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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Very interesting, Scrip.

I see in the Betfair example above concerning the England v Poland match that no matter which team won, and even if there was a draw, then at the end of the game when the actual result was known and whatever it was, then you stood to win either 573.91, 574.40 or 574.43? Correct?

Can you provide a brief explanation?

245+vat!
Can I pay you out of my winnings later on;)

Doc, You got it.

It's a technique used quite often on all sports events because the final outcome is uncertain. You equalise risk on the remaining possibilities. On this match I traded it before the match started then also while it was being played and settled after the first goal.

During this match when I pulled off this image England had just scored to go 1-0 up in Poland. Having witnessed the prior performance in Austria I didn't feel confident that England would have an easy ride to the final whistle so I equalised my risk across all three outcomes. I could have let the money ride exclusively on England and earnt more but felt more comfortable switching off the PC, grabbing a drink and sitting and watching the match instead knowing I was safe.

Iain do you use betting exchanges at the moment?

No.But I am Interested.Doing My own Homework at the mo

IMO they are still immature at the moment but developing fast. For anybody that is used to the stock market its a plethora of opportunity at the moment.

This was a specials market operating last weekend. The market offered the chance to bet on when Arsenal's losing run would come to an end. You can see here I win 475.20 if Man Utd end Arsenal's run and downside of zero if they don't. This was grabbed a minute or two after Man Utd scored the first goal.

Scrip,

Do you have to be VERY GOOD at mental arithmetic to spot opportunities or, on Betfair, is it merely an acquired art?

You can adopt either but most don't go for the mind bending stuff. All the above involved no acquired skill.

I have written a load of spreadsheets for the complex calculations and have been automating them of late. But most of the money for example on horse racing doesn't involve calculating a thing.

Way back on the 1st October, after watching the first Kerry and Bush TV debate, I was quite impressed by Kerry and had a "senior moment". In fact I stuck a 123 bet on the Democrats to win with Betfair.

My position with this bet at the moment is:

Republicans: -123.00 (Currently: Back 1.75 / Lay 1.77)
Democrats: +216.88 (Currently: Back 2.3 / Lay 2.32)

From the above, if I now stick a 123 bet on the Republicans and Back them to win, would I be right in assuming my position would change as follows:

1. It would change my Republican position to a new one, where if the Republicans now win, I would be 123 x 1.75 = 215.25 to the good but less my original 123 (shown above), which works out at 92.25.

2. Knock off 123 from my 216.88 on the Democrat position, which works out at 93.88

3. In other words, no matter who won, I would be over 90 to the good after the contest finished.

Have I missed something?

What price did you originally back the Democrats at?

Docproc

no you havent and i think this is exactly the way scrip is making money

Scrip - assuming no probs with the house move i shall be at the course (ps still havent received your presentation)

Fundy, I will send another. It definately went out. I posted it myself.

thanks scrip

scrip

i opened a Betfair acc after Clitheroe presentation and deposited cash yesterday. Today there is a personal message on the notice board asking me to send a copy of my PP/driving lic, a copy of my registered credit card, a copy of my bank statement which can be faxed or emailed.

This type of info is extremely sensitive and requesting it in this manner is extremely suspicious and is contrary to most known security advice.

Is this a scam or a genuine comessage from Betfair??

It is genuine message it is part of the anti money laundering procedure. Official notification can be found on message board. It is part of the (KYC) know your customer procedures. I am surprised they jumped on you as a new user unless you depostied a large sum.

I deposited 1000 as working capital. The money is from a Barclays connect card. How could I possibly be money laundering when I have not even made a bet. Thanks for reply. I will contact Betfair direct.

Hmmm, Usually only alerted on new accounts with transactions above 10k. Maybe they are getting tighter?

Just tried to re-open old a/c and was told same info-money laundering etc.

My original USA election result bet as per the above was:

103 @ 2.76 = 284.28
20 @ 2.78 = 55.60
Less the 123 staked = 216.88 net