Dealing with an unmatched lay bet
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Hi,
Grateful for thoughts on how to deal with an unmatched bet. Today I placed a £20 bet at 9.5 with 10 available at the exchange. This was to ‘unlock’ free spins, so i opted (recognising the risk) to attempt to match at 9.5 assuming (hoping) that the market would move that way. Since then though the market has gone the wrong way, with that horse currently at 14. The back odds at the same betting site i placed it on is currently 12. My bet was placed pre-8am so no best odds guarantee applies, i think.
Obviously i can take the odds currently available, which would give me a £6.41 qualifying loss (the free spins didnt win me anything this time, though in the last week (across 4 promo activations) i’ve gained £9 – but for this reason i like to keep qualifying losses to a minimum, or perhaps even positive), which protects against it getting any worse. If it then looks to be doing well, maybe i could then cash out?
Or i could leave it hanging right up to post time (or even in play) in the hope that the market comes back down. Of course, if its high odds now and eventually gets below what i put the original bet on for it might be argued to be doing well in the race, which means it might end up winning and in that case it might be best to leave it.
Or i could try and lock in something a bit closer, say 12, though that also needs the market to move in my favour.
Or i could lay £20 to get me back to a net zero and hope that that horse doesnt win (its not a handicap race and the favourite is well below 2 currently, so that may be a relatively safe assumption). In this case if the horse is going well and the odds drop big time i could, i guess, seek to cash out if the odds shift sufficiently (presume anything less than 9.5?), though that relies on the horse then going on to win – if it doesnt im even worse off.
Or i could do a combination of those things, maybe lay £10 at the current price and leave £10 trying to secure the better odds.
I’ve accepted that i might be putting this down to a relatively rookie error, but be good to get any thoughts on approaches to extract myself from this situation…!
Thanks
Steve
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