Reconciling balance at Betfair exchange

Divebod

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Hello all, got a weird one... Got a bit mixed up with some lays and thought I hadn't matched a couple of bets so 'layed' them again, only to find out they were already covered - open bets on Betfair screen only showed those in the selection I had.

Anyway, I backed extra at bookies to cover and think I'm good. I'm trying to reconcile balance at Betfair now and get everything sorted in ultimatcher. Here's my problem:

I take account balance, deduct liability total from open bets and I should get my wallet balance. Is that right? Because I don't.... It takes me to a negative balance.

I went on live chat and they gave me a different value for the open bet frozen liability. Guess I just need to see these out to fruition and take whatever results.

Thanks
 

Uhhhhh

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[member=3573]Divebod[/member] If the bets are open then the liability is already removed from your account balance until the bet is settled (so you can't bet with money that you might be about to lose, should your open bets lose) so your overall total in Betfair will be current balance PLUS the liability of any open bets. You can see the liability amount on open bets by click 'Account' > 'My bets' and it will show you your current bets both matched and unmatched.

When you say that you 'hadnt matched a couple of bets' do you mean that you'd put them on but there wasn't money in the market/the odds had gone up? If that happens then the bet is stilll open - it's constantly trying to get matched and will do once there is money in the market or the odds go back down to what they were when you placed the bet. Sometimes this doesn't happen in time before the game/race starts and the bet would be void so make sure you check on it's status by looking at your open bets! Usually a bet does eventually get matched as there is more money in the market the closer it is to the start of the match/race.

If a bet is unmatched then you can manually cancel it yourself and then use trickybet calculator to figure out how much to lay if the odds have changed or if part of your bet has matched and part has not. Always best to check that there's enough in the market to cover your stake before you place your bet or it can get a bit confusing!

Hope you're all sorted!
 

Divebod

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Thanks [member=2431]Uhhhhh[/member], all the bets were matched. I know what you are saying when everything is deducted from the wallet balance and whatever that is at a point in time reflects the free cash I have at the exchange. 2 bets closed last night, successfully at Betfair, but the wallet balance moved more that I expected. There are 4 open bets for this evening. I'll let them settle and then get the calculator out to track everything through.

All part of the learning experience!

Thanks
 

Divebod

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Well, all the lays closed out, in the end and everything came back to what was expected, but I'm still unclear as to what it was telling me. I'll look closer each time I lay a bet off at the exchange to make sure the numbers make sense. I too a a little more of a QL than normally, but as others have said many times on the forum - check your entries and don't do anything in a rush!

All adds to the rich experience of MB! Am enjoying it and am showing a profit of £188 to date, since I started in late March.
 

Cantablanc

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Did you have contrasting lays on the same match at all? Eg: Sunderland v Everton lets say you backed Sunderland at one bookie and backed Everton at another. You would then lay against Sunderland and Everton at the same exchange but clearly only one of these bets would lose. In which case the liability used before the bet settles is the worst result, but not both. So if the liability was £20 against Sunderland winning and £30 against Everton winning it would only take £30 off your balance before/during the game as it would be impossible to lose both bets.
 

Divebod

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That's it! That's the answer! Thanks [member=2586]Wilfred[/member]
 

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