Betfair Returns

[manckevin]

Don't make them easy to work out do they?!

Anyway, I've looked back at a previous winning bet, one on the dogs, a few weeks back and I can work out the returns as follows:
Stake * Odds - Stake * 95% = Nett Return after Commission (then add the stake back on)

so, for the one on the dogs, it was:
£2.00 * 3.30 - £2.00 * 95% = £4.37 (plus £2.00)

Now then, if I've gone wrong already, please point me in the right direction. But the above example works out correctly.

So, on to today. Very Tasty wins for me at odds of 6.20 matched entirely at those odds. So:

£2.00 * 6.20 - £2.00 * 95% = £9.88 (plus £2.00) BUT ...

The commission of 5% (£0.42) was only worked out on nett winnings of £8.40 and my balance went up by £11.98 (not the £11.88 I would have been expecting using the above example).

I know I'm better off, but I like to know where I stand, so if anyone can point me in the right direction, I'd much appreciate it!

Yours,

Confused of Manchester :D

PS: Hope it makes sense as it sure as heck's thrown me!

[Onlyforfun]

Best to work it out as:

Returns = (stake * (odds-1)) - ((stake * (odds-1)) * comms)

Sometimes it doesn't work out exactly as your bet may be matched in 3 or 4 parts and each part is rounded separately.

[manckevin]

Think it must be a rounding difference and it was in two or more parts then I suppose, unfortunately I still haven't found a way to go back and check!

Anyone know of a decent calculator for working out their returns available online or for download?

[sportingprofit]

Maybe your commision rate is lower? As the more you better the lower commision you have to pay.

[manckevin]

Only started really using it properly today and they took it at 5% on the £8.40 (how they work that out I don't know). DO they normally take the commission after the bet being settled? Looks like I've not been charged comm. for my second winner of the day!?

[Win2Win]

Commission comes up as a seperate 'bet' and is not deducted from the actual bet

[Micky T]

Only started really using it properly today and they took it at 5% on the £8.40 (how they work that out I don't know). DO they normally take the commission after the bet being settled? Looks like I've not been charged comm. for my second winner of the day!?

Did you have a losing bet in the same race??

as this would mean that the losing bet is taken away from the winning bet before commission is worked out.

[manckevin]

Did you have a losing bet in the same race??

as this would mean that the losing bet is taken away from the winning bet before commission is worked out.

Sure did! Now that does make sense :) Getting somewhere now :)

Cheers Micky

[manckevin]

Right, sussed it (at last).

Stake * Odds - Total Stakes * (100-Commission %age) + Total Stakes seems to be doing the trick for me right now.

WORD PERFECT WINS AT 5/6 (2.92 taken).
£2.00 * 2.92 = 5.84
Less £4.00 = £1.84
Commission = 5% of £1.84 (£0.09) leaving £1.75
Add the Stakes back = £5.75 - which is exactly what got added back :) Thanks to Micky T for letting me know what the (fairly obvious) problem seemed to be.

[John]

And also:

e = m c<SUP>2</SUP>
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<SUP>:D</SUP>

[manckevin]

OK OK OK maths ain't my strong point (used to be). It's Betfair and the stupid way they settle!

[John]

Just pulling your leg Kev :wink Hope you made a profit today, unlike me!

[manckevin]

Profit? What's that :(