Confused by first matched bet result

[loves2earn]

So, got the results from my first matched bet (the £5 qualifying one for get the £20 free Coral one) and am confused!

The horse won, so my Coral account is showing a positive balance of £12.50 - that I understand (£5 at 2.5).

It's the Betfair account that I don't understand as that says:
Lay 2.52
Stake 4.98
Lost (7.57)
But my account balance is only showing the £7.57 as being taken off. I was expecting a 5p loss as the stake and loss at Betfair is £12.55.

Can someone please explain :-\

 

[Jon]

Just dropping in to say that 2.5 is VERY low for using a free bet

You want to be around the 4-6 mark ideally

 

[Jon]

[member=143]auntygeek[/member] is good with the maths stuff

 

[loves2earn]

Just dropping in to say that 2.5 is VERY low for using a free bet

You want to be around the 4-6 mark ideally

It wasn't the free bet - it was the £5 qualifying bet to get the free bet.

My free bet is 4.5 but I won't get the results of that one until later today.

 

[auntygeek]

So, got the results from my first matched bet (the £5 qualifying one for get the £20 free Coral one) and am confused!

The horse won, so my Coral account is showing a positive balance of £12.50 - that I understand (£5 at 2.5).

It's the Betfair account that I don't understand as that says:
Lay 2.52
Stake 4.98
Lost (7.57)
But my account balance is only showing the £7.57 as being taken off. I was expecting a 5p loss as the stake and loss at Betfair is £12.55.

Can someone please explain :-\

With the exchange if the bet loses you only lose your liability. If the bet wins, you win the stake.

 

[Jon]

Ah got ya

Sorry, I'm on a bus and half asleep here

Btw, you may get a better response asking on the Main matched betting thread

 

[loves2earn]

So, got the results from my first matched bet (the £5 qualifying one for get the £20 free Coral one) and am confused!

The horse won, so my Coral account is showing a positive balance of £12.50 - that I understand (£5 at 2.5).

It's the Betfair account that I don't understand as that says:
Lay 2.52
Stake 4.98
Lost (7.57)
But my account balance is only showing the £7.57 as being taken off. I was expecting a 5p loss as the stake and loss at Betfair is £12.55.

Can someone please explain :-\

With the exchange if the bet loses you only lose your liability. If the bet wins, you win the stake.

Thank you [member=143]auntygeek[/member] . So, just so I have got this right: with Betfair (the exchange) if the event that I've bet on to win with the other bookie (Coral etc) wins, then Betfair only take the liability from me. So, what do Betfair take if the event at the other bookie loses? Or is that when they pay out?

So, because my bet at Coral won, Betfair have only taken the liability:
Will get £12.50 from Coral (stake + £7.50)
Betfair have charged me £7.57 liability
£12.50 - £7.57 = £4.93
So a small loss of 7p from my initial £5 stake with Coral.
Is that right?

 

[auntygeek]

Yes that's right. If your bookie bet loses you win at betfair minus commission. That winnings is your profit when there's a free bet as the back bet didn't cost you anything.

 

[loves2earn]

Yes that's right. If your bookie bet loses you win at betfair minus commission. That winnings is your profit when there's a free bet as the back bet didn't cost you anything.

Thank you. I'm sure the system work but I like to understand the numbers and what's happening

 

[auntygeek]

Yes that's right. If your bookie bet loses you win at betfair minus commission. That winnings is your profit when there's a free bet as the back bet didn't cost you anything.

Thank you. I'm sure the system work but I like to understand the numbers and what's happening

Completely understandable. I sometimes still get confused now! Just remember if the lay bet wins you have to deduct the back stake from what you've won at the exchange. The way we make profit is the back stake = £0 for a free bet, so any winnings is pure profit

 

[loves2earn]

Sorry [member=143]auntygeek[/member] but I need your help again!

The qualifying bet that I placed earlier today has now been and gone. My horse lost, so the £10 I bet at Betfred is lost, which I understand. However, when I look at my Betfair account, it's only showing them as giving me my stake of £10.04 back, minus 50p commission, but no winnings, which means that I'm currently £10.50 out of pocket as I've bet £20.04 in total as qualifying bets, but only got £9.54 back after Betfair have taken their commission :-\

 

[auntygeek]

Sorry [member=143]auntygeek[/member] but I need your help again!

The qualifying bet that I placed earlier today has now been and gone. My horse lost, so the £10 I bet at Betfred is lost, which I understand. However, when I look at my Betfair account, it's only showing them as giving me my stake of £10.04 back, minus 50p commission, but no winnings, which means that I'm currently £10.50 out of pocket as I've bet £20.04 in total as qualifying bets, but only got £9.54 back after Betfair have taken their commission :-\

At betfair it's not £10.04 stake BACK, it's £10.04 stake WON.

So on this bet you are:

-£10 back stake at betfred +£9.54 at betfair = -£0.55 which is just the qualifying loss of placing a bet

The lay stake you place at betfair is the profit you win if the lay bet wins (ie bookie bet loses). However when you place the bet they deduct the liability which stays deducted if the bookie bet wins. But if the bookie bet loses in this case you get the liability back but also on TOP of this you get the lay stake you put down in this case +£10.04.

Does this make sense?

 

[loves2earn]

Sorry [member=143]auntygeek[/member] but I need your help again!

