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Understanding profit

I’ve put qualifying bet on bookies back £10 @ 3.60
Then £10 at Betfair lay. The liability is 26.50
So you lose £10 at bookies
The exchange said it pays £9.50
Does that mean I will get my £10 plus £9.50 back from bet fair
Not bothered about -0.50 loss I understand that
Now another question below …
When I look on my Betfair statement it shows stake £5 , and if I win, it shows that I’ve won £5 ?? Surely I’ve not won anything as it cancels each other
I’m a bit confused dot com

+1

Gee 1968
1

March 29, 2019 at 3:15 pm

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LivelyArts 7 March 29, 2019 at 4:30 pm

Yes to the first bit…you lose the 50p commission.

Don’t get the second bit though – are you sure your bet was matched at Betfair? Could be that only £5 has been matched….

Go on to the exchange section at Betfair – check ‘my bets’ and see what is matched and what is unmatched.

+1

Gee 1968 1 March 30, 2019 at 6:29 pm

Ok so when placing a bet on Betfair it has to be matched to win money otherwise you just get your stake back . .?

+0

deathstar 30 March 31, 2019 at 5:39 am

If it hasn’t matched, the bet hasn’t been made. no wager has been struck, its just waiting in a queue ready for if and when someone accepts your offer.

at this point you can cancel and your balance will go back to how it was.
If the event finishes and it still hasn’t matched, the bet gets cancelled and the money just goes back to your balance, as if you’d never placed it. (because actually, you haven’t)

On the exchange, you are acting as the bookie. Someone has to take you up on the odds you are offering.

+1

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