mid-table Posted August 23, 2010 Author Share Posted August 23, 2010 It's the same principle as stockbroking. Stockmarket traders will look to buy a share at a low price, in anticipation of the price going up, then sell it when it gets to that higher price. Trading in betting is similar, I would want to back something thinking the price will shorten, and when it does shorten I can lay it at a lower price and make myself a profit. In betting you can also do the opposite; lay something at a short price thinking the odds will drift, then back it at a higher price when it does drift. That's the easy bit. The difficult bit, as with stockbroking, is making the right predictions on how the market will move. 0 Quote Link to comment Share on other sites More sharing options...
blue4578 Posted August 23, 2010 Share Posted August 23, 2010 You can also trade in running too of course, some people make a living doing this. This requires nerve and quick thinking to make a success of. If you read the Betfair forums, particularly the tennis ones, apparently everyone who trades wins. The reality is somewhat different. 0 Quote Link to comment Share on other sites More sharing options...
Socca_G Posted January 14, 2011 Share Posted January 14, 2011 Is there a section on this thread for betting terminology? 0 Quote Link to comment Share on other sites More sharing options...
Jambo Stu Posted January 14, 2011 Share Posted January 14, 2011 Is there a section on this thread for betting terminology? No exactly, if you ask though, someone will help you though. 0 Quote Link to comment Share on other sites More sharing options...
Socca_G Posted January 15, 2011 Share Posted January 15, 2011 Well i have a quick few questions about betfair. If i lay a bet, am i placing my bet for everything other than that result?? e.g. if i have an option of home win, away win or draw, and i click on the lay button for the draw, am i betting that it will not be a draw regardless of the result?? 0 Quote Link to comment Share on other sites More sharing options...
Fudge Posted January 15, 2011 Share Posted January 15, 2011 Well i have a quick few questions about betfair. If i lay a bet, am i placing my bet for everything other than that result?? e.g. if i have an option of home win, away win or draw, and i click on the lay button for the draw, am i betting that it will not be a draw regardless of the result?? Aye 0 Quote Link to comment Share on other sites More sharing options...
Socca_G Posted January 15, 2011 Share Posted January 15, 2011 Rite so just now on betfair the lay option is sitting at 65 which will be 64/1 for a lay on the draw between Arsenal and Hammers. Is that 64/1 to say that the 2 teams won't draw? 0 Quote Link to comment Share on other sites More sharing options...
This land is our land Posted January 15, 2011 Share Posted January 15, 2011 It must be geeks or people who cant handle truths that bet betfair. Would it not be better for normal punters to have a normal bookie section? Unless people are in denial. 0 Quote Link to comment Share on other sites More sharing options...
blue4578 Posted January 15, 2011 Share Posted January 15, 2011 Rite so just now on betfair the lay option is sitting at 65 which will be 64/1 for a lay on the draw between Arsenal and Hammers. Is that 64/1 to say that the 2 teams won't draw? If you lay 64/1, you're effectively backing all other outcomes at 1/64. If there are only two outcomes for an event (tennis match, Over/Under 2.5 goals, Asian Handicaps, and so on), laying one outcome is exactly the same as backing the other. It must be geeks or people who cant handle truths that bet betfair. Would it not be better for normal punters to have a normal bookie section? Unless people are in denial. I think you're trying to say that Betfair is too complicated for "normal" punters? It isn't. 0 Quote Link to comment Share on other sites More sharing options...
Fudge Posted January 15, 2011 Share Posted January 15, 2011 It must be geeks or people who cant handle truths that bet betfair. Would it not be better for normal punters to have a normal bookie section? Unless people are in denial. It must just be deluded cafflicks who resign from forums then come back as aliases that don't understand how to use Betfair. 0 Quote Link to comment Share on other sites More sharing options...
Socca_G Posted January 15, 2011 Share Posted January 15, 2011 (edited) If you lay 64/1, you're effectively backing all other outcomes at 1/64. If there are only two outcomes for an event (tennis match, Over/Under 2.5 goals, Asian Handicaps, and so on), laying one outcome is exactly the same as backing the other. What would my stake then have to be in order for me to profit? Edited January 15, 2011 by Socca_G 0 Quote Link to comment Share on other sites More sharing options...
Adam Posted January 15, 2011 Share Posted January 15, 2011 What would my stake then have to be in order for me to profit? With Betfair, you need to place a minimum bet of £2, so you would need £128 in your bank to make a £2 profit on a 64/1 shot. 0 Quote Link to comment Share on other sites More sharing options...