The qualifying bet that I placed earlier today has now been and gone. My horse lost, so the £10 I bet at Betfred is lost, which I understand. However, when I look at my Betfair account, it's only showing them as giving me my stake of £10.04 back, minus 50p commission, but no winnings, which means that I'm currently £10.50 out of pocket as I've bet £20.04 in total as qualifying bets, but only got £9.54 back after Betfair have taken their commission :-\

At betfair it's not £10.04 stake BACK, it's £10.04 stake WON.

So on this bet you are:

-£10 back stake at betfred +£9.54 at betfair = -£0.55 which is just the qualifying loss of placing a bet

The lay stake you place at betfair is the profit you win if the lay bet wins (ie bookie bet loses). However when you place the bet they deduct the liability which stays deducted if the bookie bet wins. But if the bookie bet loses in this case you get the liability back but also on TOP of this you get the lay stake you put down in this case +£10.04.

Does this make sense?

Hi [member=143]auntygeek[/member] Sorry, I'm still confused
Bet £10 at Betfred and lost = -£10
Bet £10.04 at Betfair and have been give £9.54 back = -50p
So when added together that's -£10.50

I've basically placed 2 x £10 bets today (well, one was £10.04), so £20.04 total and got back £9.54 from what I can see on my Betfair statement so am -£10.50.

Sorry - I'm sure I'll suddenly have a moment where it makes sense, but it doesn't at the moment.

 

[auntygeek]

The lay bet doesn't work like the back bet.

The back bet you bet £10 and lost so lost £10.

The lay bet the stake was £10.04 yes but your winnings were £9.54 in total. You didn't lose that £10.04 stake.

Check your total on betfair.

Imagine you start with £50. You place this £10.04 bet. Your balance would decrease temporarily by the liability associated with a stake of £10.04. Once settled and won, that liability would be returned PLUS your balance would increase by the amount of the lay stake (minus commission) so your total would now be £59.54.

Check your account statement before and after the bet to check.

If you placed another £10 back bet at coral you'd have another lay bet to match

 

[loves2earn]

The lay bet doesn't work like the back bet.

The back bet you bet £10 and lost so lost £10.

The lay bet the stake was £10.04 yes but your winnings were £9.54 in total. You didn't lose that £10.04 stake.

Check your total on betfair.

Imagine you start with £50. You place this £10.04 bet. Your balance would decrease temporarily by the liability associated with a stake of £10.04. Once settled and won, that liability would be returned PLUS your balance would increase by the amount of the lay stake (minus commission) so your total would now be £59.54.

Check your account statement before and after the bet to check.

If you placed another £10 back bet at coral you'd have another lay bet to match

Thank you. I'll have a look tomorrow with fresh eyes as I don't think my brain is fit to process the figures at the moment! ;D

 

[auntygeek]

The lay bet doesn't work like the back bet.

The back bet you bet £10 and lost so lost £10.

The lay bet the stake was £10.04 yes but your winnings were £9.54 in total. You didn't lose that £10.04 stake.

Check your total on betfair.

Imagine you start with £50. You place this £10.04 bet. Your balance would decrease temporarily by the liability associated with a stake of £10.04. Once settled and won, that liability would be returned PLUS your balance would increase by the amount of the lay stake (minus commission) so your total would now be £59.54.

Check your account statement before and after the bet to check.

If you placed another £10 back bet at coral you'd have another lay bet to match

Thank you. I'll have a look tomorrow with fresh eyes as I don't think my brain is fit to process the figures at the moment! ;D

Are you on profit accumulator? Have another watch of the very first video to refresh your memory of back and lay bets. I think most people get the back bets where you put £10 down and if you win, you get it back plus winnings and if you lose, you lose the £10.

With the exchange it's different. You're essentially acting like the bookmaker. So you accept that £10 bet (lay £10) and if the bet wins at bookies you lose it plus the winnings (liability), and if it loses at bookies you win that £10 (minus commission).

 

[loves2earn]

The lay bet doesn't work like the back bet.

The back bet you bet £10 and lost so lost £10.

The lay bet the stake was £10.04 yes but your winnings were £9.54 in total. You didn't lose that £10.04 stake.

Check your total on betfair.

Imagine you start with £50. You place this £10.04 bet. Your balance would decrease temporarily by the liability associated with a stake of £10.04. Once settled and won, that liability would be returned PLUS your balance would increase by the amount of the lay stake (minus commission) so your total would now be £59.54.

Check your account statement before and after the bet to check.

If you placed another £10 back bet at coral you'd have another lay bet to match

Thank you. I'll have a look tomorrow with fresh eyes as I don't think my brain is fit to process the figures at the moment! ;D

Are you on profit accumulator? Have another watch of the very first video to refresh your memory of back and lay bets. I think most people get the back bets where you put £10 down and if you win, you get it back plus winnings and if you lose, you lose the £10.

With the exchange it's different. You're essentially acting like the bookmaker. So you accept that £10 bet (lay £10) and if the bet wins at bookies you lose it plus the winnings (liability), and if it loses at bookies you win that £10 (minus commission).

Yes, I'm on Profit Accumulator and following the beginners guide. I'm sure it will all make sense eventually

 

[auntygeek]

Keep asking the questions! When you understand it, it's a lot easier to notice if you do something wrong.

For example if you put a bet of £10 at 10.0 odds at the bookies, the liability at the exchange has to cover the potential winnings at the bookies which is £100 (£10 X 10.0). If your liability is much bigger/smaller than this, you know something is amiss.