Total newbie. About to jump in. I have a few questions.

Arika

Money Making Megastar!
Joined
Jan 6, 2015
Messages
820
Reaction score
258
Points
173
Location
UK
Hello,

I'll be giving my first bet a go very soon. I wanted to ask, please:

For the initial bet (using your own money), when you back and lay a bet, do you get any of it back? So, say I back with £5.00 and lay with say £5.50, I've spent £10.50 in total. Do I get that back?

Pot amount: how do you keep track of your starting pot?
 

Jon

Administrator
Staff member
Joined
Oct 17, 2013
Messages
27,107
Reaction score
3,366
Points
283
Age
38
Location
Leeds
misseb said:
Hello,

I'll be giving my first bet a go very soon. I wanted to ask, please:

For the initial bet (using your own money), when you back and lay a bet, do you get any of it back? So, say I back with £5.00 and lay with say £5.50, I've spent £10.50 in total. Do I get that back?

Pot amount: how do you keep track of your starting pot?

You've 'used' £10.50 but what is the Qualifying Loss when you place this bet? it should only be a few pence and that is all you are losing to get access to the offer?

Does Oddsmonkey not cover these kind of basics for MBing?
 

Arika

Money Making Megastar!
Joined
Jan 6, 2015
Messages
820
Reaction score
258
Points
173
Location
UK
Thanks for getting back to me, Jon.

Oddsmonkey covers/lays it out well, and shows what the loss will be, which is next to nothing --- so my questions are no reflection on them - just the way my brain's wired, which I don't have a problem with.

I'm overthinking it. It'll likely make more sense to me once I get started.
 

Jon

Administrator
Staff member
Joined
Oct 17, 2013
Messages
27,107
Reaction score
3,366
Points
283
Age
38
Location
Leeds
Ah got ya

All you have lost is the qualifying loss

That's all
 

katykicker

I am a work from home Mum from Essex.
Staff member
Joined
Nov 14, 2014
Messages
6,416
Reaction score
638
Points
373
Location
Harlow
Website
katykicker.com
I was overthinking it before I started, once you get cracking it'll make sense more :)
 

Arika

Money Making Megastar!
Joined
Jan 6, 2015
Messages
820
Reaction score
258
Points
173
Location
UK
[member=920]katykicker[/member] - Thank you :)
 

Uhhhhh

Money Making Megastar!
Joined
Sep 21, 2015
Messages
1,248
Reaction score
4
Points
148
I was the same when I got started [member=1118]misseb[/member] ...too many numbers and I was like wahhhhh!

You should get the majority, but not all, of your money back. Because it's a qualifying bet you will have a qualifying loss. So, in your example if you are putting a qualifying bet on for £5.00 in order to complete an offer then you should be looking at a qualifying loss which is less than 50p. Then you get your free bet, place that and get your profit and keep in mind that you need to subtract your qualifying loss from your overall profit.

Example:
Offer: Bet £5 get a £5 free bet
Qualifying bet: Leicester-Arsenal, Leicester to win 3.5/3.65 on Smarkets. I place a £5 back bet at the bookies and the calculator tells me that I should lay £4.82 on Smarkets with a liability of £12.77 and that my qualifying loss will be 27p.
Possible outcome 1: Leicester do win. My bet wins at the bookies. I win £12.50 at the bookies. I lose £12.77 at Smarkets (liability amount). Overall I am 27p DOWN.
Possible outcome 2: Leicester do not win. My bet loses at the bookies. I lose my £5.00 at the bookies. I win my lay bet at Smarkets, which is £4.73. Overall I am 27p DOWN.
Overall, in either outcome: I am 27p DOWN but I have triggered the offer and receive a £5 free bet from the bookies.

Then you use your free £5 bet, and let's say you manage to get about £3.80 from that bet. Bearing in mind that you started off 27p down, that means your overall profit is £3.53.

I hope that makes sense! So basically you are NEVER at risk of losing all of your money as long as you back and lay your bets correctly. You will always incur a small qualifying loss because the odds at the exchange will be higher than the odds at the bookies for whatever you bet on. The aim is to keep the qualifying losses as low as possible so you can extract more profit from offers.

If you want me to look over your first bet before you place it then just tag me and I can help :)
 

Arika

Money Making Megastar!
Joined
Jan 6, 2015
Messages
820
Reaction score
258
Points
173
Location
UK
[member=2431]Uhhhhh[/member] - Really appreciate your thorough explanation. :)

The learning is in the doing, so my brain will catch up eventually!

And thanks for offering to look at my first bet. Will tag you when I'm ready. :)
 

Arika

Money Making Megastar!
Joined
Jan 6, 2015
Messages
820
Reaction score
258
Points
173
Location
UK
[member=2431]Uhhhhh[/member], [member=920]katykicker[/member], [member=1]Jon[/member] - I've just placed my first matched bet! Championship footie. The odds was over 1.8, but less than 3.0.

