Betfair questions
 

Hi all,
I was never the quickest student of maths hence my betfair problems.
Just had a bit of spare time and have had a look at it. This is one example

Verify Your Bets

Please review the following information to ensure it is correct. A commission is charged on your NET profit from each market.

Back		Your Odds		Your Stake	Your Profit
2. Things To Do	4.6			$10.00	$36.00
You are backing 2. Things To Do. If you win, your stake of $10.00 is returned to you together with a profit of $36.00. If you lose you lose your stake.
Lay		Backer's Odds		Backer's Stake	Your Payout
2. Things To Do	4.5			$10.00	$45.00
You are betting against 2. Things To Do. If you win, your profit is the backer's stake of $10.00. The amount you stand to lose is $35.00.

It went on to finish third. Can someone decipher what i have won/lost? i come up with various amounts,

thanks
silly ************

I think you have lost commission on the 10 lay bet (winner) so you lost 50C assuming a 5% commission... I think that is looking at both bets as one
You lost 10 bucks on win bet
you won 10 bucks on the lay... you pay 5% on that (.50c)

So i reckon you lost .50c I am not good at maths the way I see it is

you put out 10 on th win (that's ezy) Return ZERO

you put into play 35 $ (to cover the chance of you lay bet winning the race)

They should have returned your 10 bucks (that you won on the lay) plus the 35$ you had out in case the lay bet won the race...

Yeah I think overall you lost the .50c as commission on the winning lay bet.

I may be wrong :)

Assuming you are meaning a Win bet and not a place bet?

If it's a Win bet the no win, no lose - you break even.

If it's a Place bet paying three dividends then you win 95 cents, eg. you win $36 but lose $35, which means your profit is $1 from which you pay 5 cents (5%) commission.

XPT, Just noticed your response - commission is only paid on net winnings, not stakes.

Yeah true.. but he won 10$ (on the lay) NOT 35... 35 was his risk on a lay which he didnt lose.. His 2nd bet is very definitely a LAY

XPT, I've been trading on Betfair for three years, commission is only paid on net winnings. Assuming the example is about Win betting, then the $10 won is offset by the $10 lost therefore the result is zero.

Hang on, yeah I know that... (re winnings) i am saying he is square, minus commission... on the lay bet. Now you are saying net commission is per race or per bet? I assume you mean per race.. If that is the case yep you are right.. I have had the odd trade there too over time.. gave it away when they flicked vic racing....

Thanks guys i thought i had won 95 cents but what confuses me is the payout bit to the right of screen that says $45. I guess that is what i payout should it have won.

Pretty interesting this betfair, just playing with it but last week i found a couple of instances where i could back the runner on stab and lay it on betfair for a guarented profit.

XPT, you can have as many bets in the one race as you like - commission is based only on net profit - if for instance I win $200 on the 'back' side of the ledger but lose $150 on the 'lay' side of the ledger then commission is only paid of the $50 net winnings. Not sure how you can claim there is a liability for commission when it's a break even situation, there is simply no liability in such circumstances.

It would be the same if I Dutch booked, which I do with some success - the amount won on the winning bet would be offset by the amount lost on the losing bets re the commission paid.

No thats not what I said... I did not say there was a commission owed on break even (overall).... looking at the 2 bets as one trade, as it appears is the case. I made the mistake of treating each bet as an individual thats where the 50c commission came into it... As i said earlier you are right in that instance...
I admiited I was wrong.... take the victory

I said in first post that I could be wrong...

XPT - It's not a question of 'victory', more a case of attempting to give the right information as there appears to be some confusion on the issue of Betfair commission. Have a nice day & keep up the good work with your ratings. Cheers. :-)

For brevity call your selection A

Your $10 back @4.6 yields

+$36 A Wins
-$10 A loses

Your $10 lay @4.5 yields

-$35 A wins
+$10 A loses

The combination yields

+$1 A wins
$0 A loses

A lost so you lost $0

If A had won you would have won $1.

After a maximum 5% commission you would have won at least 95 cents.

Thanks jfc thats how i had figured it out. Maybe there is some sort of mathmatics genes in me after all.
To me i think that was a pretty good bet. Couldnt loose and while i didnt stand to make much it was relativly risk free, im not sure what happens with late scratchings on betfair i presume money returned.