Am I doing this right?
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So I place a back bet of 10 on say man city to win. I then go on the exchange and lay the bet on city on nearer the same odds as possible. And if the lay bet loses I get the liability back. I’ve done my first matched bet and the lay bet lost but did not get my liability back. Please help
+0March 29, 2017 at 11:06 pm
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@leeg19 from what you’ve described that’s correct.
When you lay a bet you’re effectively betting against that outcome, so in your scenario you’re betting against Man City winning.
This would mean:
At the bookie you have Man City to win
At the exchange you have laid City to win (against them winning)
Meaning you have covered all outcomes.
If city win – all your money would go in to the bookie you placed the bet with and you would lose your bet and liability at exchange.
If city didn’t win, your exchange would gain money and you’d lose the bet at the bookie.If this was a qualifying bet, you would make a tiny loss either way from probably around 50p to maybe £2 if you’re new. However, you would qualify for the free bets.
If you are doing the sign up offers – always read the terms and condition. A lot of bookies have requirements like minimum odds of 1.5 or 1.8 (depends on bookie) to be able to qualify for the free bets.
Also note that the freebets may have requirements too.Hope this helps
+0If your lay bet lost, it means that what you were betting against (E.g in this case, Man City) won, so you should have won your back bet at the bookie. At first it takes a while to understand what it is you are doing, but it will come within the first few bets you do.
Your lay bet on the exchange, is covering the fact that if the outcome you are betting on with the bookie does not win, you will still get some of your stake back. On the exchange, you are effectively acting as a bookmaker when you are laying bets. If you ‘lay’ £10, you are taking somebody’s £10 stake and hopign that whatever they are betting on, does not win. If it does win, then you have to pay them their winnings, your ‘liability’ is whatever your stake was, multiplied by the fractional odds (or decimal odds minus 1, as you are paying them their profit on their bet). This is the reason it is called a liability, its what you stand to loose, should the outcome happen. You don’t get the liability back, you only stand to either 1. Lose the liability, and win at the bookie or 2. Win your lay stake, loose at the bookie.
Hope that helps
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