Just tried my first matched bet, and I am feeling terrified.

Hollyhock64

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Well, I decided to be brave and have tried my first matched bet. It seems quite frightening, and I am not sure I have done it right. I followed the instructions on Profit Accumulator, but still found it nerve wracking. I don't understand the "liability" aspect and it seems worrying. Presumably you could lose that, but how? Not sure.
I have also done one task for whatusersdo, and am waiting to see if it has been accepted. Felt a bit self conscious talking about what I was doing, but had a go anyway.
I have not had any jobs on Field Agent, despite being in Liverpool at the weekend. I thought there would have been some in a big city. The streetspottr task I did was not accepted as it had already been done.
I did see a task on Task 360, but as it was to do with the Sun, I decided to give it a miss as I have already bought toilet paper!
In general I am finding making some money from home a bit frightening. I suppose it is because I have been an NHS employee for 30+ years (still am).
I just had a shock when I could suddenly hear horses through my headphones, and thought it was some sort of guilt related hallucination. It turns out it was the Coral website which was still open. :-\
 

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Hollyhock64 said:
Well, I decided to be brave and have tried my first matched bet. It seems quite frightening, and I am not sure I have done it right. I followed the instructions on Profit Accumulator, but still found it nerve wracking. I don't understand the "liability" aspect and it seems worrying. Presumably you could lose that, but how? Not sure.
I have also done one task for whatusersdo, and am waiting to see if it has been accepted. Felt a bit self conscious talking about what I was doing, but had a go anyway.
I have not had any jobs on Field Agent, despite being in Liverpool at the weekend. I thought there would have been some in a big city. The streetspottr task I did was not accepted as it had already been done.
I did see a task on Task 360, but as it was to do with the Sun, I decided to give it a miss as I have already bought toilet paper!
In general I am finding making some money from home a bit frightening. I suppose it is because I have been an NHS employee for 30+ years (still am).
I just had a shock when I could suddenly hear horses through my headphones, and thought it was some sort of guilt related hallucination. It turns out it was the Coral website which was still open. :-\
If you followed the instructions on PA you will have done good [member=4180]Hollyhock64[/member] !

Remember : If you lose at the bookie you WIN at the exchange (Ie, your stake goes over)
If you win at the bookies your liability goes over to the bookie!


Can you remember what it said on the PA calculator what your qualifying loss was going to be. It should just be a few pence...

Any questions, just let me know, happy to help as is everyone else around here...
 

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Hi Jon, I think I have won at Betfair.
It is hard to find a record of what bets I have placed on Betfair and Coral.
It took me ages, hope it doesn't always take so long!
 

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Hollyhock64 said:
Hi Jon, I think I have won at Betfair.
It is hard to find a record of what bets I have placed on Betfair and Coral.
It took me ages, hope it doesn't always take so long!
If you go into your betting history on both sites you will see what you have bet and at what odds

basically though CALCULATOR IS KING!!

Remember when you use a free bet (you should have the Coral free bet by now anyway) to set the Calculator to SNR
 

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[member=4180]Hollyhock64[/member] Well done on taking your first steps!

Trust me, I understand how you feel. My first bets probably took me 20 minutes of checking-double-checking-treble-checking everything, but believe me when I say it will all suddenly 'click' into place and you'll be banging out 10 bets in 10 minutes ;D

As long as you follow the instructions and are methodical then you'll be fine. Your liability amount at the exchange is how much you 'lose' if your bet doesn't win there. However, if your bet loses at the exchange then that means it's won at the bookies, so even though you 'lose' money at Betfair/Smarkets it means you have got winnings in your bookies account so there's your money.

Example:
- £10 bet placed at Coral at the odds of 2.5
- The odds at Betfair Exchange are 2.54, so the calculator tells me to bet £10.04. My liability amount is £15.46.
- The calculator tells me my overall position should be -46p (this is my qualifying loss)

POSSIBLE OUTCOME A: The bet wins at the bookies, so I win £15 at Coral. My bet loses at the exchange so I lose the liability amount of £15.46. Overall I am 46p down. Exactly where the calculator said I would be.
POSSIBLE OUTCOME B: The bet loses at the bookies, so I lose £10 at Coral. My bet wins at the exchange so I win £9.54 at Betfair Exchange. Overall I am 46p down. Exactly where the calculator said I would be.

So, you see that if you do everything correctly according to the instructions on PA then you will never 'lose' your money (except for the small qualifying loss). You will always lose at either the bookies or the exchange, and win at the other. The money you lose at one place is cancelled out by the money you win at another.

Some bookies seem to make it difficult to find your record of bets, it does differ from bookies to bookies, but generally you'll find it by clicking on 'My Account' or on your username and it'll be under 'Bets History' or 'Transactions' - something like that! On Betfair you click 'My Account'>'Betting History'>'Activity'>'Account Statement' and it gives you a detailed list on your bets/wins/loses and how your balance has changed.
 