I think I got it right. I guess time will tell, but I believe I followed all directions. All numbers/odds (etc) tallied up (to me!) before I pressed Send. Both bets have definitely gone through.

So I'll just sit on my fingers...and wait. :)

[member=2431]Uhhhhh[/member] - thanks for offering to help. Really appreciate it. I might need your help in the future if that's OK.
 

katykicker

I am a work from home Mum from Essex.
Staff member
Joined
Nov 14, 2014
Messages
6,416
Reaction score
638
Points
373
Location
Harlow
Website
katykicker.com
Well done - that's brilliant :) best of luck (not that you really need luck) to make lots of monies!
 

Knopfler

The cleverest woodpecker in all of Yorkshire!
Joined
Jul 7, 2016
Messages
1,055
Reaction score
221
Points
183
Location
South Yorkshire
Uhhhhh said:
I was the same when I got started [member=1118]misseb[/member] ...too many numbers and I was like wahhhhh!

You should get the majority, but not all, of your money back. Because it's a qualifying bet you will have a qualifying loss. So, in your example if you are putting a qualifying bet on for £5.00 in order to complete an offer then you should be looking at a qualifying loss which is less than 50p. Then you get your free bet, place that and get your profit and keep in mind that you need to subtract your qualifying loss from your overall profit.

Example:
Offer: Bet £5 get a £5 free bet
Qualifying bet: Leicester-Arsenal, Leicester to win 3.5/3.65 on Smarkets. I place a £5 back bet at the bookies and the calculator tells me that I should lay £4.82 on Smarkets with a liability of £12.77 and that my qualifying loss will be 27p.
Possible outcome 1: Leicester do win. My bet wins at the bookies. I win £12.50 at the bookies. I lose £12.77 at Smarkets (liability amount). Overall I am 27p DOWN.
Possible outcome 2: Leicester do not win. My bet loses at the bookies. I lose my £5.00 at the bookies. I win my lay bet at Smarkets, which is £4.73. Overall I am 27p DOWN.
Overall, in either outcome: I am 27p DOWN but I have triggered the offer and receive a £5 free bet from the bookies.

Then you use your free £5 bet, and let's say you manage to get about £3.80 from that bet. Bearing in mind that you started off 27p down, that means your overall profit is £3.53.

I hope that makes sense! So basically you are NEVER at risk of losing all of your money as long as you back and lay your bets correctly. You will always incur a small qualifying loss because the odds at the exchange will be higher than the odds at the bookies for whatever you bet on. The aim is to keep the qualifying losses as low as possible so you can extract more profit from offers.

If you want me to look over your first bet before you place it then just tag me and I can help :)
That's a really helpful explanation [member=2431]Uhhhhh[/member] .

[member=1118]misseb[/member], hello and welcome :) It IS confusing at first but you will find everyone on here really friendly and helpful. Someone will always come along and answer your queries, no matter how daft you think they are :-[

I have just finished my free trial at PA and started a one month membership to see how I get on. I am taking baby steps, so may not make as much yet but will hopefully make less mistakes.

The best way to look at it is that the 'Qualifying Bet' (joining a bookies etc.) is the stepping stone to the real reward, which
is getting the Free Bet. That is when you make your money.

So, lose a few pence to gain a free bet which hopefully makes a few pounds.

I must admit I am still getting my head around all the different figures - and working out which ones are relevant.
Getting a spreadsheet seems to be really essential - I am trying to sort one out for myself. Auntygeek on here has one, I will try and find a link for you.
 

katykicker

I am a work from home Mum from Essex.
Staff member
Joined
Nov 14, 2014
Messages
6,416
Reaction score
638
Points
373
Location
Harlow
Website
katykicker.com
Never any daft questions here :) Well, at least not any we will ignore :D
 

Jon

Administrator
Staff member
Joined
Oct 17, 2013
Messages
27,107
Reaction score
3,366
Points
283
Age
38
Location
Leeds
Darksideofthemoon said:
Uhhhhh said:
I was the same when I got started [member=1118]misseb[/member] ...too many numbers and I was like wahhhhh!

You should get the majority, but not all, of your money back. Because it's a qualifying bet you will have a qualifying loss. So, in your example if you are putting a qualifying bet on for £5.00 in order to complete an offer then you should be looking at a qualifying loss which is less than 50p. Then you get your free bet, place that and get your profit and keep in mind that you need to subtract your qualifying loss from your overall profit.

Example:
Offer: Bet £5 get a £5 free bet
Qualifying bet: Leicester-Arsenal, Leicester to win 3.5/3.65 on Smarkets. I place a £5 back bet at the bookies and the calculator tells me that I should lay £4.82 on Smarkets with a liability of £12.77 and that my qualifying loss will be 27p.
Possible outcome 1: Leicester do win. My bet wins at the bookies. I win £12.50 at the bookies. I lose £12.77 at Smarkets (liability amount). Overall I am 27p DOWN.
Possible outcome 2: Leicester do not win. My bet loses at the bookies. I lose my £5.00 at the bookies. I win my lay bet at Smarkets, which is £4.73. Overall I am 27p DOWN.
Overall, in either outcome: I am 27p DOWN but I have triggered the offer and receive a £5 free bet from the bookies.

