Need help working out this mistake

  • Hey, so basically i had a placed a bet at the bookie and layed it off at the exchange, but one thing i didnt notice is that the odds changed slightly at the bookie by the time i had clicked to place it. Just want to know how i can work out what i actually lost. The calculator says its an arb however i didnt compensate for that with the lay change..heres what i mean

    bookie Stake : 25
    Lay stake: 24.61 <( this was what it was supposed to be before the back odds changed which was what i layed) but due to change should of been 25.79
    Bookie odds: 2.62
    Lay odds: 2.56
    comission: 2
    profit: £0.27

    If anyone can help me work out what i actually lost it would be much appreciated 🙂

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    Tony 16

    Your post is slightly confusing, as you do not indicate whether the bookie odds listed are those that you thought you took, or that they changed to.

    However, I think what has happened is that the bookie odds have increased from 2.5 > 2.62 based off the numbers you have provided.

    So, if I understand correctly, you have:

    BACKED £25 @2.62 = £65.50 return (you were only expecting odds of 2.5 anda return of £62.50)

    LAYED £24.61 @2.56 = £63.00 liability

    If the bookie bet wins you will therefore be +£2.50 (£65.50 – £63.00)

    If the bookie bet loses you will be -£0.88 (£25 – [£24.61*0.98])

    Couple of other points if I may:
    1 – this was not an arb until the bookie odds rose unexpectedly, which you seem to think it was

    2 – even at the increased odds, it is a crap arb that is not worth bothering with unless this just happened to be a bet you needed to back and lay to qualify for something else

    3 – you should make sure that the settings on ALL your bookie accounts are such that you do not automatically accept changes to the odds that occur between selecting something and clicking through to the bet slip to place the bet. Perhaps you do have that setting turned off for and reduction in odds (in this case it looks to have been an increase in odds) but it’s worth checking

    4 – you should be able to work this kind of thing our yourself tbh – you were armed with all the facts and figures, the rest is just basic maths. That’s not meant to be patronising or to discourage you, but it is best to try and understand the mechanics and maths of betting and odds yourself

    HTH 😉

    +0
    Snoop 0

    +2.11 if it won, 88p loss if it lost

    +0
    Youbetcha 4

    Thanks for the responses, yeah i wasnt trying to get an arb it was just a regular sign up offer, which it happened to arb when the odds changed. Im fairly new this and i mainly rely on the calc and spreadsheet to work out my numbers.
    I agree with you that i should know how to work it out but i needed to know how you calculate the sums before i can do that hence my post here. Thanks for the help guys.

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