Can someone explain matched betting simply to me?

[jobelly]

Thanks loves2plan I’ll have a look tonight.

[anneeb]

Originally Posted by jobelly

Thanks loves2plan I’ll have a look tonight.

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Perhaps pop on to the other thread to see what we are chatting about, it will start to make sense once you have started matched betting. We still ask questions of each other and there is always someone on to answer any queries.

[jobelly]

Originally Posted by anneeb

Perhaps pop on to the other thread to see what we are chatting about, it will start to make sense once you have started matched betting. We still ask questions of each other and there is always someone on to answer any queries.

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Can I ask about the liability? If you bet £5 at betfair but you need a liability of £7.73 when do they take £5 and when do they take £7.73? Do they only take the liability amount if you lose at betfair (but you’ve won at coral)?

[Lizzim]

Originally Posted by jobelly

Can I ask about the liability? If you bet £5 at betfair but you need a liability of £7.73 when do they take £5 and when do they take £7.73? Do they only take the liability amount if you lose at betfair (but you’ve won at coral)?

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So, you don't bet £5 you are laying someone else's bet. In your scenario you would lose the liability of £7.73. You would then 'win' approx the same amount at Coral. This assumes you are doing a qualifying bet where you will lose a small amount (say 20p) and then gain a free bet.

[4holibobs]

I found the videos on team profit website easiest to understand, although I'm not a member of oddsmonkey.

Team profit is a free website and have gave Facebook groups which are good for new starters.

I started Tuesday last week and I'm £250 up at the moment.

Good luck!

[jobelly]

Originally Posted by Lizzim

So, you don't bet £5 you are laying someone else's bet. In your scenario you would lose the liability of £7.73. You would then 'win' approx the same amount at Coral. This assumes you are doing a qualifying bet where you will lose a small amount (say 20p) and then gain a free bet.

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So on your free bet the example on the video showed what happened if you won with coral but not what happened if the lay bet won. The example was £20 free bet with coral if that won you would get £70 and your bet fair liability was £56 so £14 profit. But it didn’t show you what happens if you win on betfair ie your lay bet.

[Bozza]

Originally Posted by jobelly

Can I ask about the liability? If you bet £5 at betfair but you need a liability of £7.73 when do they take £5 and when do they take £7.73? Do they only take the liability amount if you lose at betfair (but you’ve won at coral)?

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You're not betting at Betfair, you are laying.

So, for example, if your back bet with the bookmaker was £5 on a football team to win at odds of 2/1 (or 3.0 as in decimals) you stand to win £10. Inclusive of your £5 stake (if this is not a free bet), you will get £15 back.

At Betfair, you will be laying that football team to win. The stake you enter is someone else's stake (it doesn't matter who - Betfair is acting as a middle man) and the odds at the time, likely 3.1 or so.

So you have liability in the same way as the bookmaker you have bet with has to you, in that if the event's outcome falls a certain way, then they owe you money.

If your back bet with the bookie wins, then you will be paying out on Betfair. As such, you need to have enough in your account to cover the liability of your lay.

Don't think about this too hard yet, as you will probably get confused. Just know that the MB service will tell you how much to enter into Betfair and you ALWAYS do so on the pink side, not the blue.

[loves2plan]

Originally Posted by jobelly

So on your free bet the example on the video showed what happened if you won with coral but not what happened if the lay bet won. The example was £20 free bet with coral if that won you would get £70 and your bet fair liability was £56 so £14 profit. But it didn’t show you what happens if you win on betfair ie your lay bet.

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If you win on Betfair, then you get the amount of the lay bet. So either way, you win £14. Most of us prefer our bets to lose at the bookies and win in to the exchange as it builds your bank up to cover liabilities of more bets or bets with higher odds.

[jobelly]

[QUOTE=loves2plan;13659532]If you win on Betfair, then you get the amount of the lay bet. So either way, you win £14. Most of us prefer our bets to lose at the bookies and win in to the exchange as it builds your bank up to cover liabilities of more bets or bets with higher odds.

If you win your lay bet on betfair do you not pay your liability out (so you pay nothing to betfair) but you get the win amount from the back bet?sorry if I’m being dense!
Also do you have a separate account just for this? I would only want to try it with a set amount of money and if it didn’t work out then I’m not risking any more.

[loves2plan]

Originally Posted by jobelly

If you win your lay bet on betfair do you not pay your liability out (so you pay nothing to betfair) but you get the win amount from the back bet?sorry if I’m being dense!
Also do you have a separate account just for this? I would only want to try it with a set amount of money and if it didn’t work out then I’m not risking any more.

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That right. You only pay out the liability at Betfair if your bookie bet wins. If your bookie bet loses, you don't pay any liability and win the value of your lay bet.

I set up a Starling account for my matched betting, as did quite a few of us. If you do it right, there is no risk