Villarocker Posted December 16, 2016 Share Posted December 16, 2016 Can anyone help me try to understand the Betfair Exchange side of this and how the lay betting works, please? I understand that the lay bet means you want your selection to lose. I understand the backer's stake is what you want to get in return for your bet being successful and that you have to pay 5% commission on that to Betfair. I understand the liability is what you must pay out if the selection you lay wins. However, I am struggling with the backer's odds part. It has set odds to begin with but then there are up and down arrows where you can change those odds. I am reading it like this: If you choose a selection at say 1.86 and you liability is say £8.00, by lowering the odds the liability also lowers. Does that mean you are offering lower odds to other Betfair users in the hope that they take those odds and you have a lesser liability? Do people actually take the lower odds? I guess by raising the odds you are trying to entice more people to bet with you? I have never placed a bet on the exchanges and just want to try to get a feel for how the "lay" bets work. Link to comment Share on other sites More sharing options...
ProfitSquad Posted December 16, 2016 Author Share Posted December 16, 2016 2 hours ago, villarocker said: Can anyone help me try to understand the Betfair Exchange side of this and how the lay betting works, please? I understand that the lay bet means you want your selection to lose. I understand the backer's stake is what you want to get in return for your bet being successful and that you have to pay 5% commission on that to Betfair. I understand the liability is what you must pay out if the selection you lay wins. However, I am struggling with the backer's odds part. It has set odds to begin with but then there are up and down arrows where you can change those odds. I am reading it like this: If you choose a selection at say 1.86 and you liability is say £8.00, by lowering the odds the liability also lowers. Does that mean you are offering lower odds to other Betfair users in the hope that they take those odds and you have a lesser liability? Do people actually take the lower odds? I guess by raising the odds you are trying to entice more people to bet with you? I have never placed a bet on the exchanges and just want to try to get a feel for how the "lay" bets work. Hey, so yeah your right there, if you ask for a lower odds when laying you have to wait for a backer to take those odds, but we only advise you take the current odds only because if they dont take the odds you request, the odds could move in the other direction and leave you in a bit of a pickle! There is a training video in the training section about the exchange, have you seen it? Link to comment Share on other sites More sharing options...
Villarocker Posted December 16, 2016 Share Posted December 16, 2016 4 hours ago, ProfitSquad said: Hey, so yeah your right there, if you ask for a lower odds when laying you have to wait for a backer to take those odds, but we only advise you take the current odds only because if they dont take the odds you request, the odds could move in the other direction and leave you in a bit of a pickle! There is a training video in the training section about the exchange, have you seen it? Hello mate, Do you mean a training video on Betfair's site or yours? I haven't actually joined your site yet. I want to get Christmas out of the way first and then join your site in January when I will have more money and time available to get stuck into this system as it does interest me a lot. How long does it usually take for funds to leave your account on Betfair? Is it an instant transaction if you lose your lay bet? Also, how long does it take for Betfair to pay you if you make a withdrawal from their betting accounts? Is it the usual two days like Paddy power, Bet365 etc? Like I said before, I am a bit dubious about using Betfair so just trying to get a bit of confidence and knowledge of them before opening an account with them. Link to comment Share on other sites More sharing options...
Genie Posted December 17, 2016 Share Posted December 17, 2016 (edited) On 16/12/2016 at 16:23, villarocker said: Hello mate, Do you mean a training video on Betfair's site or yours? I haven't actually joined your site yet. I want to get Christmas out of the way first and then join your site in January when I will have more money and time available to get stuck into this system as it does interest me a lot. How long does it usually take for funds to leave your account on Betfair? Is it an instant transaction if you lose your lay bet? Also, how long does it take for Betfair to pay you if you make a withdrawal from their betting accounts? Is it the usual two days like Paddy power, Bet365 etc? Like I said before, I am a bit dubious about using Betfair so just trying to get a bit of confidence and knowledge of them before opening an account with them. I've not made a single withdrawal from Betfair since joining a few months back. I tend to put money in bookies to do an offer and if it wins then take the money out, I keep and nice pot of money in Betfair so I've always got it ready to lay bets when I need it. I've got about a grand in Betfair, similar in PayPal and then about £500 in a bank account I created for this hobby. Bookies tend to get money out to you in around 0-3 days. PayPal tends to be nice and quick. Only word of caution, if you're thinking of applying for a loan or mortgage in the next few months you might not want lots of gambling entries on your bank statement. It doesn't effect credit score but might put some off. If you do it longer term you should consider a desperate bank account. Edited December 17, 2016 by Genie Link to comment Share on other sites More sharing options...
Villarocker Posted December 17, 2016 Share Posted December 17, 2016 2 hours ago, Genie said: I've not made a single withdrawal from Betfair since joining a few months back. I tend to put money in bookies to do an offer and if it wins then take the money out, I keep and nice pot of money in Betfair so I've always got it ready to lay bets when I need it. I've got about a grand in Betfair, similar in PayPal and then about £500 in a bank account I created for this hobby. Bookies tend to get money out to you in around 0-3 days. PayPal tends to be nice and quick. Only word of caution, if you're thinking of applying for a loan or mortgage in the next few months you might not want lots of gambling entries on your bank statement. It doesn't effect credit score but might put some off. If you do it longer term you should consider a desperate bank account. Cheers mate Link to comment Share on other sites More sharing options...
Joe Hawes Posted January 19, 2017 Share Posted January 19, 2017 (edited) Hey guys we have changed the promo offer to make it even better! You can trial it for 10 days absolutely free!! visit this link: http://profitsquad.co.uk/promo-trial/?utm_medium=forum&utm_campaign=5_promo_trial&utm_source=Villa&utm_content=CHFOSO Edited January 19, 2017 by Joe Hawes Link to comment Share on other sites More sharing options...
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