Sir Puntalot

? I just need a magic hat....
 

@aliando confirmed for No Limit - anything could happen now!  

List of runners updated, added value split now confirmed and trophies have been ordered.   

to Punters Lounge @Mike O’D   

@aliando confirmed for No Limit - anything could happen now!  

Will be there for both tournaments and looking forward to it
?

Hi all,
I’m Teaulc’s son, looking forward to seeing you all again & hopefully the old man doesn’t win this time!
I’ll be playing the no limit holdem. 

Hello, Hurco; welcome to the forum!
Your question is not silly; while they say that people are born with natural ability to swim, and then they lose that ability within first weeks of life, I highly doubt we are born with natural knowledge of betting exchanges, so some of us have to ask it sooner or later. I mean, all of us in this forum had such a question.
With your example, there is indeed not difference between exchange and "normal bet platform". However, betting exchnage offers you a possibility to trade your bets: to place the opposite bet before the event ended, so you lock in a profit - or, more usually, in a loss - regardless of final outcomeof the match.
Let's see how; in your example, you laid 0-0 at odds of 4.00 (insanely good odds for laying 0-0, if you ask me) with stake of 10 units, and liability of 30 units.
Odds for 0-0 tend to shorten during the match, untill they reach 1.01 in closing moment. After quarter of an hour of play, you're dissapointed with performance of your team, so you decide to trade out. By that time, odds have shortened to 3.50.
You place the opposite bet now: you back 0-0, with stake of 11.43. So, you're risking 11.43 units to win 28.58 units.
If they manage to find their way to net, you win 10 units from lay bet, and you lose 11.43 units from back bet; net loss 1.43 units. If, however, no goal is scored by the end of the match, you lose 30 units from lay bet, and you win 28.58 units from back bet; again, 1.42 units net loss. So, you were able to trade out when you saw that match does not develop as you expected, and instead of losing 30 units, you lost only 1.24 units.
Let's say that you laid the draw, at odds of 3.00, with stake of 10 units, so liability is 20 units. The goalkeeper has bad day, so there is a goal minutes into the match, and it sends draw odds to 8.00. Now, you back the draw, with stake of 3.75 units, for possible profit of 26.25 units.
If match does not end in draw, you win 10 units from lay bet, and lose 3.75 units from back bet; net profit 6.25 units. If bad keep team manages to claw back to the draw, you lose 20 units from lay bet, and you win 26.25 units from back bet; net profit again 6.25 units. Thus, you were able to lock in profit after first goal, regardless of how the match will develop further.
That example is known as "lay the draw" strategy; once profitable, it is worn out nowadays, and it is not easy to take profit from that.
This works the same way if you first place the back bet - you need subsequently to place lay bet, or you can trade more than once during the same match - place more than one back bet or lay bet at different odds; if back odds are higher than lay odds, you make profit, otherwise, you make loss.
Stakes above are calculated using formula:
Back stake * Back odds = Lay stake * Lay odds
and it does not incorporate comission at betting exchange, you need to deduct it from your winnings; Betfair has 7% basic commission.
Now, bookmakers started offering "cash out" option, which is very similar to this trading, as long as your bet still has the ability to win. Once it is losing, of course they won't offer you possibility to decrease your losing stake.
Hope it was understandable... Good luck with your trading!

to Punters Lounge @Gazza61   

to Punters Lounge @Matty1290   

Hi @Matty1290, and as @Sir Puntalot said, welcome. I probably should do what you suggest, but where's the glory in that! I might take my initial stake out at some point - that way I'm not losing 'my' money, but other than that I'll probably carry on until I hit a loser. Most likely the next bet for this thread will come from the Australian Open which starts in a few days - I'll be hoping there aren't any big upsets and that the conditions improve as poor air quality could lead to some strange results.

@ercan3985  to Punters Lounge.  
You're initially looking at Prediction ratings, but the 2nd screenshot is performance ratings which are after the match, that's why.  
Please read here to understand the difference https://www.punterslounge.com/elo-football-ratings   

Remember this dealer from the 2018 Event?   

Finally got his trousers back.  

Finally got his trousers back.  

List of runners updated, added value split now confirmed and trophies have been ordered.   

I'm a definite now for this. Will come up for the PLO and NLHE and stay over. 

to Punters Lounge @Villa Chris   

ooh, Price got abit lucky last night. None of the top dogs have really come out flying yet. Another full day of darts today, which is comforting in this awful bloody weather. Darren Webster gets the matches underway against Yuki Yamada. Webster in his last 5 years here has an average of 91.14 and that is including his 85 last year in a round 1 exit to Van Der Voort. In general, he gets 90s scores. He faces Yamada who managed 85 in beating a very awful Meikle.
Next up I'm taking Clayton to beat Dekker (-1.5) Dekker managed just an 84 average when falling over the line against Joyce. The 16th seed Clayton should be able to win this one no worse off than 3-1. Into the evening and I'll take my outright tip Asp to beat Baggish 3-0. Baggish managed just 84.94 against Boulton and you'd expect Aspinall to want to impress tonight.
I'll take Hopp to beat Van Der Pas next. Van Der Pas still doesn't look right and should not be here really. How he managed to win that match against Clemens I don't know. I think Hopp beats him tonight.
6.5pts D.Webster (-1.5 sets) to beat Y.Yamada 8/13 betfred
4pts J.Clayton (-1.5 sets) to beat J.Dekker evens blacktype
4pts N.Aspinall to beat D.Baggish 3-0 11/8 betfair
1pt accy - Webster (-1.5 sets) Clayton (-1.5) King, Evans 7/1 blacktype
0.5pt accy - all of the above + Hopp and Kurz 32/1 blacktype

Top stuff today Fader. Nice one! Ton up for me on your tips the last few days. Keep em coming laaayyydd
 

Added Value & Trophies announced in post 1, AV split to be announced later.  

Nobody wants anything to do with your pole!   

Punters Lounge Poker Meet-Up virgin here! Go easy on me! I bruise easily!

Ok, I've been holding this info back for a while and this PL Poker Championships has been hastily arranged because of it. I held this info back because I didn't want it to appear to be attention seeking, but here it is...
I got diagnosed with advanced Cancer a while back which is now terminal and nobody knows how many more of these I'll see. However, knowing the stubborn twat I am, I'll still be around in 10+ years annoying everyone going all in with 26o!  
I'd REALLY LOVE it if everyone turned up and left APAT until 2021. I don't look ill and strangely don't feel ill and I know this will be shocking news to a number of people who have known me years, but I'm every bit the same sarcastic twat you've all met previously and in great form!  

Let's make this one to remember, no morbid stuff, just poker, alcohol, shits and giggles.  

Ok, I've been holding this info back for a while and this PL Poker Championships has been hastily arranged because of it. I held this info back because I didn't want it to appear to be attention seeking, but here it is...
I got diagnosed with advanced Cancer a while back which is now terminal and nobody knows how many more of these I'll see. However, knowing the stubborn twat I am, I'll still be around in 10+ years annoying everyone going all in with 26o!  
I'd REALLY LOVE it if everyone turned up and left APAT until 2021. I don't look ill and strangely don't feel ill and I know this will be shocking news to a number of people who have known me years, but I'm every bit the same sarcastic twat you've all met previously and in great form!  

Let's make this one to remember, no morbid stuff, just poker, alcohol, shits and giggles.