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ncfcstar

Can Someone Explain Laying Bets To Me

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I''ve been using Betfair for quite a few years now, but I have never dared to lay a bet because I just don''t understand it.The reason I ask is, at the moment there are odds on Leeds of 230/1 if you lay against them winning the league.  So say I put a tenner on this, I win £2,300 if they don''t win the league...right?  But surely this is too good to be true?!

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Not really Star. If we pick up just 8 more points they can''t win the League. Can you honestly see us not getting 8 points from the last six games?

 

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[quote user="nutty nigel"]

Not really Star. If we pick up just 8 more points they can''t win the League. Can you honestly see us not getting 8 points from the last six games?

 

[/quote]Right, well could you explain it to me then NN?  My assumption was if Leeds do not win the league, I win....is that wrong?  Of course I think we are going to win the league, that''s why I was trying to work out if this bet was good value or not...I''ve never done it before because I just don''t understand how it works!

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Basically you are being the bookmaker.

So in the League One winner market, Norwich are 1.04 in the lay column. There was about £500 there last time I looked.

If you click on it and put £500 in the backers stake box, your liability will come up next to it which in this case would be £20.

So effectively you are giving someone 1/25 for Norwich to win the league.

Have a play with it without pressing the submit button. And remember always be careful. I have in the past, pressed the wrong button after I''d had a couple of pints. But you''ll never lose more than you have in your account ;)

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[quote user="ncfcstar"]I''ve been using Betfair for quite a few years now, but I have never dared to lay a bet because I just don''t understand it.The reason I ask is, at the moment there are odds on Leeds of 230/1 if you lay against them winning the league.  So say I put a tenner on this, I win £2,300 if they don''t win the league...right?  But surely this is too good to be true?![/quote]It is.To lay leeds at 230/1 would expose you to losing £2300 in the hopes of winning a tenner.

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and PS - to be clear on your example, NO!!!

You got it the wrong way round. Someone wants to back Leeds at those odds to win the league so you are giving them 230/1.

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[quote user="IbleedYellowGreen"][URL=http://www.threadbombing.com/details.php?image_id=948][IMG]http://www.threadbombing.com/data/media/22/normalthisthreadrocks9fwbc2.jpg[/IMG][/URL][/quote]F*CKING QUALITY MATE [:D]My sides are splitting with laughter [:D]

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By all means lay the bet if you want to win the tenner. But you have to have £2,300 in your account to cover it, just in case they pull off the miracle.

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[quote user="Webbo118"]

By all means lay the bet if you want to win the tenner. But you have to have £2,300 in your account to cover it, just in case they pull off the miracle.

[/quote]Right so basically you win the difference between your liability and payout?

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[quote user="IbleedYellowGreen"]thanks it was so hard convincing your dad to let me use the picture of him![/quote]LOL- you are so wide of the mark its unreal. PMSL [:D]Thought that was your mum anyway?[:P]

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[quote user="ncfcstar"][quote user="nutty nigel"]

Not really Star. If we pick up just 8 more points they can''t win the League. Can you honestly see us not getting 8 points from the last six games?

 

[/quote]

Right, well could you explain it to me then NN?  My assumption was if Leeds do not win the league, I win....is that wrong?  Of course I think we are going to win the league, that''s why I was trying to work out if this bet was good value or not...I''ve never done it before because I just don''t understand how it works!
[/quote]

I think if you layed Leeds like that you would win a tenner from everyone who bet them so long as they don''t win the league. But if they did win the League you would have to pay out £2,300 to every tenner bet with you.

I don''t "do betfair" but you can check out the bookies odds here http://www.oddschecker.com/football/english/league-one/coca-cola-league-1/win-market

I don''t think they''re even quoting us for promotion any more.

I wouldn''t get involved, you got a date on May 8th with a decent Bookie[:)]

 

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[quote user="Title chasing CT "][quote user="IbleedYellowGreen"]thanks it was so hard convincing your dad to let me use the picture of him![/quote]LOL- you are so wide of the mark its unreal. PMSL [:D]Thought that was your mum anyway?[:P][/quote]No.. my mum was at slimming world that day [:(]

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[quote user="IbleedYellowGreen"][quote user="Title chasing CT "][quote user="IbleedYellowGreen"]thanks it was so hard convincing your dad to let me use the picture of him![/quote]LOL- you are so wide of the mark its unreal. PMSL [:D]Thought that was your mum anyway?[:P][/quote]No.. my mum was at slimming world that day [:(][/quote]LOL [:D]

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[quote user="ncfcstar"][quote user="Webbo118"]

By all means lay the bet if you want to win the tenner. But you have to have £2,300 in your account to cover it, just in case they pull off the miracle.

[/quote]

Right so basically you win the difference between your liability and payout?
[/quote]

If you lay a bet of £10 for Leeds to win the title at 230/1 there are two outcomes:-

1) They don''t win and you therefore win £10                                                                                                                                             

2) They win and you lose £2,300, i.e. you have laid a bet of £10 at odds of 230/1

If you go on to Betfair, it shows clearly the amount of money available to lay in a nice shade of pink. At the moment, there is £2 at 220 (i.e. 219/1)

There is a massive advantage in carrying out your betting activities on an exchange. No prizes for guessing what it is !

 

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[quote user="ncfcstar"][quote user="Webbo118"]

By all means lay the bet if you want to win the tenner. But you have to have £2,300 in your account to cover it, just in case they pull off the miracle.

[/quote]Right so basically you win the difference between your liability and payout?[/quote]Correct.If a bid £10 is backed @ 2.0, someone else will need to lay this with a liability of £20.

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This thread has all the makings of our equivalent of that WHam season ticket holder''s thread, who supposedly thought his seat had been sold to someone else every home match because it was marked as unavailable every time he tried to book it...

Ah, I''m being over-harsh - I admire your willingness to stake money on the advice of anonymous messageboard posters, Mr or Ms Star!

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Star your liabilities have now been explained...My advice if you dont understand laying bets...DONT DO IT

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[quote user="GenerationA47"]This thread has all the makings of our equivalent of that WHam season ticket holder''s thread, who supposedly thought his seat had been sold to someone else every home match because it was marked as unavailable every time he tried to book it... Ah, I''m being over-harsh - I admire your willingness to stake money on the advice of anonymous messageboard posters, Mr or Ms Star![/quote]

I don''t think he is willing to stake money on advice regarding particular bets. I think he is merely trying to find out what it all means and how it works. Without doubt, until you are 100% certain about what you are doing, leave it alone or it could be expensive. By the way, I laid Leeds at 1.34 (i.e. 1/3) in January to win League 1.

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Bookmakers? Aren''t they the ones who always seem to have large, expensive cars? Perhaps there is something in this after all !

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Just saw this... might help? Dunno!

http://www.thespoiler.co.uk/index.php/2010/04/07/fancy-a-flutter-but-dont-know-how-vectortrap-explains-all#more-11798

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