Help me understanding betfair

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ProfGambler
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Help me understanding betfair
« on: January 27, 2016, 06:38:28 AM »

I tried to use betfair but it's quite difficult to understand. After reading few articles/blogs I now know how betfair works on horse races and on sports with more than 2 outcomes. What I am unable to understand how Betfair works in sports with 2 outcomes only.

For example in case of basketball; I put $2700 on Oklahama city to win against Minnesota at odds of 1.296.  Now I am unable to figure out how I can lay Oklahama on betfair. What are possible options to lay Oklahama on betfair? One option I can think of:

1) Back Minnesota with $700 on betfair at desired odds of 5 and wait for the bet to be matched (includnng inplay waiting)

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Alfa1234
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Re: Help me understanding betfair
« Reply #1 on: January 27, 2016, 08:50:13 AM »

https://betting.betfair.com/what-is-lay-betting.html

You have to "lay" oklahoma at odds lower than 1.296 to be able to make a profit.
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ProfGambler
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Re: Help me understanding betfair
« Reply #2 on: January 27, 2016, 09:03:14 AM »

https://betting.betfair.com/what-is-lay-betting.html

You have to "lay" oklahoma at odds lower than 1.296 to be able to make a profit.

Laying Oklahama at odds say 1.25 is not same as backing Minnesota at odds 5??
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my_username
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Re: Help me understanding betfair
« Reply #3 on: January 27, 2016, 09:13:14 AM »

do you have Lay Odds enabled in settings? And yes, it is the same on 2 runner markets.
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ProfGambler
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Re: Help me understanding betfair
« Reply #4 on: January 27, 2016, 09:34:21 AM »

do you have Lay Odds enabled in settings? And yes, it is the same on 2 runner markets.

I am sorry, I don't understand what you mean by lay odds enabled in setting. By default I can see back and lay odds when I signin in my account. Is it something different you are talking about?
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my_username
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Re: Help me understanding betfair
« Reply #5 on: January 27, 2016, 09:51:05 AM »

So what exactly is the problem then?
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dealer wins
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dealer wins

Re: Help me understanding betfair
« Reply #6 on: January 27, 2016, 09:51:54 AM »

I find posts like these scary.  Betting big money without a fucking clue lol

OP you need to make sure you lay the same selection as you back, but its VERY important make sure its exactly the same market on betfair as you backed at the bookie, with the same rules. (example to make sure if overtime is included.)
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Alfa1234
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Re: Help me understanding betfair
« Reply #7 on: January 27, 2016, 11:07:34 AM »

https://betting.betfair.com/what-is-lay-betting.html

You have to "lay" oklahoma at odds lower than 1.296 to be able to make a profit.

Laying Oklahama at odds say 1.25 is not same as backing Minnesota at odds 5??

Yes it is.  You'll see the available market go down in the 1.25 lay for Oklahoma if you back Minnesota at 5.  They are connected.  Lay just means you bet the opposite of back so laying oklahoma means betting on oklahoma NOT to win...so in essence backing Minnesota.

In a football match "laying a draw" means betting on a draw NOT to happen so you'd win that bet if the game does not end in a draw.

Piece of advice...don't bet these amounts if you still have trouble grasping this concept.  Watch the market and play with it at very small stakes untill you completely "get" the concept.
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ProfGambler
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Re: Help me understanding betfair
« Reply #8 on: January 28, 2016, 03:46:44 AM »

Ahhhhhhh finally game finished. Oklahama won the game. So saving my $2700 at odds of 1.296.

Now to clarify some things why this situation arise; I missed an arb on this match. Arb was Oklahama 1.296 (pinnacle) v Minnesota 5 (local bookie). As per my previous experience, lines moved fast on pinnacle so I placed bet on Pinnacle 1st. When I tried to place bet on local bookie, odds drop to 4.4. I was thinking what's my exit strategy now. After 5 mins odds dropped to 4 for Minnesota.

I am type of person who don't panic very easily. So I went back to routine and thought let the market settle and hopefully odds will move somewhere then I will be in a better position to decide what to do. 12 hours later, Odds on Minnesota were 3.6. Good. At this stage, I put $700 on Minnesota at odds of 3.6. Plan was to put $150 more on Minnestoa at odds of atleast 6. My badluck, Minnesota played well and they were in the lead until quarter 3. At this stage, I decided to put $150 on whatever available odds and relax and enjoy game. So I put $150 on Minnesota on odds of 2.15 (Yes massively negative arb and total loss of $700 if Minnesota had won).

As things happen in Gambling, Oklahama came back in 4th set and won by 3 points. So I only lost $50 on total betting value of $3550.

Now future strategy for me for next 1 month; Only play 1 or 2 quality arbs of 1-3% per day with maximum betting value on each game $10,000. If I make $100-300 in one day that's enough for me now.

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