newbie mistake!

Jenrat25

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just done my first offer on coral but made a rookie mistake. I placed my £20 bet on coral then went to betfair but instead of using the lay amount I put in £20 again :mad: is this really bad? I'm gutted :(
 

Jon

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just done my first offer on coral but made a rookie mistake. I placed my £20 bet on coral then went to betfred but instead of using the lay amount I put in £20 again :mad: is this really bad? I'm gutted :(
I assume you mean betfair, not betfred.

was this a qualifying bet or were you using a Freebet with coral?
 

Jenrat25

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freebet yeah i meant betfair ive changed it now o_O
 
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Jon

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freebet yeah i meant betfair ive changed it now o_O
ok so you've place £20 in FREE BETS at Coral
and you've gone to Betfair exchange and put in £20 even though the calculator said to do something different

To help you fix this I need to know

the odds of the coral bet
the odds of the betfair lay bet when you placed it
the CURRENT betfair odds to lay it again
 

Jenrat25

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yep

coral was 4.5
betfair was 4.6
current odds 4.5
 

Jon

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yep

coral was 4.5
betfair was 4.6
current odds 4.5
OK by the looks of it you don't need to do anything as all it means is that no matter if the bookie or exchange side win you are going to win round £15
 

Jenrat25

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OK by the looks of it you don't need to do anything as all it means is that no matter if the bookie or exchange side win you are going to win round £15
Really??? I thought I was going to lose my £70 liability because I stuffed up :)
 

Jon

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Really??? I thought I was going to lose my £70 liability because I stuffed up :)
Well if you win at the Coral side you would win £90 (minus £20) so £70
 

Uhhhhh

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@Jenrat25 So, let me just clarify to see if I'm following...

Coral - placed a £20 free bet at odds of 4.5
Betfair - placed a £20 LAY bet at odds of 4.6

It was definitely a lay bet that you placed at Betfair right? The liability will have been £72.00

What you've done is overlaid the lay bet - you should've laid £15.38 but you've accidentally laid £20.

Possible outcomes:
A) If your bet wins at the exchange, then happy days - you'll make £19 profit at Betfair
B) If your bet wins at the bookies, then you'll be down by £2 (You'll win £70 at Coral, but lose your £72 liability at Betfair)
 

Uhhhhh

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What you can do is to 'cancel out' the overlay, by placing a back bet at Betfair Exchange - so, on the exact same selection as you laid, this time place a BACK bet for the amount that you've overlaid (in this situation you've overlaid by £4.62).

Or you can just leave it and hope that your selection loses at the bookies. It's up to you!
 
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Jenrat25

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@Jenrat25 So, let me just clarify to see if I'm following...

Coral - placed a £20 free bet at odds of 4.5
Betfair - placed a £20 LAY bet at odds of 4.6

It was definitely a lay bet that you placed at Betfair right? The liability will have been £72.00

What you've done is overlaid the lay bet - you should've laid £15.38 but you've accidentally laid £20.

Possible outcomes:
A) If your bet wins at the exchange, then happy days - you'll make £19 profit at Betfair
B) If your bet wins at the bookies, then you'll be down by £2 (You'll win £70 at Coral, but lose your £72 liability at Betfair)
Yep this is what I did :( but worked out in the end and made the £19 profit at Betfair. I'll triple check before I confirm bets next time :D
 
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FrankMario

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I'm new to this...seems the best thing to do is read the forums for a week before jumping in!
 
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Jon

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I'm new to this...seems the best thing to do is read the forums for a week before jumping in!
Sometimes reading too much I think can have a negative affect @FrankMario

I'm a 'jump in with both feet' kind of guy but things are generally so much easier to grasp if you just get on and do them instead of reading about them endlessly and confusing yourself lol
 

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