and you'll soon see what is going on. Backing and laying on an "exchange" is not the primary method that this site uses. I reckon it may help if you read through the method again to fully understand it (like we all had to cos it takes time to fully comprehend!) Cheers, Rob

[smet]

ok just had another hour looking over the rules again
am i right in saying
when it comes to using my free bet im better off if my lay bet wins

this example

LAY STAKE
£44.03
--------------------------------------------------------------------------------

Back Return: £350.00 Lay Risk: £308.18

Back Profit: £41.82 Lay Profit: £41.82



Back Stake: 50 Stake Forfeit: 50

Back Odds: 8 Lay Odds: 8

Back Commission: 0 Lay Commission %: 5


this is wat gets me ,i put £44.03 0n lay bet my £50 free goes on back and watever the outcome i will recieve £41.82
so wats this back return bookies say i may win £350 and
if i lose at exchange they take £308.18 from my account

if i win at bookies i win £350 and do i put that back in my exchange account of which i have won £41.82

just clarify which is best to win from

cheers mick

[Admin]

The profit you make is identical ie win bigger at the bookie lose less at the exchange, so yes the £350 you are up at the bookie in your example needs to be withdrawn and put back in the exchange to cover your losses (£308) there (the difference between these 2 figures is your £41 profit)
It doesnt matter where you win becasue the calc ensures it is identical either way. Having said that it is easier if you win at
BF so you dont have to withdraw it at the bookies before you move on.

[Admin]

right so thats realy confused me now
so how do i win any big money with this backing and laying ???

wat was the best senario for that bet

You dont win big you win often. You keep around 80% of all the free bets on offer. It soon adds up.

[smet]

ok got the idea now the only thing is all these new bookies require a wager weather it be £!0 to £200 and this money as got to be put into the new account you open,i know that im not loosing the money its only like putting the money in the bank to save ,but in this time of depression no jobs about and all its hard to make things meet ,but i,ll just have to do this a bit slower than most,cause i really enjoy doing this and being on this site ,if it takes 12 months to go through the bookie system i might even go through the resession lol
keep up the good work u guys finding them bets

[stuart30]

Best advice i can give smet from one newbie too another is take ya bloody time mate...read the main site instructions...read them again and ask these guys before parting with any money (bets) if your not 100% sure.

Ive cocked up a couple times meaning no free bet simply by not looking at T&C"s thoroughly...and making some poor choices odds wise as i was in a rush too get into the swing of things.

First night (last week) thought id just have a little go...couple of days later im over £500 light in bank account,so don't get carried away as its easy done.

Listen too these guys...take your time and you"ll start seeing a profit.

[smet]

wow thats a lot m8 how u manage to loose all that
wish i had that to play with lol
thats why i keep asking loads of questions better safe than skint lol
and all these guys here are brill they just cant wait to help
like you say take my time ask questions and if it takes a year at least its all free money to do wat i want with and with reloads u can just keep going