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  1. #1
    Join Date
    Aug 2011

    Lay bets with Betfair

    Because the betting tracker spreadsheet is designed to appeal to beginner and experienced punters alike, there is not substantial support built in for Betfair. With that being said, v1.10 onwards supports Betfair commissions, which makes inputting back bets easy. Because the spreadsheet doesn't intrinsically support lay bets, you have to input the equivalent back bets instead.

    If you place a lay bet with Betfair, we recommend you input it into the spreadsheet as follows. This example is for a $5.00 wager against an outcome at 4.00 odds. $5.00 is the lay stake amount and the lay odds are 4.00.

    • Input the stake amount as stake * (lay odds - 1), i.e "=5.00*3"
      • This reflects the fact that you have put $15.00 at risk by placing the wager.
    • Input the odds as 1 + 1/(lay odds - 1), i.e "=1 + 1/3"
      • This reflects the fact that you have put $15.00 at risk for the possibility of winning a $5.00 profit. The bet is equivalent to wagering $15 at 1.33 odds, because $15*1.33 = $20, and $20 - $15 = $5.
    • Input your Betfair commission into the appropriate column. Input 5% if you are unsure what it currently is.

    Once the bet has concluded:

    • Input Y or N into the win column, depending on whether the bet won or lost.
    • If necessary, update the commission column accordingly.

    If you place both back and lay bets on the same market, you can use the above instructions for the lay bets as per normal. Once the event has concluded, update the commission column (using trial and error if necessary) so that the winning bet(s) profits equal those shown in the Betfair account area. This will be achieved by lowering the commission amount. You do not need to update the commissions for the losing wagers.

    Note that while the instructions above have been written exclusively for Betfair, they should apply to other betting exchanges too.

  2. #2
    Join Date
    Sep 2011
    It doesn't surprise me why no one replied. Virtually every body is trying to avoid them.

    Just some highlights they had last month.

    Betfair is in for a rough ride over data theft*
    30 Sep 2011*

    Betfair will only refund bets in jackpot error*
    28 Sep 2011*

    Betfair 'removed £52,000 from account'*
    23 Sep 2011*

  3. #3
    Senior Member
    Join Date
    Aug 2011
    I know there's been a lot of uproar over the new "premium charges" of up to 60%, but I'm too small fry to worry about that one. I had heard about the 52k, but betfair reckon the guy was trying to avoid the premium charges by spreading his betting over five accounts. Hopefully the guy will take them to court so we can see if betfair were acting fairly or if he's lying.

    I reckon betfair shouldn't take their dominant position for granted. They need the big time players to offer the 1,000 odds to people like us. If they start inventing new charges to take money off them then betfair will lose the big fish, which would make the site go downhill in my opinion. Perhaps betfair is getting greedy.

  4. #4
    Join Date
    Aug 2011
    UPDATE: versions 2.0 and onwards of the betting tracker support lay bets. Click here to view the latest version.




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