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Ok, I think I'm getting it. I thought "liability" meant you were liable for someone else's bet in some way.
 

Arika

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Well done on taking the leap, [member=4180]Hollyhock64[/member]! You've done it. :)
 

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Many of us felt that way on their first few bets! You aren't alone :) Feel free to ask any questions !
 

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Well done [member=4180]Hollyhock64[/member] it is very scary when you first start, I had never placed a bet in my life before I started but I have been doing this for over a year now and earned some good money. I always double check every bet before pressing confirm and also take a screen shot of every bet too
 

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I'm glad I saw this thread, and congrats on your first bet!

As I'm completely new to betting, meaning I don't even understand odds in the slightest, a lot of the how-to side of things has gone over my head. I'm re-reading through everything, I've signed up to ProfitAccumulator, and I'm trying to get my head around odds (probably my weakest point and what makes me the most nervous) before taking the leap.

Millwich54 - That's quite reassuring to hear you hadn't placed a bet before either and are now a dab hand at doing it! The screen shot is a good tip :)
 

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cazkins said:
I'm glad I saw this thread, and congrats on your first bet!

As I'm completely new to betting, meaning I don't even understand odds in the slightest, a lot of the how-to side of things has gone over my head. I'm re-reading through everything, I've signed up to ProfitAccumulator, and I'm trying to get my head around odds (probably my weakest point and what makes me the most nervous) before taking the leap.

Millwich54 - That's quite reassuring to hear you hadn't placed a bet before either and are now a dab hand at doing it! The screen shot is a good tip :)
Hi, I feel exactly the same, it all seems so foreign and dangerous at present. I have just realised, when doing my second bet with betfred, that the team listed first in a football match is the one playing at home!
I am a non-sports fan so it is all new to me. I nearly backed the wrong team as I had selected "home" on the betting slip. I think I have backed the right team now. The whole process has taken me an hour and a half!
I have everything crossed.
 

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Well done, and welcome [member=4180]Hollyhock64[/member] I'm in my first month of doing MBing and taking it slowly until I fully get my head around it all.

You have to think of the first bet as the stepping stone to your free bet:

1st Bet: Qualifying Bet e.g. bet £5 to get a £10 Free Bet. You WILL lose a few pence on this (as shown in red on the calculator)
2nd Bet: Free £10 Bet. This is the one you win your money on (as shown in green on the calculator).

It still takes me ages to do as I double and triple check as I go along. Place the first bet first at the bookies, make sure it is confirmed, then place your lay bet at the exchange.

Just make sure that the sum of money showing directly underneath the lay bet odds in Betfair or Smarkets is HIGHER than the Liability amount for that bet. This means that there is enough money in the Exchange to make sure your bet is matched (covered).

Follow all the instructions to the letter and you will be fine :)

Post on here with any questions, they are all really helpful and friendly, I have found.

If you want to post what you have just done, I'm sure someone will be able to check it and reassure you.

Good luck, and welcome :)
 

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HI all, first of all thanks for being so helpful and friendly. It's nice to know you can ask basic questions as it is helping to understand MB a bit better.
Here are 2 more questions:
What does "wagering" mean? I always thought the word just meant betting, but now not so sure as I have seen it in other people's posts and not sure what it means.
When 2 football teams are playing at another ground, i.e. neither of them are at home, how would this work as you have to select home or away?
[member=4097]Darksideofthemoon[/member], thanks for your explanation about liability which certainly clarifies it a bit for me.
Is there a glossary of betting terms anywhere? This would help me to understand it all more, I think.
 

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Wagering usually connected with slot / casino offers

so say there is a slot off which is

£5 bonus with 10x wagering requirements when you spend £10 on slots

It means you need to do £10 of spins on a slot game. You would do that doing 25p/50p spins until you have done £10 worth of spinning. You would typically end up a little bit down or a little bit up.

When you get the £5 bonus you need to do the same again and try and make it last through £50 worth of wagering (£5 x 10)

Once you have met the wagering requirement you can withdraw

Home is the first team mentioned, away is 2nd

so

England vs Germany

England home team
Germany Away
 

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[member=4180]Hollyhock64[/member]

Oops, Jon beat me to it with the Home and Away bit.

If two teams are playing one of them MUST be at Home and the other will be Away.
Also it is sometimes shown as 1 X 2. This is read as Home (1) Away (X) Away (2).
 

Knopfler

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[member=1]Jon[/member] I am another one who struggles to understand wagering. :-[

In your example above, if you are winning at the end of the £10 can you withdraw the winnings or do you HAVE to do the Bonus?

Doing the Bonus, are you just basically trying to win £50 and if you don't win that much (or anything close), just call it a day?

Also, if you were in credit before doing the Bonus, would this count towards the £50+ you are trying to win?

Thanks :)
 

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