Lay Betting help - newbie

[CricMan]

Hi Guys,

I am new to sports investing & also to this forum.

I am a very knowledgeable cricket fan. I am a Saffer & been following cricket closely for the past 20 years. I know the ins & outs, international form players, teams, up & coming players, typical behavior of various pitches on various grounds throughout the world, etc.

Up until a few months ago I had never betted or invested in sports. That changed when I opened my Betfair account & placed small bets on international cricket games. All I know is to back a team, player etc at certain odds & hope my backing is correct.
So far I have managed to turn EUR 50 into around 480, and have a success rate of around 78%.

Could someone please explain to me the Lay Bet scenario. I know that you lay bet on a party which you do not think will win. However, how can I make money out of lay betting during a game, when I have put a Lay on a party before the game begins or at the start of a game.

Any examples would be greatly appreciated, and my apologies for the amateur question.

[CricMan]

As an example:

SAF v NZ ODI tomorrow. Current odds stand at:

SAF
Back 1.28 Lay 1.29

NZ
Back 4.5 Lay 4.6

I think SA is going to win, so I put EUR 10 to back SA, at a profit of EUR 2.80 on top of my 10.
However, if I lay NZ at EUR 10 profit at a liability of EUR 36 + my 10.
So if SA win, I would have earned my backing profit + my 10 for the lay.

What happens if SA are bowled out cheaply in the first innings & NZ suddenly have a chance? Their odds will jump to lets say Back 2.5 Lay 2.6.
How does this influence my initial lay bet?

Sorry, am just confused...

[Ted]

Cric,

to get the hang of it just put a minimum £2 lay bet on Cricket mkt,
thats in -play, and watch the toy software ladder price moves, if
losing fig will be red, if winning, will show green.

No cricket on Betfair as I write, but also look at the Betfair
price-volume over time graph, for each team & the draw,
unbelievable how big (slow moving) swings, even on the draw.

Look at other sports also, easy to get the hang of it,
difficult to show a long term profit.........

[Wednesday 13]

Cricman, welcome to the forum!

It's simple math really; in order to make profit, you always have to back at higher odds than lay.

So, in your example, if you back SA at 1.28, you will make profit if you can lay at odds 1.27 or lower. (I mean, guaranteed profit - after placing back bet at 1.28 and lay bet at less than 1.28, you will win nevertheless of further development of the match and who wins at the end).

If you lay NZ at 4.60, you will make profit if odds drift and you can back them at odds 4.61 or higher. (I know 4.61 is not available, it's theoretically speaking).

Bigger the difference between back and lay odds, higher your profit.

If your back odds are lower than lay odds, you will make loss.

You can equalize profit / loss over all selections, or you can spread it unevenly; for example, you can set it so to break even if NZ wins (profit / loss = 0) and maximize profit if SA wins.

As Ted told you, Geeks Toy will automatically calculate your stakes, based on currently available odds, but if you want to do it manually, you can use calculator created by our fellow member Doubleback, found here:

http://www.geekstoy.com/forum/showthread.php?t=7086

or using abakus and formula:

Back Stake * Back Odds = Lay Stake * Lay Odds.

Good luck!

[sir_velo]

Hi CricMan

Bit of a newby on here myself, and have not 'cracked it', but the most obvious example I can think of is this:

A team wins the toss and bats on a good pitch, but with a bit of spice early in the first session. Example odds may be; Batting Team - 2.5, Fielding Team - 3.5, Draw 2.5.

You lay the draw thinking the price is too short as there might be some early wickets.

Wickets tumble in the first session, say 50 for 3, and the odds are now; Batting Team 3.0, Fielding Team 2.0, Draw 4.0

So, if you layed the draw at 2.5 you can now back at 4.0 to secure a profit.

Just think of it as buying low (laying) and selling high (backing).

There are loads of more scenarios where these types of swings will occur. Hope this helps - good luck!

[harryden]

Hello Guys,

Me harry & also new in cricket betting world...Can you guys briefly explain how can i bet on IPL matches which will starts on next month...?? So guys is there any mediocre who provides these type of betting services?? Is there any online website who offers??

[harryden]

Anyone available here guys...Which gives me some info about cricket betting world....???

[Thomson]

@ harryden....this maybe..http://betting.betfair.com/cricket/i...80313-171.html