Betfair – withdrawing money
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Hi all,
I’ve noticed that betfair use the net amount method for withdrawals and deposits.
How are you ever meant to get your money out of there if the idea is to win the exchanges i.e you’re hardly ever depositing into betfair?
Just wondering what the strategy behind this is
Regards
J+0March 3, 2016 at 9:26 am
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New to matched betting?
My Matched Betting Academy is the best place to get started. Learning the fundamentals takes 10-15 minutes and you’ll make £15 in the process.
Learning the fundamentals takes 10-15 minutes and you’ll make £15 in the process.
You can’t decide where you win or lose.
The value is coming from the bookie’s free bets – so your funds are more likely to build up in the bookie accounts from the way I see it.
I don’t understand your point though? What is the net amount method? Never heard of a bookie or exchange that doesn’t let you withdraw your winnings? Yes sometimes it can be a pain verifying and validating etc. or min withdrawals etc. But why do you think you won’t be ever able to get your money out of there?
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Ive no idea what your on about but i will say i made a withdrawal from Betfair on monday. Wednesday they restricted my sportsbook account. Coincidence? maybe but thinking back the same happened when i withdrew from HIlls. Maybe making a withdrawal brings a account review.
+0Never had any issues with withdrawing from Betfair but as FOG says all the value is from the Bookies, so long term our money is very likely to go to them.
Even if every bet we did on the exchanges were the correct odds we would expect to roughly break even there, until you take commission off making us a net loser. Also often matched bettors are pushing the odds out on the exchange so when we lay price boosts/enhanced we are giving away value to lock in a profit.
I know i’d be alot better off if i never laid a single bet. Losses are not always easy to take though!
+0If you would have been better off never laying a bet Mbpunter why take up matchbetting.
I would suggest you have the typical mug better syndrome – only remember the good days and forget tbe bad.
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Patrick,
Again, you’re completely off the mark with this one, and you highlight your lack of understanding.
MbPunter is correct. By taking extra value from bookmakers then long term he would be in profit overall.
The problem with this approach is variance. Losing runs which can wipe out a float. Many would prefer the slow steady stream of incone from laying off these value bets whilst sacrificing some overall profit.
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Hindsight is a wonderful thing, but you can’t be results oriented in this game. Much like Mbpunter I’m down a huge amount of money on the exchanges…
+0It’s not about remembering good and bad days. Before as a mug punter I wasn’t aware of all the price boosts/enhanced, free bets etc. None of the best I place now have any skill to them. Just looking for closest matches etc. As I said losses aren’t easy to take, so emotionally wouldn’t be easy. But if i followed the same process as we do and didn’t lay any bets i would be in more profit.
You honestly telling me your exchange accounts are in profit? Surely long term our exchanges have to lose because of commission and laying poor value on alot of enhanced.
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I think we all know that by laying our bets were paying a price for the certainty of profit.
If you don’t lay, you’d expect to be more profitable but you couldn’t guarantee it – the points Mb makes are correct.
Not laying isn’t necessarily the same as mug betting!In reply to the original post – the Net amount method doesn’t stop you withdrawing, it’s saying if you use a method of payment to deposit, you must have net withdrawls to the same method before they’ll let you withdraw via a different method/card – it’s to combat money laundering
+0Yeah my original point wasn’t about taking this approach, just pointing out to the OP that winning in exchanges isn’t likely.
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Thanks Blank for clarifying that – never had heard of the net amount method!
But it makes sense.
Most of the bookies seem to take my credit card for deposits but wont withdraw to it. I have to withdraw straight to my current account. It suits me though that way I can deposit win and withdraw to my current account before the credit card bill is even due.
+0I deposited £15 via PayPal, won a bet which gave me £29 back. I was under the impression i could only withdraw £15 and not the full £29. My net amount went back to £0 when I withdrew £15. If I tried to withdraw the full £29 I’d have a minus net deposit which I didn’t think they allowed.
I have only seen small profits so far from laying the free bets, I might try punting some free bets to be more profitable. Bookies don’t like you winning money though, so I thought the idea was to get most of your cash in the exchange via match betting. I was wondering how it’s possible to make £300 a month by spending 30mins a day on matched betting (as I was told by a friend)? Is this because lots of people are lucky and punt their free bets……I can’t see how £300 is achievable!!
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I think if you only have 30 mins per day then just read the blog and follow each tip on it step by step. I think that is doable so long as you have all accounts still open.
But yeah, looking at tight odds is what takes the gamble away and that can take time. Some offers take more time than others to research the odds.
Just stick to the offers blogged and I dont think it will take up more than 30 minutes per day, maybe a little longer at the beginning while you get used to it.
If you’re just in it for the money though – then most jobs probably pay better than what some of us make compared to the amount of time we put in!
+0Starlord,I fully understand what I am saying.
And fully agree with you that the value comes from the bookies and not from the exchange.
But when I say the bookies are running scared of match bettors I then get shot down by people saying the MB profits not coming from the bookies but from the exchange.
I have said all along that MB profits are coming from the bookies and the level of profit being taken out is growing rapidly.
+0The example above is typical of the expectation newbies now have.
£300 a month profit for 30 mins a day.
£40 an hour before tax and NI,nice work if you can get it.
+0It isn’t an expectation, but was I was told. If I’ve been misinformed then maybe the person who told me has been very lucky. Well you’ve answered my question anyway. I wont see that kind of profit.
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