Help needed – back bet odds reduced, rule 4?

  • I have placed a large back bet on the betfair exchange (horses) and layed it on smarkets. At the time the back bet was 2.2/2.3 and the lay was 1.7/1.6 so I jumped at the chance of making a bit of money without thinking why the odds were like that. About an hour later I checked my bets and saw that my back bets had reduced to 1.34 with no chance in my lay, resulting in my either losing a lot if my back wins or winning less if it loses.

    I believe at the time I placed the bets, smarkets had reduced the odds based on a horse pulling out, but betfair hadn’t listed the horse as a non-runner at the time, so now I’m pretty screwed if the back wins as I will lose £75. If it doesn’t I will win about £30. Given the back odds the horse is a clear favourite to win so I am trying to see if I can cut my losses and reduce the possible losses. If any one has any advice I would be grateful.

  • Matt

    Hi rodge888,

    If you find yourself in a position where you stand to make a big loss on one outcome and a small profit on the other, you can place an extra bet to cut your losses.

    You can add your potential loss and potential profit together and divide by the back odds. So, in your position you would add £75 and £30 together and divide the resulting £105 by the back odds of 1.34. That would reduce your loses to around £48.

    I hope that helps for future reference.

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