Then you use your free £5 bet, and let's say you manage to get about £3.80 from that bet. Bearing in mind that you started off 27p down, that means your overall profit is £3.53.

I hope that makes sense! So basically you are NEVER at risk of losing all of your money as long as you back and lay your bets correctly. You will always incur a small qualifying loss because the odds at the exchange will be higher than the odds at the bookies for whatever you bet on. The aim is to keep the qualifying losses as low as possible so you can extract more profit from offers.

If you want me to look over your first bet before you place it then just tag me and I can help :)
That's a really helpful explanation [member=2431]Uhhhhh[/member] .

[member=1118]misseb[/member], hello and welcome :) It IS confusing at first but you will find everyone on here really friendly and helpful. Someone will always come along and answer your queries, no matter how daft you think they are :-[

I have just finished my free trial at PA and started a one month membership to see how I get on. I am taking baby steps, so may not make as much yet but will hopefully make less mistakes.

The best way to look at it is that the 'Qualifying Bet' (joining a bookies etc.) is the stepping stone to the real reward, which
is getting the Free Bet. That is when you make your money.

So, lose a few pence to gain a free bet which hopefully makes a few pounds.


I must admit I am still getting my head around all the different figures - and working out which ones are relevant.
Getting a spreadsheet seems to be really essential - I am trying to sort one out for myself. Auntygeek on here has one, I will try and find a link for you.

Tis the truth!!!
 

Arika

Money Making Megastar!
Joined
Jan 6, 2015
Messages
820
Reaction score
258
Points
173
Location
UK
[member=920]katykicker[/member] - phanks for the 'best of luck' :)

[member=4097]Darksideofthemoon[/member] - hey, there. *waves* :). I'm not new to the forum - just to matched betting. But, yes, I agree, lots of help here which is great. :) / All the best on your journey. Yes, baby steps. / Spreadsheet: thanks for offering to look for a link for me. I took a look at Ultimatcher; went over my head. I've downloaded Match and Go -- I think that's the one you're referring to? / The more we do it, the more we'll learn, the more we'll get used to it. A month from now, I'll look back at today and what I knew at the time and what I've learnt since then. In a way, I'm getting paid to learn :)
 

Arika

Money Making Megastar!
Joined
Jan 6, 2015
Messages
820
Reaction score
258
Points
173
Location
UK
Yay! My bets have settled! I now have £20 worth of free bets. :)

Thanks, [member=1]Jon[/member], [member=920]katykicker[/member], [member=2431]Uhhhhh[/member] and [member=4097]Darksideofthemoon[/member] for listening. :)
 

Arika

Money Making Megastar!
Joined
Jan 6, 2015
Messages
820
Reaction score
258
Points
173
Location
UK
Thanks, [member=920]katykicker[/member]! :) (folds up parachute)
 

Uhhhhh

Money Making Megastar!
Joined
Sep 21, 2015
Messages
1,248
Reaction score
4
Points
148
Excellent [member=1118]misseb[/member] well done ;D
 

Arika

Money Making Megastar!
Joined
Jan 6, 2015
Messages
820
Reaction score
258
Points
173
Location
UK
[member=2431]Uhhhhh[/member] - thank you :)
 

Knopfler

The cleverest woodpecker in all of Yorkshire!
Joined
Jul 7, 2016
Messages
1,055
Reaction score
221
Points
183
Location
South Yorkshire
misseb said:
[member=920]katykicker[/member] - phanks for the 'best of luck' :)

[member=4097]Darksideofthemoon[/member] - hey, there. *waves* :). I'm not new to the forum - just to matched betting. But, yes, I agree, lots of help here which is great. :) / All the best on your journey. Yes, baby steps. / Spreadsheet: thanks for offering to look for a link for me. I took a look at Ultimatcher; went over my head. I've downloaded Match and Go -- I think that's the one you're referring to? / The more we do it, the more we'll learn, the more we'll get used to it. A month from now, I'll look back at today and what I knew at the time and what I've learnt since then. In a way, I'm getting paid to learn :)
[member=1118]misseb[/member] Hello, there (waves). Glad you have taken your first step okay. Yes, I think it is the Match and Go spreadsheet I mean (still not sorted a link yet, oops).

Love your take on it too (in bold).
 

Amazon Discount Finder Tool

Find hidden 80%+ savings on Amazon products



 

 

 

 

 

 

 


TMSPRESTO

Members online

Forum statistics

Threads
5,684
Messages
157,686
Members
8,576
Latest member
Digger

Latest profile posts

deanno23 wrote on Jon's profile.
hi john I know there is one person in the group who's really good with which survey sites on the best but can't remember who can you send me to the right place buddy
AlexHove wrote on Chammy's profile.
:D
Don't forget to register to vote
Don't forget to vote!!
Jon
The cold weather is officially here!