Betfair promotion

Make bookmakers cash cow machines
tarzan
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Re: Betfair promotion

Fri Jan 17, 2014 7:27 pm

I was thinking that I am stupid! But at the end as I see it...it is a little bit confusing!
anormal1992
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Re: Betfair promotion

Fri Jan 17, 2014 8:05 pm

tarzan wrote: I was thinking that I am stupid! But at the end as I see it...it is a little bit confusing!
It is not. Dont mees with other bookies...just use 2 betfair accounts as i told you or 2 exchanges.
And always use big odds to do this kind of tricks...
fnatic91
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Re: Betfair promotion

Fri Jan 17, 2014 8:37 pm

The formula to transform lay odds into back odds is: 1 + 1/(lay_odds-1).
No need for such long/complicated formula :P If you mark X the amount you want to lay , then X * 0.15 = 100 EUR , where you can find that X = 666,6 EUR
I was thinking that I am stupid! But at the end as I see it...it is a little bit confusing!
Mate ,

lay City 667 EUR at betfair @ 1.15 (liability is 667 * 0.15 = 100 EUR )
back City 667 EUR at SBObet @ 1.14 ( potential winnings is 93 EUR)

City wins ----> you win 93 EUR at SBObet ; you loose 100 EUR at betfair ; you get 50 EUR as a refund ; you win a total of 43 EUR
City does not win ---> you win 667 EUR at betfair ; you loose 667 EUR at SBObet ; you pay comission on your winnings (7% at my country) ; you loose a total of 7% * 667 = 47 EUR

So , you either win 43 EUR or loose 47 EUR...It's the same like you are wagering on City to win , risking 47 EUR  to win 43 EUR.

If you are a normal punter and you want to wager on City , then if you risk 47 EUR , your potential winnings are 6,58 EUR [ 47 * 0.14 = 6,58 ]
ppintaluba
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Re: Betfair promotion

Sat Jan 18, 2014 12:23 pm

fnatic91 wrote:
The formula to transform lay odds into back odds is: 1 + 1/(lay_odds-1).
No need for such long/complicated formula :P If you mark X the amount you want to lay , then X * 0.15 = 100 EUR , where you can find that X = 666,6 EUR
Such long/complicated formula?.
You calculated X (Profit) as:
Profit = 100 / 0.15, which can be put (using generic variables) as:
Profit = Risk * 1 / (lay_odds - 1)

As Payout = Profit + Risk
Payout = Risk * 1 / (lay_odds - 1) + Risk OR
Payout = Risk * (1 + 1 / (lay_odds - 1) ) (in bold is back_odds, as Payout = Risk * back_odds by definition)

It's just the same... I tried to show a generic formula and calculate back_odds (which is very useful to know at least for me).
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peleus
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Re: Betfair promotion

Sun Jan 19, 2014 2:05 pm

Thanks ppintaluba, as a newbie, I was actually trying to absorb the simplest formula as possible. From what I see, those are basically identically the same.

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