Backing/Laying so you dont profit/lose

[Guest deancreus]

Hello I have a question if anybody could help me out. Say a bookie is offering a free bet after an initial stake but you have to bet on a selection about Evens. Then I find a bet at 2.20 and see that I can also lay it at 2.20 at Betfair. How do I work out how much I should back/lay to ensure I dont lose or if I do lose make it very small? So I dont lose on the actual bet at all- and I will then be eligible for the free bet. Sorry if this is really simple- but I cant work this out at the moment! :o Thanks

[Guest bcrazy]

Re: Backing/Laying so you dont profit/lose Just checking that Ive got this right- you need to back a selection around Evs which you want to ensure you don't lose on so you get your free bet? All you have to do is back the selection @ (lets say) 2.2 and then lay it for the lowest odds you can (say 2.3) for the same stake. If your selection wins you lose 0.1 units (for a 1 units stake) and if it loses you only lose the commision charged by the exchange.

[Guest deancreus]

Re: Backing/Laying so you dont profit/lose OK So this is just my bad maths I think :rolleyes Its all this theory I have had to revise for exams which has apparently made me forget basic maths! So is this correct- will I definitely not lose anything? Backed Selection X at Evs £100 (Victor Chandler) Layed Selection X at 1.92 £100 (Betfair) I think Im complicating the simple here.....can somebody just confirm what I have done is correct please? Thanks

[Guest crowie1969]

Re: Backing/Laying so you dont profit/lose Dean, Looks all good to me. On the VC bet - if it wins you end up with £100 profit plus your £100 stake back. On the Betfair side, its a bonus that you have actually found a bet that you can lay at lower odds than what you backed it at with VC. If the selection (which you have laid) wins then you end up paying the person who took your lay £92 - but you have £100 profit from your VC bet. Net profit £8. If the selection loses then you take the Betfair punters stake (as any bookie would) which is £100 less commission (think its come down slightly from 5% but assume it is) of £5 so your profit on Betfair is £95. You lose £100 staked at VC so overall result is a £5 loss. Always remember to factor in your commission at Betfair! And your left with your free bet at VC, which I hopes a winner! I actually have a spreadsheet which shows you how you could gaurantee a profit either way (although only approx £1.40!). If your interested in it then have a look in the Punters Toolbox forum under one of the sticky threads at the top, its in there. If you can't find it then send me a pm with your email addy and I will send it on to you.

[Guest deancreus]

Re: Backing/Laying so you dont profit/lose Thanks a lot Crowie. I was 99% sure I had it right but for some reason I kept working it out in two different ways, one obviously right and one wrong so was contradicting myself and hence doubting what I thought was right. Yes I placed it today deliberately because basically its a tennis bet and everyone goes odds on with a player while VC has it at Evens, plus as its my first stake I get half my stake back on top- so its win/win :) Thanks for the advice about the spreadsheet aswell, I will look for it now ;)