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Betfair Cash Out Confusion

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Author Topic: Betfair Cash Out Confusion  (Read 335 times)
joskin
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« on: July 29, 2016, 09:41:39 AM »

I backed a team at 2.4 for 200.00 yesterday morning. I underlayed at Betfair for 210 at 2.02 just before the game started.
With 3 minutes to go the cashout screen told me I could cash out for 250 or something and lock in my profit.
I cashed out. The game ended in a draw, I lost my back stake at the bookies and instead of getting 200.00 at Betfair I lost 150.00 of my lay stake as well. And paid commission on my " winnings" of 50.00 or so.
Can someone tell me where I went wrong ? Thanks.
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dealer wins
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« Reply #1 on: July 29, 2016, 11:09:58 AM »

What is your commission rate in betfair?

Cashing out meant that the bet on the bookie was not covered, and it lost resulting in your loss.   

When backing on a book and laying on Betfair you cant cashout, unless you cashout the bookie bet as well.
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joskin
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« Reply #2 on: July 29, 2016, 11:37:51 AM »

Yes, I see. That's what happened. Thank you.
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joskin
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« Reply #3 on: July 29, 2016, 12:06:50 PM »

Sorry, back again. Even if I had cashed out at the bookie, this would have happened at Betfair. This is what it shows on my statement.
   Fixtures 28 July XXXX v YYYY / Match Odds / XXXX
Lay       2.04   210.53   Won       210.53   0000.00
The Cash Out then turned my lay bet into a back bet.
Back       2.94   148.09   Lost   (148.09)       0000.00
Comm Charged 5% On Net winnings of GBP64.17       -   -   -   (3.21)       0000.00


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Alfa1234
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« Reply #4 on: July 29, 2016, 01:02:30 PM »

Your bet at betfair and the one at the bookie have nothing to do with each other, they remain independent so cashing out at betfair cannot give you an overall profit if the bookie bet does not win as well.

By "laying" a bet at betfair, you can later cash this bet out by "backing" the same odd again.  If the "back" odd is higher than your "lay" odd, you will make a profit so betfair gives you the option of doing so by proposing to "cash out".  This means you secure a profit in betfair no matter what happens in the game.  If however, you still lose your bookie bet, you will have lost money overall despite making a small profit in betfair.

Next time, let them both run and you'll be fine.
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vinciguerra
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« Reply #5 on: July 29, 2016, 01:13:55 PM »

I backed a team at 2.4 for 200.00 yesterday morning. I underlayed at Betfair for 210 at 2.02 just before the game started.
With 3 minutes to go the cashout screen told me I could cash out for 250 or something and lock in my profit.
I cashed out. The game ended in a draw, I lost my back stake at the bookies and instead of getting 200.00 at Betfair I lost 150.00 of my lay stake as well. And paid commission on my " winnings" of 50.00 or so.
Can someone tell me where I went wrong ? Thanks.

i don't quite follow your train of though here.  how would betfair know what bookie you placed your bet with?
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joskin
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« Reply #6 on: July 29, 2016, 02:27:15 PM »

Thanks for your replies. Betfair wouldn't know what bookie I placed the bet with. I didn't understand how Cash Back worked. I get it now, thanks Alfa. Yes, I would have been in profit if I'd let it run - I won't make that mistake again in a hurry.
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