Betfair each way

jcon1913

Anyone use Betfair Exchange to bet each way?

I have used it and cannot understand how they come up with their ( very low ) payouts. I have been on to them on the phone and the people at the other end havent a clue apart from referring me to their own online calculator.

When I used a normal calculator to calculate 1/4 or 1/5 the odds the return from Betfair makes no sense. Needless to say they paid less than I calculated.

Thoughts?

diomed

Are you talking about the exchange or the sportsbook?

I would never bet each-way at fixed odds now. The last time I remember betting each way at fixed odds was the 1992 Derby when it was 1/3 odds a place. Now with 1/4 or 1/5 the place it is not a sensible bet. I would back a second horse instead.

On big events like the English Derby for years I place laid four or five horses on the exchange in the race using a couple of thousand Euro. My max loss if three placed was a few grand, but if you place laid five you collect on two automatically. Often one or two do not even run.

jcon1913

diomed wrote: »

Are you talking about the exchange or the sportsbook?

I would never bet each-way at fixed odds now. The last time I remember betting each way at fixed odds was the 1992 Derby when it was 1/3 odds a place. Now with 1/4 or 1/5 the place it is not a sensible bet. I would back a second horse instead.

On big events like the English Derby for years I place laid four or five horses on the exchange in the race using a couple of thousand Euro. My max loss if three placed was a few grand, but if you place laid five you collect on two automatically. Often one or two do not even run.

Exchange is what I am referring to. The arithmetic from Betfair was all wrong and they havent explained themselves yet.

Id be interested in your views on this years Derby but thats a topic for another thrrad.

yaboya1

jcon1913 wrote: »

Exchange is what I am referring to. The arithmetic from Betfair was all wrong and they havent explained themselves yet.

You sound like you have absolutely no idea about how the exchange works.
Haven't explained themselves??

jcon1913 wrote: »

I have been on to them on the phone and the people at the other end havent a clue

You know what they say about people in glass houses......

Custom Cut

What price did you take, how much did you stake and how much were you paid out? Use units if you don't want to disclose how much you stake.

jcon1913

yaboya1 wrote: »

You sound like you have absolutely no idea about how the exchange works.
Haven't explained themselves??



You know what they say about people in glass houses......

1/4 the odds is easy to work out using a calculator in a high street bookies, or on betting slip. Betfair dont pay out 1/4 the odds, whereas they state that they pay out 1/4 the odds.

yaboya1

jcon1913 wrote: »

yaboya1 wrote: »

You sound like you have absolutely no idea about how the exchange works.
Haven't explained themselves??



You know what they say about people in glass houses......

1/4 the odds is easy to work out using a calculator in a high street bookies, or on betting slip. Betfair dont pay out 1/4 the odds, whereas they state that they pay out 1/4 the odds.

Betfair have a Sportsbook & an Exchange. The Sportsbook pay 1/4 or 1/5 odds a place depending on the race.
The Exchange does not work like that. You are not betting against Betfair, you are betting against other punters. You also know what price you're taking when you place the bet, so if you're not happy with that you've no one to blame but yourself.

jcon1913

yaboya1 wrote: »

Betfair have a Sportsbook & an Exchange. The Sportsbook pay 1/4 or 1/5 odds a place depending on the race.
The Exchange does not work like that. You are not betting against Betfair, you are betting against other punters. You also know what price you're taking when you place the bet, so if you're not happy with that you've no one to blame but yourself.

I am on betfairs exchange now. Looking at the 2 oclock at Hexham. Im on the each way part of the website. It says

"E/W terms: 1/4 odds, 2 places"

When it comes to settling their bets betfair do not pay out 1/4 the odds.

jcon1913

Custom Cut wrote: »

What price did you take, how much did you stake and how much were you paid out? Use units if you don't want to disclose how much you stake.

I bet €5 ew on Dutiful Son 7.15 Kempton 22nd March at odds of 8.8.

The horse placed.

So €5 X 7.8 ( odds ) X 20% = €7.80

( 8 horses ran )

Betfair paid out €2.80

No stake was deducted from my account.

Custom Cut

jcon1913 wrote: »

I bet €5 ew on Dutiful Son 7.15 Kempton 22nd March at odds of 8.8.

The horse placed.

So €5 X 7.8 ( odds ) X 20% = €7.80

( 8 horses ran )

Betfair paid out €2.80

No stake was deducted from my account.

2.80 is the proper amount of profit. 7.80 is the profit on the place part but you lose 5 euro on the win.

jcon1913

Custom Cut wrote: »

2.80 is the proper amount of profit. 7.80 is the profit on the place part but you lose 5 euro on the win.

I thought the stakes cancelled each other out? No stakes deducted no stakes returned. I lost the Win part, I won the Place part. I should lose the €5 on the Win part and get my €5 stake back on the Place part.

Anyway thats my understanding of it.

vandriver

Your profit on 10 quid is 2.80

Odds https://imgur.com/gallery/JSGMA

yaboya1

jcon1913 wrote: »

Anyway thats my understanding of it.

Which is wrong as has already been alluded to.


€5 e/w = €5 win & €5 place.

€5 win part is a loser. (-€5)
€5 place is a winner. (7.8/5) x €5) = €7.80
€7.80 - €5 = €2.80.

Simple really.

vandriver

I think what's confusing you is alluded to in your last sentence...'No stake was deducted from my account'
If it was,you would have been down 10 on placing the bet,then up 12.80 on winning,meaning a net gain of 2.80
The(losing) 5 win part has to be paid for out of the 7.80 winnings on the place part of the bet.
Clear?

Shemale

jcon1913 wrote: »

I am on betfairs exchange now. Looking at the 2 oclock at Hexham. Im on the each way part of the website. It says

"E/W terms: 1/4 odds, 2 places"

When it comes to settling their bets betfair do not pay out 1/4 the odds.

I think you should just use another bookie as you don't understand Betfair.

Look at the http address of the site you are on:

If it says www.betfair.com/sport/you are placing a bet with Betfair Bookmakers, these will have each way terms and the odds are set by odds compilers employer by Betfair Sportsbook

If it has www.betfair.com/exchange you are placing a bet with a random user of Betfair who has decided the price for that horse to place is X

diomed

jcon1913 wrote: »

Id be interested in your views on this years Derby but thats a topic for another thread.

My win bets will only go on when the final field is declared in the few days before the race. I've lost many antepost bets from withdrawn horses.
My place lay bets go up when I think a horse is unlikely to go well, and can be anytime the market gets active, probably the week before the 2000 Guineas.