I'm on betfair now looking to put money on us staying up. What do "back and lay" mean? And can I change it from decimal?
And Payout and Liability. Which one means I'm putting the money on it i.e. I win the money not making the odds? This isn't as confusing as the Ladbrokes website!
on betfair you can bet for fun till you get the hang of it. unless you know exactly what you are doing, be careful. theres plenty of horror stories of people losing loads cos theyve hit the wrong buttons ie back instead of lay.
Just having a look.. .. so if I 'Lay' I can get odds of 15/1 for Barnsley to stay up? So if I bet 20quid, and we go down, do I just lose my £20??? I'm getting a little confused!!
If you lay on barnsley to go down then you are betting on us to stay up but would only get £20 quid back Ie you are offering someone to stake £20 on us to go down - you are effectively becoming the bookie, hence you can change the odds. If we went down you would have to pay out 15/1 x £20 = £300 to whoever accepted (matched) your bet.
to give an example WWLD goes on betfair and lays Barnsley to go down at £20 and sets the odds at 15/1 Cheftyke comes along and thinks Barnsley are rubbish and are clearly going to go down and sees the options to bet upto £20 at 15/1 Cheftyke puts on £20 at 15/1 The bet is now matched. Outcomes Barnsley stay up : cheftyke loses £20 and WWLD keeps the £20 Barnsley go down : WWLD pays cheftyke 15 x 20 = £300 Hope that helps. What you can do to make money is use the bookmakers against Betfair Bookies often offer signup bonuses for people joining - ie £50 when you bet £50 on a match. So you can get the signup bonus, then bet on a match say Barnsley v Charlton. You can then laybet on betfair so all outcomes of the game are covered. You walk away with your signup bonus intact and lose nothing ( well, a very small amount due to the maths) You can make a fair bit of tax free cash doing this