Socca_G Posted January 15, 2011 Share Posted January 15, 2011 Ok starting to get the hang of it a wee bit. If i trade my bets, going for a low lay price and a high backing price, if it said i was on a profit of 30p would i have to win my bet to get that profit? I was doing a little bit on some greyhounds and there was 2 occasions when i was on a small profit but once the race ended i still had the same ammount in my account. 0 Quote Link to comment Share on other sites More sharing options...
blue4578 Posted January 15, 2011 Share Posted January 15, 2011 With Betfair, you need to place a minimum bet of £2, so you would need £128 in your bank to make a £2 profit on a 64/1 shot. There is a way around that. Lay £2 (or any other amount) @ 1.01 (or any other price below market price). Submit bet. Then alter the stake of this open, unmatched bet, to say £2.30. Then you have two open, unmatched bets @ 1.01, one for £2 and one for 30p. Change the odds of the 30p one to whatever you like and you've layed 30p instead of the minimum £2. Can't say that I ever do this, but I do know how should I stumble upon hard times. Ok starting to get the hang of it a wee bit. If i trade my bets, going for a low lay price and a high backing price, if it said i was on a profit of 30p would i have to win my bet to get that profit? I was doing a little bit on some greyhounds and there was 2 occasions when i was on a small profit but once the race ended i still had the same ammount in my account. You have to be showing a potential profit on the winning outcome. You can't expect to back all the other dogs in the race, and then expect to win when the only one you didn't back wins. This is just common sense. 0 Quote Link to comment Share on other sites More sharing options...
lithgierose Posted January 17, 2011 Share Posted January 17, 2011 question,whats the chances on a football teams treasure chest reaching £3800 over six months and the top prize never being won.the highest prize over that period being £380 whats anybody's view on this,is there something dodgy going on? or is it a regular occurrence with these things. 0 Quote Link to comment Share on other sites More sharing options...
mid-table Posted January 17, 2011 Author Share Posted January 17, 2011 question,whats the chances on a football teams treasure chest reaching £3800 over six months and the top prize never being won.the highest prize over that period being £380 whats anybody's view on this,is there something dodgy going on? or is it a regular occurrence with these things. More info required. What do you have to do to win this? How many entries are there per week? How often are the draws? What are the rules with rollovers? What other prizes are paid other than the jackpot? Why isn't this in the quick questions thread instead of the Gambling University thread? WE NEED ANSWERS. 0 Quote Link to comment Share on other sites More sharing options...
lithgierose Posted January 18, 2011 Share Posted January 18, 2011 More info required. What do you have to do to win this? How many entries are there per week? How often are the draws? What are the rules with rollovers? What other prizes are paid other than the jackpot? Why isn't this in the quick questions thread instead of the Gambling University thread? WE NEED ANSWERS. £1 stake,you pick one key from three if your ticket matches drawn ticket.you then get the chance to open the chest. probably a few hundred tickets sold a week for each draw. say like this week,the prize is £3800 and your key doesnt open the chest you get £380 consolation prize. second prize £50. next weeks prize will be £3900.even if they sold a thousand tickets. the first draw was£1000 ? only asking as i was wondering what the odds would be on somebody not picking the right key after six months of a weekly draw. as for quick question thread,feel free to move it 0 Quote Link to comment Share on other sites More sharing options...
mid-table Posted January 18, 2011 Author Share Posted January 18, 2011 £1 stake,you pick one key from three if your ticket matches drawn ticket.you then get the chance to open the chest. probably a few hundred tickets sold a week for each draw. say like this week,the prize is £3800 and your key doesnt open the chest you get £380 consolation prize. second prize £50. next weeks prize will be £3900.even if they sold a thousand tickets. the first draw was£1000 ? only asking as i was wondering what the odds would be on somebody not picking the right key after six months of a weekly draw. as for quick question thread,feel free to move it If I've picked it up right, each week there is a one in three chance the jackpot will be won? If so, the chances of no-one picking the correct key in 28 weeks is 85,222/1 (rounded to the nearest whole number). In Excel language, =1/POWER(2/3,28) Only other variable that might be considered is whether a key is picked each week? What happens if the person who's ticket is drawn is not there? As for moving the posts, I'd love to but I don't have those powers anymore. 0 Quote Link to comment Share on other sites More sharing options...
lithgierose Posted January 20, 2011 Share Posted January 20, 2011 If I've picked it up right, each week there is a one in three chance the jackpot will be won? If so, the chances of no-one picking the correct key in 28 weeks is 85,222/1 (rounded to the nearest whole number). In Excel language, =1/POWER(2/3,28) Only other variable that might be considered is whether a key is picked each week? What happens if the person who's ticket is drawn is not there? As for moving the posts, I'd love to but I don't have those powers anymore. Not to sure about this one,but id hazard a guess at a member of the public who is present at the draw.the draw is usually held in a different location each week,A local pub or hotel in the town. 0 Quote Link to comment Share on other sites More sharing options...
ClydeSI Posted September 13, 2011 Share Posted September 13, 2011 Was it ever won? 0 Quote Link to comment Share on other sites More sharing options...
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