Beginners Guide To Betfair

[traeth]

Originally Posted by ONEDUNME

Yes - it would be a very good idea to keep away from in running betting until you're comfortable with the whole thing, for two reasons...

1. The prices change so rapidly

2. People will chance their arm by putting in stupid prices in the hope that some sucker will take them. For example, they will even put up prices to enable you to back a 1-0 correct score when the score is alreaedy 2-2.

Thanks for those bits of advice but I have bet in running on the Lions matches - it is the laying in-running on football that frightened me.

cheers

[zonker84]

One mistake I find all the time, in a 2-outcome market (tennis match, Over/Under 2.5 goals and so on) is that people don't want to lay, even though the odds are better.


For example, assume the odds on offer are:

Roddick To back 5.50, To Lay 5.75
Federer To back 1.19, To Lay 1.21


Now this is a simplistic example, but it shows my point. Ignoring the amounts available to match (assuming plenty for each one), someone wants to back Federer. So many times people will come steaming in and just back the 1.19 . I have seen this myself when watching a market such as this. All of the action will be on backing the 1.19 (you can see the amounts changing rapidly), while laying Roddick @ 5.75 just sees no action because the amount available stays the same.

If you stop to think about it, what happens if you lay Roddick @ 5.75? If you work it out (1 divided by 4.75, then add 1), laying Roddick @ 5.75 is the equivalent of backing Federer @ a fraction over 1.21 .

Equally, laying Federer @ 1.21 is the equivalent of backing Roddick at just over 5.76, so people wanting to bet on Roddick should lay Federer in this case.

This is a small point, and quite often the odds to back do work out as better. You should always check though, as every little percentage can make a difference. People's stupidity on this issue always amazes me.

Like for example, you'll see someone trying to back a player @ 1.10. There's no money to match, but they post it up, yet if you look, you see you can lay the other player @ 11, which equates to the same thing, yet people don't see it.

Hope this helps

[ONEDUNME]

Some good advice there Zonker and I must admit that I'm guilty of just ignoring the lay price and looking at the price that I want to back at.

A lot of the time its just a matter of not having much time to mess about. I wonder if it's worth knocking up an excel spreadsheet that I can print out to tell me what they lay equivilent would be of the odds I can get to back.

Whadayareckon?

[zonker84]

Possibly, but if you're not sure, all it takes is one quick calculation using a calculator. Sometimes it's obvious as well, but if a spreadsheet would help you along, go for it

[Peter Orchard]

You can always punch the numbers in on both sides at Betfair to find out whch is the right side though with practise the maths becomes easier.

[kompressaur]

Sorry chaps i just thought i'd mention as i mentioned it elsewhere. My bank tried to charge me £24 to transfer funds to my betfair account. I told them that was more than i was putting in. They said if they got some tranfer code or slip they would do it for free. I phoned Betfair and they said they couldnt send me it and if my bank wants that then i'll have to pay it.

Ive put it on hold for now but will return to this. Thanks for all the input

[Tricky]

£24!!! Must be a very dodgy Scottish bank.

I have been a betfair user since the start. Around 70% of my bets go on betfair, although I am finding it harder and harder to get the decent prices now. Prices are more or less in line with the bookies, and I find you need to get in early now for the best prices.

Betfair have a tutorial, and there is now even a "play for fun option" , so say for the first week you can just have pretend bets and see where that takes you.

[crowie]

Komp

Were your bank looking at doing a same day transfer or whats called a BACS payment (which takes about 3 business days to clear).

£24 sounds about the cost that a bank would charge for whats called a CHAPS or Telegraphic Transfer payment (same day transfer). Means money would leave your account today and should be credited to your Betfair account on the same business day.

The other option the bank should have is what I mentioned above, a BACS payment. Again money leaves your account today but doesn't hit your Betfair account until 3rd business day. Normal costs of a transfer like this is approx 10/12p for a bank!!

I am not sure if Betfair accept BACS payments in but I am pretty damn sure that they pay withdrawals this way. Put it this way, if you requested a Betfair withdrawal today it would take 2 or 3 days to appear as cleared funds in your bank account.

Think you need to ask them to do the transfer by BACS as its the same details needed for that (account number, sort code etc) as it is for a same day transfer but there shouldn't be any cost to you.

Betfair refer to the withdrawal time period in their Help section

Bank Transfer

You may deposit and withdraw by bank transfer using Betfair's network of accounts. You will be shown the account most suitable to you depending on your country and currency used but may select another from a list

Withdrawals by Electronic Bank Transfer normally reach your bank within 2 to 3 working days but the exact clearing time can vary depending on your bank/country. To reflect Betfair's own charges, a withdrawal fee may be charged. Any fee will be shown when you request the withdrawal.

[kompressaur]

Nah it was just a normal ...no tell yo ua lie it was same day transfer and thats all they offered. They said it would be £24 as they had to do it manual. If i could get some electronic strip then they would do it for free. It was the Clydesdale bank btw.

Cheers Tricky and i should in effect look into that but i dont want to tease myself too much. Once i get a wee win i'll just pay the £24. Hopefully i should get a £20 free summat. Maybe not

I shall return though.

[TheGooner]

Get into MoneyBookers.com.

It's supported at a lot of bookies and betting exchanges, and is based and regulated in the UK.

Let's you move money between bookie accounts quickly, and also bank transfer. Even works well for me stuck here out in the South Pacific ... so it's gotta be good.

Charges are typically just 1% ... so 50 Euros cost 0.50 ... and they have a maximum charge of about that. Most bookies also subsidise the charge (they pay it).

I've use it at BETFAIR, GAMEBOOKERS, GLOBET, and BET365 in the last month without any hassle. It's the punters friend.

DISCLAIMER :
Actually - no disclaimer this time - I've got nothing to do with this mob except the fact that I use it a lot. Far better than bricks-n-mortar banking.

(Usually I have to disclose a potential beer-link).

[Ian Davies]

kompressaur,

Thanks for that item on how p2p betting works - very well written.

However, I would say that, seeing as...I FUCKING WROTE IT! (for Punters' Paradise a while back).

I'd be interested know who lifted it, put it on their website, and listed just about every fucking exchange on the planet barring mine, www.backandlay.com.

[kompressaur]

Sorry Ian. It looks like i got it when i was rushing from the state of it. I do think that is pretty bad what theyve done. I think it was a Horse racing site. Hold on i'll have a check if i can.

Here we go Ian heres the culprits
http://www.asianbookie.com/p2pbetting.cfm

dirty scoundrals. They would have got away with it too if it wasnt for you popping you head in Ian and my detective work. I'd throw the book at them Ian. Send us a wee tiny banner Ian and once we get the front page and forum sorted hopefully for next Friday we can slip you in under our exchage section (if we have one) Im sure you dont mind sending some boys over for some bets to bet at www.backandlay.com

Thanks to the Gooner (www.goonersguide.com) for the Moneybookers.com tip there and i will go and read up and get back to you.

I will get to the actual betting in exchages soon folks so keep it tuned

[Dave Jay]

Does this mean ez-board did back-up after all ?

[Ian Davies]

No probs, kompressaur.


I'll send you the url to our current banner - if there' a slot for it here, that would be cool, if not then no worries.