How would you like to trade a market where you get large regular price swings every 10 minutes in the afternoon, seven days a week. A
market where all prices are set purely by supply and demand, few transaction costs, no middle men and you only pay commission if you win? Where you can freely act as a market maker and where you have direct market access and where you can create a spread for others to take?

Betfair has revolutionised the betting market and created an open platform for exchanging risk on sports events. This market is now viewed much more like a traditional financial risk market than an old fashioned betting market. Smart users have realised that there are huge opportunities on Betfair because they can buy and sell risk in much the same way they would in a normal financial market but without the burden of cost or the restricted access that is usually associated with traditional financial markets.

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Hi jbarlowffc,

Glad to hear your doing well so far. Let me know how you get on when you up your stakes? I'm assuming it was UK racing you had traded on today?

Cheers,

Iankn73

JBarlow

Betfair radio is not live, it several seconds behind real time on all accounts so be careful using that as your guide to when the race is starting

fundamentalist, thanks yep. agree it is a few seconds behind real time.that's how i got caught out.
Iainkn73 it was UK markets I was doing. Don't think there's enough volume on the US markets to be able to trade. Sunday does not seem to be too hot either on the UK markets.(well today anyway) Still made a few quid. Might have to leave work a bit early for cheltenham this week, as i would assume there will be plenty of opportunities.

Hi jbarlowffc,

Yes I agree the US market seems too illiquid! I may have to leave early also. lol

Good luck,

Iankn73

jb, not necessarily the case, there is not so much volatility in the big meets, though if you want to make some cash lay kauto star win and place!

Guys,

I need some help here to fully understand the back and lay system e.g.

If I have a total of 500 to gamble with i.e. this is also my maximum liability within Bet Angel and I hypothetically decide to back a horse at say 4.5 @ 500 then Lay the same horse at 4.0 @ 500 then green up across the field can this be done or do I need to have the maximum liability to cover the Lay e.g. 500 x 4.0 = 2000 minus your initial lay of 500 would eqaute to me having to have 1500 cash as liability cover within the account?

Any help would be appreciated!

Rgds,

Ian

Ian

In a nutshell, no.

If you back and then lay at lower odds, greening up effectively uses the potential profit you have accumulated. No additional funds required.

pth

Thanks ptholden,

Maybe my question wasnt too clear! I'll start again just to get this into my head. Back to my earlier post 10206: If I lay (4.0) the same horse @ lesser odds to my initial back (4.5) @ 500 will Bet Fair allow for me to carry out the lay transaction as the 500 has already been taken from my account to initially cover my back and at that point in theory I dont have the cash to cover the lay?

I hope you follow me on this one (just a novice I am) can you tell?? lol

best rgds,

Ian

Ian

Because you are reducing your effective liability by placing the lay bet (in this instance to zero) you do not need additional funds, Betfair software takes this into account automatically.

pth

Ian, I echo what pth has said earlier.

However, if your intial trade was to lay 500 at 4.0 with a plan to back back at higher odds then this wont go through as your liability at 4.0 would have been 1500, way beyond your maximum.

Please note that the above is purely an example. I really dont recommend that you lay such amounts at high odds. Your account will be sunk in no time, LOL

Thanks for your help guys its much appreciated!!

If the lay price drifts and I take a small loss. Do I just leave Bet Angel as is based on the loss for the particular horse that I backed/layed or do I have to green up my loss across the field just like I would when I win?

Rgds,

Ian

Ian, It's better to accept the small loss rather than spread the loss throughout the field. There's a very good chance that the horse won't win anyway so you'll come out flat.

Hi bakko,

So basically after laying at a small loss I should leave bet angel as is then move onto next race?

Rgds,

Ian

Hi bakko,

When you say I'll come out flat! what do you actually mean? I'm graudually getting to grips with this. Thanks again for you patience!

Flat meaning you'll win or lose nothing since your liability on the rest of the field should show zero. That's, of course, if one of these romp home rather than the horse showing a loss.

Excellent first day at Cheltenham! Hope everybody else did ok.

bakko thanks again for your help!

Hi Bakko,

I had an instance where I backed a horse then tried to lay at a lesser price but couldnt get anyone to accept the lay odds although it was accepted eventually. What would happen if I back and cant lay? have I just to sit back and watch all my doe riding on this horse to win? or can I do something to reduce my risk? as the old ticker was nearly busting out my rib cage until the Lay price was accepted.

Rgds,

Ian

Ian

You can either let it run and hope it wins or lay off the same bet at greater odds limiting your risk to that one horse and hope it doesn't win, if it doesn't you have lost nothing.

Just an offer of advice. One of your earlier threads mentioned sums of 500 per bet, I don't know if that was just an example, (but if your ticker was nearly busting, I guess not). Until you have a much clearer idea of what you are trying to achieve and the mechanics of betting exchanges, I really would suggest you keep your bets to a minimum of 2. If you haven't come a cropper yet, you will.

Best of luck

pth