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Help, I need to correct a lay bet

Hi, I made the error of placing a lay but before checking I had received a free £10 bet and have realised I’ve been gubbed. So, the question is, how can I correct my lay get to make a minimal loss?

Lay bet: £10.20 @ 3.4 on Smarkets 2% commission. Liability £24.48.
Current back bet at the moment is also 3.4

I overlaid to make either £10 if supposed free bet won, and -£0.48 if the exchange was to win!

What back stake should I place please to correct this?

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dizzyalice
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May 21, 2018 at 7:45 am

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MbPunter 24 May 21, 2018 at 8:18 am

So at present you have only placed one bet and that’s the exchange lay? If it’s still 3.40 to back on the exchange. Then back it for £10.20. Will effectively just cancel the lay for £0 loss.

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dizzyalice 0 May 21, 2018 at 8:30 am

Ah really, I wasn’t sure if it was as simple as that. I thought I was overthinking it. In my head, I thought I would have to back bet 7.20 (24.48/3.4 – liability/odds)?

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dizzyalice 0 May 21, 2018 at 8:38 am

Thankyou

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MbPunter 24 May 21, 2018 at 8:51 am

That would be a return of £24.48 but would include your £7.20 stake. So profit of only £17.28.

You need to minus 1 from the decimal odds to calculate without stake included.

24.48/(3.4-1) = 10.20.

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dizzyalice 0 May 21, 2018 at 9:06 am

Ah, brilliant, that makes perfect sense – thankyou

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