Mark,

No I haven't made a withdrawal yet - maybe after this weekend :smile:

The way I interpreted that statement is that if you have deposited $1000 on your VISA card then any withdrawals up to the first $1000 will be paid back to your VISA card before they will send you cheque/direct deposit - this is a common requirement (as it reduces the commission they have to pay the credit card company). So if you withdrew $500 that would all go back to your VISA card, if you then wanted to withdraw another $700 then the first $500 would go back to the credit card (so that the $1000 deposit has been completely "refunded") and the remaining $200 would be sent by cheque/direct deposit.

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

Interesting comment becareful, coming from someone with a link to Betfair on his website :wink:

I’ve actually been avoiding Sky of late, what with all that V Bet crap.

Mark,
had the same bit of confusion so I emailed them, the response was clear.....

my question...........

"Hello,
about withdrawing funds. If I deposit via Bank Transfer from my bank account
to yours for say $1000 AUD. If in 1 month my account is say $5000 AUD can
I organise the withdrawal and transfer back to my bank account of the whole
$5000?
Your explanation of withdrawal is too brief for an important transaction."


and the response............


"Thank you for your e-mail

You are totally correct in the presumption that if you deposited $1000 AUD you can withdraw $5000 AUD. There is no limit on how much you want to deposit and withdrawal with Bank Transfers. Problems would only occur if you use a VISA or Mastercard to make withdrawals as they do not allow you to withdraw more than you deposit.

If you need a further explanation please do not hesitate to contact us.

Kind regards,

Taf Pilgrim

Betfair Helpdesk
info@betfair.com"

Thanks guys. One more question, what's the timeframe between depositing & receiving notice that your a/c is up & running?. Sorry 2 questions. If the back column shows $3 & the lay column shows $3.50, & you choose to lay, who is getting the $3.50?

Mark,

I deposited by Credit Card and the account was open instantly. Not sure about other deposit methods.

If the lay column showed $3.50 and you chose to accept that then you are giving the other person those odds and accepting their money - eg. if you accepted $100 at $3.50 then you get $100 (less the relevant commission) if the horse loses but you have to pay them $250 if the horse wins (this will show as your liability).

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

Hi, becareful.
I'm not too familiar with Betting Exchanges, so could you be kind enough to answer my questions?

From reading your postings I am under the impression that if someone backs a horse at a certain price and then lays it at 6% below the "backing" price, then you are guaranteed a 1% profit after Betfair takes their 5%? If so, should this be a guideline for those of us with no Betting Exchange knowledge?

One can currently back New Zealand to win the Cricket World Cup on Betfair at $13 while on Twoflys they are at $8.10. I assume N.Z could be backed to win on Betfair and then laid on Twoflys (even at $12)for a guaranteed profit?

Thanks.
Michael

Yes, I understand that but if you want to back the same horse, if on the back side it's showing $3.00, how do you get the $3.50, obviously somebody is getting it. Apart from that I'm back in the bookie business from Saturday. Did you notice if they listed Brisbane or Adelaide races last week?

:smile:

Mark,

If the highest price showing on the bet side is $3.00 then you can request a higher value by clicking on the bet side and entering the price and volume you want. Eg If you wanted to try to get say $3.40 for $100 then you would enter those values - your bet would appear as an unmatched bet on the Lay side of the screen (indicating you want someone to lay the horse at $3.40 to match your bet).

They only covered Sydney and Melbourne last Saturday so dont know when or if they will be expanding to the other states.


MichaelG,

If you are backing and laying both bets on Betfair then the commission is only charged on your profit - so if you back for a given price and lay it at even 1% less you will make a small profit. If you are backing with another bookie/exchange and laying on Betfair (or vice-versa) then you will need at least a 5% difference to make a profit. In your example yes you could make a profit by backing on Betfair and laying on Twoflys (provided you can get both bets on before the prices change - this is your only risk).

As an example last night I was checking some tennis prices and happened to notice that one market was only 99.6% with around $500 available to back on one player and several thousand on the other. In one minute with no risk I had made around $10 regardless of which player won the match.

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

Confused me too, Mark, it seems a-about the way they put the odds up. Must be a pommie thing, like Ritchie saying it's 222/2 at Lord's.
Reiterating becareful, there is no 3.50 on offer in your example, that is just the current low price a bettor is prepared to accept and 3.00 is the highest price a layer is prepared to lay.
There is a standoff till one meets the other at one end or somewhere in-between.
Once you get on and start pressing the buttons you soon get their drift.

Becareful
Thanks mate, a gentleman as always.