another question re liability

JoannaF

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I really do feel silly asking these questions, as im sure it will all click into place soon!.(..well im hoping!....)...
So ive place my qualifying bet on ladbrokes of £50. The previous bet i did the bookies won so my balance went right down in Betfair...so, based on games and races with odds of 4 and above the liability is just too high...(havnt got that much)....so, ive had to change odds right down to 2 or 3!..of course this brings the profit right down to about £24 instead of around £35-£40.......

So is this right to do this?, or have i messed up again or am missing something?.....cant wait for the day that i dont have to ask!!!!....
Thanks :-\
 

jkg-jkg

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You obviously understand enough to understand the impact on your profits of going for lower odds. It is not 'wrong' to go for lower odds, but as you already know this hurts your profit. If you can afford to fund the exchange then this is obviously better as the money is not 'lost' as it will be somewhere, and will need to be withdrawn at some point.

I would also check out Smarkets as an exchange. The majority of experienced MBers use it as it has a lower (2%) commission than BF, it has its limitations in terms of liquidity and a more limited set of markets, but that 3% difference definitely adds up over time
 

JoannaF

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ok i think i see...i cant afford to put any more in the exchange at the mo, so seems that going for lower odds and not making enough might be the only option as gonna stick with betfair for this one...When you say damage the profit....i wont actually be losing money though will i?...just not making as much as i thought?...apols for not quite getting this!
 

JoannaF

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sorry you didnt say damage, you said impact... :)
 

Uhhhhh

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[member=5763]JoannaF[/member] How much money do you have in the exchange?
 

JoannaF

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sorry for the late reply...its ok, i did slightly lower odds in the end so made less profit. The race won, AGAIN at the bookies so i am down to £12 in Betfair now!...Not Good!...so ive withdrawn some money back onto my card to transfer at the end of the week back into Betfair!....not sure what else i can do at the moment!
 

Jon

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You can't do anything right now but once your kitty is around the £2000 mark you will be able to do whatever offers you want :)
 

Sallers75

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Jon said:
You can't do anything right now but once your kitty is around the £2000 mark you will be able to do whatever offers you want :)
How long does it take roughly to build that kind of balance up?
 

Jon

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2 and a bit months maybe
 

JoannaF

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blimey!, i would be so happy if i got to that amount!....lets just hope i win the next few at the exchange and not the bookies.... :)
 

Uhhhhh

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'2 and a bit months' is quite optimistic, unless you happen upon a couple of lucky slot offer wins.

Just keep plugging away at it and you'll build your bank up enough to be able to do more bets at once. Tip - if you want to do a couple of bets at the same time (with different bookies) then bet on different outcomes in the same market in the same game and the bets will share liability at the exchange. For example, say Leicester are playing Man City....bet on Leicester to win at one bookies, the draw at another and Man City to win at the other. Obviously lay them all off as normal, but then because it's in the same market they share some of the liability AND you're guaranteed to have two wins in the exchange as there's only three possible outcomes.
 

Jon

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I would say playing through the offers over 2 and a bit months you will hit a decent slot win or two as well :)
 

auntygeek

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Jon said:
I would say playing through the offers over 2 and a bit months you will hit a decent slot win or two as well :)
ONLY do slot offers with ZERO risk when you start out. The only money I made in the first 6 months was completely risk free at BGO. I ended up losing money overall from doing the slot offers where you wager X to get X free spins... I never had any luck at all. The variance is huge in those offers so for every person winning £100 from an offer there'll be another that loses £100.

JoannaF said:
blimey!, i would be so happy if i got to that amount!....lets just hope i win the next few at the exchange and not the bookies.... :)
I whacked over £500 into MB at the start and it took me from December 22nd to end of March to get to £2000. Obviously I could do higher odds free bets as well which does increase your profit.

Having modelled a reasonable amount of returns (75% per free bet) starting with £50-100 in your bank I estimate it would take minimum of 3 months to reach 2k, as the first 4-5 sign up offers you'll only be able to do 1 every 5 days on average due to waiting for withdrawals from bookies. This is by far the worst bit as you feel impatient and like you aren't getting anywhere! Stick with it, it DOES work, but don't rush as mistakes will hurt your profit (i speak from experience!)

You need to be getting 75% from your free bets otherwise it's a waste. 4.50x odds is PLENTY to get this return, don't bother with higher odds you'll end up with an extra 50p or £1 and it ISN'T worth it.

If you can't afford a £50 fb, go through ALL the £20 and £10 free bet offers on the beginners sign up page (if you're on PA) until you have enough in your exchange. Don't waste those £50's!

Hope this helps! :)
 

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Without big slot wins (I have lots when I started out, slowed down a bit now but had 3k of wins at the end of Jan) I'd say 3-4 months for £2,000 :) Good luck to you!
 

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