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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‘If I tried to withdraw the full £29 I’d have a minus net deposit which I didn’t think they allowed’
jpmad – That’s bunkem. Of course they allow it, it just means you’ve done well and won a few bets so you are in profit when you withdraw.
You deposit £50 = 50
You win at 3.00 = 150
You withdraw your ‘winnings’ = -100What you’re essentially saying is that with Betfair, you literally can’t withdraw winnings. You can.
+0No no I’m not ‘saying’ that that’s the way it is. I’m glad you’ve cleared it up for me. Looks like I misunderstood what I’ve read 🙁
I never actually tried to withdraw the full amount because I thought the negative net amount would mean I’d have to put more deposit in next time I needed it. If that makes sense?
I stuck the remaining balance on a horse today….wish me luck!!
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Sorry, not saying but misunderstood. If you deposit then it just adds onto your negative, so -67, with a 50 deposit becomes -17. I quite liked it when I was a mug punter as I could keep track of when I was dipping into actual funds rather than winnings. Good luck!
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Here jpmad4it, don’t listen too much to patrick. He knows a bit but is also quite cynical.
I checked Matt’s profit log. He has £699 profit for Feb from 101 offers in 29 days. Each offer will take you 10 minutes to do – so with 30 minutes per day you would close to cover all those offers. It would be an average of 30 minutes per day with a lot more action at the weekends and during the week pretty quiet.
Of course there is some set up to do register accounts etc and you will do quite a bit of reading the forums and the guides before jumping straight in. And you might be slow and careful at the beginning but yes there is potential to make £300 in a month by dedicating about an average of 30 mins per day.
Now if you’re checking the bookie’s yourself, if you’re doing all the horse offers every day then you will see this eat up a lot of time.
But follow the blog, Matt’s already done all the work for you.
+0Christ that’s a bloody good profit !
I’ve been working through the signup offers but don’t seem to be making that much profit. I’ve only done around 5 to be fair, I have accounts with lots of them already.
I think I should follow the blog for now, I’d be more than happy with that!
I am still quite slow at the moment, trying to be extra careful to not make mistakes. I was trying to lay an in play free bet I had last night and it was crazy. The liquidity changes so quickly when it’s in play!
Thanks for all the help and info, this forum is very informative ??
+0Thanks for the compliment Fog_Blog.
I also consider myself an experienced opptimist ie a pessimist.
Yes £300 a month is easily achievable but not from 30 mins a day.
I think most of us would be surprised by just how long we spend on this.
I am an accountant and always had an interest in sport so it is also a well paid hobby to me.
I know there is a love affair with spreadsheets on here and prehaps if everyone logged each minute they spent researching and doing offers a true rate per hour could be calculated.
You need to be honest with yourself and log every minute,as if your time was being charged out to a client.
The word being put out on non sport and gambling websites is that there is easy money to be made with very little effort.
It is a regular discussion on mumsnet apparently.
+0jpmadforit you should do the Bet365 welcome offer.
You shouldve able to clear £220 profit with the opening deposit bonus (£200) + mobile 1st bet offer £50.
There are threads that guide you through that offer.
If you have already done 5 welcome offers so far you should be ready to tackle Bet365’s offer.
+0Get regular offer updates, tip and tricks, big offer alerts and more straight to your inbox.
Absolutely agree with you patrick, ppl like you and mean that are into numbers/spreadsheet and sport get addicted and I spend a lot of time doing this. But its a hobby. Especially if you get into the money back horse offers.
But I don’t think it would be hard to spend 20 minutes a day, maybe an hour at the weekends and go through all the blog offers and follow them word for word.
Matt has researched all the offers, calculated all the figures, the work is done. Just takes 10 minutes to do each offer. Right?
+0The problem with Matt’s blog is that the odds are often out of date before the blog us published.
Sometimes he admits the odds he quoted never existed,it just used that as an example.
The blog points people in the right direction but is not “a one size fits all” solution.
This afternoon’s best chance of getting a 2nd to SP favourite seemed to be 1.50 at Ludlow,but it was impossible to get a decent qualifying match and then the favourite got beat into 2nd.
I spent 30 mins before the race trying to find a match but didnt.
I was watching and listening to Sky Sports whilst doing it ,but I was not doing today’s little jobs my wife had left me !!!So in my time log I should put 30 mins for that race alone.
+0
Well Matt has blogged nothing for today so the newbie can put 0 mins in his time log for today and save his time for the weekend….
To make £300 you only have to do half of Matt’s suggestions and he doesn’t touch the money back 2nd to SP’s or a lot of the daily horse racing except an odd one on sky…
+0Interested about the bet365 offer, but the rollover is 3x deposit and bonus isn’t it? So if I won with the bookie and not the exchange on my free bets, I’d be looking at a big ish rollover to get at the money? ill have to have a search for the guides……are they on this forum?
I’ve only made around £50 profit on the 5 opening offers I’ve done. I’ve not been throwing loads of cash at it. Am I doing something wrong ?!?! I’ve think I’ve done a few free £25 and £10 free bets, but I laid them all off instead of taking a punt with them
Thanks again for any info
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I dont think you are doing anything wrong jpmad4it. I would hold off on the Bet365 offer until you have the funds needed to take on the roll over requirements! Yes you should lay everything off.
+0Fog you sure it’s a good idea to deposit with your credit card? This sort of transactions are treated as cash advances aka cash withdrawals and would cost your dear in fees& interests.
+0Ok I’ll throw out an example of what I think would happen with 365 and if I’m wrong it’d be great if someone could put me straight!
E.g bet £100 with 365. Lay this off around odds 2 or above. Lose a couple of quid.
Get £100 matched bet.
First bet:
– If exchange wins, good.
– If bookie wins, is this my money because I used my deposit to win and not the free bet?Place £100 free bet at decent odds, obviously taking into account the liability and liquidity.
E.g £100. Odds 7 with bookie. Odds of 10 with exchange. Roughly £60 profit.Free bet:
– If bookie wins. £600. Required roller over £1800 plus £100 because I used the free bet to win this. These bets would be laid off, so you’re not losing (much) but you still need sufficient amounts of cash to roll it all over.
– If exchange wins (unlikely) – return plus profit goes straight in that account.Is that right correct? Seems like a huge risk to take for £60 profit. I’m only saying that because I have nothing like the kind of funds to rollover that amount, and I doubt I ever will !!! ?
+0Fog_Blog I was amazed to see you were making your deposits with a credit card.
Are you sure you mean credit card not debit card ?You willl be paying 3% on every deposit if indeed it is a credit card.
Yu come across as more savvy than that.
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