Smarkets Help request – How did this happen?

• Hi everyone!

  I’ve only just begun matched betting over the last 10 days and built a profit of £263 using some welcome and existing offers.

  I could really do with some help understanding what on earth has happened during my last back and lay bet fiasco…

  I joined BetBright last night and qualified for my £30 matched bonus bet. Made some money on the Liverpool match then decided to wait until today to try and extract as much as I could. Decided on the Fontwell 17:30 nags.

  My mistake –
  Backed Knightly Pleasure on BetBright for £30 (FB) @ 10.00 (£300 return – £30 FB = £270)
  Layed Double Storm (Wrong Horse!!!) for £27.05 @ 10.00 (243.45 Liability)
  After what I thought was a great tidy guaranteed return of £26.56… I realised what I’d done!

  My stomach sank like the titanic! (Putting it politely)

  Brought up an Arb Calculator and calculated a rescue back stake…
  Backed Double Storm £33.81 @ 8.00.
  This settled all outcomes for a -£6.78 loss.

  I was relieved to say the least…

  So I now had the choice of leaving the FB to run as a punt and accept the small loss for a huge mistake. Or try and grab some profit.

  Now here’s where I need the help:

  I decided to use Matt’s Calculator again (FB checked), but rather than just calculating a return using the original £30FB stake, I reduced the stake to £24 thinking this may rectify my earlier mistake. This gave me a Lay stake of £21.64 @ 10.00.

  Now the liability was £201.54 (£6.78+194.76) leaving all other outcomes to return £15.

  The horse actually came in! So my £270-201.54 = £68.46 profit!

  Can anyone explain how I’ve managed to do this?

  Is it because I subtracted £6 from the £30 FB in the calculator thinking that would rectify my earlier mistake? Ive heard the term ‘underlaying’ before but don’t fully understand it. Is this what I’ve done? Have I just been lucky?

  I know screenshots would be more ideal but I’m not sure they can be shared on the forum.

  Any help would be greatly appreciated. (And I do wish Id have left the Free Bet to run and not placed a further lay! £270 man!)

  Cheers

  James

  +0

  

  Jamessafc

  0

  April 15, 2016 at 7:26 pm