Allez France

[keninparis]

From what I can tell he bet £1,000 on France @ 20/1 a couple of weeks ago when the odds were good. Once they were in the final the odds dropped to 7/1 so he laid £2,000. So if France won he gets £20,000 from his first bet and pays out £14,000 for the second, hence £6,000 profit. However, as France lost, he would have lost the £1,000 from the first bet, and kept the £2,000 from the second so a £1,000 profit. Hope he hasn't blown the £6k already without checking his account

Correct - just checking. Glad someone's on the ball.

[Incognito]

Here's a good example had 1K on City at 5/2 that will yield 2.5K, on Befair now City are 1/8, therefore I've layed City for 8K at 1/8. If City win still win 1.5, else 8K. Just buying and selling.

What do you mean you've layed City for 8k? Sorry, I'm really confused (about the Betfair bit) do you lose your money if City win? How much did you put down, 8k?

[Bunk]

Does he not receive any money from Betfair for laying the bet? I'm assuming he's hedging it somehow, so what's the point if he's only getting a return of his stake?

No, when you lay the bet you're acting as the bookie so you keep the other people's stake if they lose. So in the 7/1 example above, he takes £2000 of bets, if they win he pays out £14000 and returns the stake, if they lose he keeps the £2000.

[keninparis]

What do you mean you've layed City for 8k? Sorry, I'm really confused (about the Betfair bit) do you lose your money if City win? How much did you put down, 8k?

I accepted at bet (layed) at 1/8 therefore the other punter put on 8K to win 1K. If it loses (Man C don't win) I get 8K, if they win I lose 1K but already had 1K on City at 5/2 hence a 1.5K profit.

[Incognito]

I accepted at bet (layed) at 1/8 therefore the other punter put on 8K to win 1K. If it loses (Man C don't win) I get 8K, if they win I lose 1K but already had 1K on City at 5/2 hence a 1.5K profit.

Got you now, cheers, seems simple when it's explained, always easy to find someone to take your bet then on BF?

[keninparis]

Got you now, cheers, seems simple when it's explained, always easy to find someone to take your bet then on BF?

The market changes every second. My mate described it as the crack cocaine of gambling so best avoided really, I do it now and again when my mate gives me a tip.

However, have a look at betfair.com and you'll see what I mean