Starting off...

[steharbin]

hi everyone, i have recently just turned 18 and i plan to use this site to my advantage. i have read every bit of this website for 2 weeks solid now, i understand everything about lays and back. i opened a new bank account today just for betting, so its easy to manage my money. once my bank card comes through i plan to put a 100pound in it and hopefully start making some money :)
i've set myself a goal of £1000 by xmas, not sure if this is to high or not.

any feedback and tips would be very welcomed.

i will update this post every couple of days :)

[mandrew]

Hello,

glad to see you've read and understood everything, do some dry run paper bets only if you haven't already. The best thing to do before even opening an account at any bookmakers is to run it by the forum first. For example you may be enticed by a certain bookies offering a £20 free bet where as an experienced MBer will tell you to hold back for the £100 cheltenham offer. Also run your first matched bet by the forum before actually placing it, this way you can iron out any mistakes before actually risking any money.

I think it's good to have a target but don't worry if you dont hit it. The main thing is to be making money steadily and not losing it through normal punt gambling. The thing that will slow you down on a £100 float is waiting to move funds from one account to another, this can take several days.

Have you got a passport or Driving license as with some bookies you will need ID? Also makes things a bit easier if you register on the electoral ballot voting thingy.

Good luck (luck doesn't really come into it)

[Admin]

Welcome on board. I agree with the above. You will get plenty of help on here. We may not be obviously busy but you'll see we're a friendly lot
Don't rush things. This really is a long term "career" which you do alongside full time jobs or study. The proof of making genuine riches £20k plus are right here in the forums. As new things come along we all learn and earn together. Sharing info is the key

[steharbin]

hello, yeah thanks for the advice everyone i plan to wait for the FA cup final and so on to cash in on some of bonus.
i will run some dry bets on horses this week, one question i have if anyone would care to help me is...

when i lay 25pound on odds of 2.78 what does it mean when it says liability 44.50 and payout is 69.50. am abit confused on the liability bit, its probs me just been silly but i just need it clearing up

Thanks for the advice i again!

[Admin]

Wait for the FA cup final
I don't recall any enhanced for this particular game and even if there were you could have made thousands between now and then. A lot of the bookies offers weren't enhanced for the Cheltenham festival this year ( I was waiting patiently for coral and it never happened as expected )
Get in while you can is my advice. It's a little bit like searching for " great" odds. While you're waiting you could have made cash and moved on to the next one

[steharbin]

ok mate thanks
any answer to my question its really confusing me?

[Stanth66]

Im having the same problem. I don't understand what the liability thing means?

[bull]

Your liability is the amount you would stand to lose at betfair if the bet wins at the bookie. You must have at least that amount in your betfair account to be able to lay the bet off.

[bull]

Read the help on betfair here:

http://help.betfair.com/contents/itemId ... ex.en.html

[Admin]

Sorry I completely missed that question in your post. Bulls link will explain it better than I could but the general rule is: the amount that you are laying is what you will get back in profit (minus commission at betfair). The liability or lay risk is entirely dependent on the odds in question. The higher the odds the more you'd win at the bookie and therefore lose at betfair. And vice versa. At very low odds eg 1.1 a £100 lay stake has a low risk/liability and low profit at the bookie. Play around with the calculater to see what I mean. Make sure the back and lay odds are identical to see what I mean and then just alter them up and down to see how the lay risk changes. Just remember that lay risk is what you may lose at betfair but you will win roughly the same amount at the bookie so they cancel each other out.