Not sure if this is old news to everyone but Betfair is now taking bets on the major metro meetings in Australia. You can even operate your account in Aussie dollars so there are no currency conversion issues to worry about.

I had a bit of a play on a couple of races last night - in one of them the worst I could have done was a 5% profit (backing a horse and then laying it back a minute later) - as it turned out I made 10% profit with practically no risk at all.

There is a link on the tipping competition website http://www.tlcbc.com.au/tipping.htm to a page I am doing which will have tips on using Betfair.



_________________
"Computers can do that????" - Homer Simpson

[ This Message was edited by: becareful on 2003-02-21 17:39 ]

It's a revolution alright, becareful.
Interesting to know how its going to develop, wrt both attempted Goverment intervention and the behaviour of the exchange as more and more amateur bookies start getting in on the action.
Very interesting indeed.

Very interesting to see how this all pans out.
TwoFlys has also emerged as a lesser contender and I think that Betfair has a much better reputation.
Also anyone using twoflys, be very sure you read the fine print about money withdrawal and turnover of deposits etc.
It is important to know exactly what you' re allowed and not allowed to do.

The downside of these organisations is that a trainer, jockey, stablehand, owner etc - can invoke the services of a friend or relative to substantially "lay" a runner, which they know it has no chance of winning or is in poor condition etc.

The extremely positive upside however, is the scenario that becareful has just described, where you bet a selection either on betfair or IAS and lay it back giving you absolutley no risk.
These indeed may be more common than not and an opportunity to make some serious money, similar to takeover bids on the stockmarket when he stock trades at below the takeover bid for one reason or another.



[ This Message was edited by: Chrome Prince on 2003-02-21 18:34 ]

To anyone who has used Betfair.
Is the 5% commission based on your profit or the amount of return?

eg. If you bet $10 on a $5 runner the return is $50. Is the 5% commission on the $50 return or the $40 profit.

The Betfair help talks about returns and profits and commisions on winnings.

Thanks.

Debug,

The commission (5% initially but you can qualify for lower rates based on your weekly turnover) is charged on your NET PROFIT for each race only. So if you won $40 on one runner but lost $10 on another IN THE SAME RACE (ie. you backed 2 at $10/each) then you pay 5% of your $30 net profit. On that race last night where I bet on a runner and then layed it off I only paid the commission on the profit I made (so for every $10 I originally bet I made a $1 profit so ended up with $0.95 after comission).

__________________
"Computers can do that????" - Homer Simpson

Becareful
I haven't looked at the Betfair site yet, but from what you are saying we can now lay horses as well as back them, is this right??, if so....you ****** beauty.. Did you back something and then lay it shorter?, good for you if you did !!

:grin: :grin: :grin:

Mark,

Yes I backed a horse and then layed it back at a shorter price. I did it again this morning on Race 2 Randwick - Ears Ronny backed at $3.55 and layed at $3.40, also Hollow backed at $6 and layed at $5. Also layed a runner on Betfair and backed it on IAS for guaranteed profit (only problem here is you pay more commission than if you can back and lay both bets on Betfair).

Nothing like the feeling of winning regardless of which runner is first over the line :smile: Now I know how you feel with your system!

__________________
"Computers can do that????" - Homer Simpson

becareful,
Thanks for that info.

I guess the trick with betting and laying off is to know which runners are going to drop in price.

I have been trying dutching with Betfair prices. It has a greater potetial and opens up more options than using the starting price odds of TAB's.

Just thought I'd take a look at Betfair re English football. Current odds for West Ham v West Brom are quite incredible. WBA $2.80, WH $2.80 & Draw $3.45. for those who don't know their % I suggest you learn them quickly. This event is currently at 100.4%, whereas the TABs and other betting outlets you could probably juggle & get on at 110%. This is amazing & how long before the Govt tries to ban it or puts their own tax on it.

Hi all,

Can someone explain how laying works (no birds and bees lessons please)? If you back a horse for say $100 at 5/1 and it wins, you win $600 (including stake). How is the risk offset by laying it at 4/1? I guess I just don't understand the concept of laying (no birds and bees lessons please) and need it explained in layman's terms, so to speak.

By the way, I noticed Northerly was available to back at $2.04 on Betfair. Even with the 5% commission that equates to $1.94, much better than the $1.80 official top fluc. Bookies be warned and TABs don't stand a chance.

Cheers