Betfair SP

[Sandman]

I joined Betfair today, and placed my firt bets,
However, I could not work out how to take SP, and ended up taking the current price for each of my bets.
Is it possible to take SP, and if so, How??

:(

[vegyjones]

You can't take SP on Betfair,

you can leave an offer higher thn that available,
but that might not be matched!

If you want a price close to SP,
you would have to wait unitl just before the off
and take the available price then!

[Sandman]

Aw bloody hell!
I can't do that most days..cos I am out and about with work.
Damn damn damn.
I just put a large deposit in there!!
What chance I could get my money back out?!?!

[mathare]

If you want your money back out just withdraw it Sandman.

You will get on average 20% better odds than SP on Betfair though

[vegyjones]

Aw bloody hell!
I can't do that most days..cos I am out and about with work.
Damn damn damn.
I just put a large deposit in there!!
What chance I could get my money back out?!?!

It shouldn't be a problem Sandman...

Just place your bets early and make sure they are matched!
You get on average 20% better odds than at a normal bookies!

If you do want to withdraw your money,
it shouldn't be a problem and should take about
3 workng days to get back to your account!

However, a large majority here use the exchanges!

[Sandman]

Yes I know... that's why I wanted to use it.
But in your opinion(s).. would this still hold true if I had to take a betfair price the night before racing... and in fact, are there prices available the night before?
Would the advice be to stick with betfair, or go back to a traditional online bookmaker, where I can specify SP?

[mathare]

Prices are available the night before sometimes but the liquidity increases as it gets nearer to the off. So only poor prices may be on offer the night before with them getting closer to SP as the race approaches.

If I were you I would try it for a month or so, leaving an order for slightly above the odds currently available. So put the bet in for 10.0 if the best price is 9.6 or 9.8. See how it compares to SP over a month. Some bets may not get taken though. And a non-runner will cause any unmatched bets to be cancelled which wouldn't happen with a bookie if you took SP

[Sandman]

Cheers guys!
Nothing is EVER straight forward is it?!?!

I also noted that there is mention of commision being charged....

[vegyjones]

5 % of of your winnings,

but being that you be getting 20% better odds,
shouldn't have much effect!

As Mat says, keep an accurate record of your matched bets
and their SP to see which is better!

[mathare]

Cheers guys!
Nothing is EVER straight forward is it?!?!It is if you ask for as much info as possible before doing anything :)


I also noted that there is mention of commision being charged....Betfair provide a service. They are an exchange not a bookmaker. They find people with differing opinions about a horse who can agree on the odds and a sum to be staked at those odds and they match them up. So if you want 10/1 (11.0) about a horse and want to put a tenner on it they find someone who is willing it lay the horse at 10/1 for a tenner. They may need to find several people to share the stake but they will do their best to get your bet matched. For this matching service they charge a commission on winnings and since every bet has a winner they profit from the amount of bets (actually the total stakes) they can get matched. Commission starts at 5% of winnings and decreases as your turnover goes up. No commission is charged on losses.

If the above horse wins Betfair will take 5% of your profit, ie a fiver. If it loses you lose your tenner and the layer gets it, minus Betfair's commision which will be 50p.

[Win2Win]

SP is what the bookies use to pay for their holidays, as long term SP has a very good % in their favour. Not sure why anyone would want SP unless they enjoy giving money away :doh

[Profit Seeker]

Very often the prices the night before are way better than SP. Well I find that with medium to high priced horses anyway. The shorter priced favourites may drift more but that should even either way mate. If you want to stick with a bookie go with super odds, least you'll get a bit better than SP that way.

[Sandman]

Thanks for the advice everyone.

Mathare is right... I should have asked more questions before I started, but to be honest, I never even considered the possibility that I couldn't just back or lay a horse, but not take to price on offer at the time.
I will live and learn.

[mathare]

Thanks for the advice everyone.

Mathare is right... I should have asked more questions before I started, but to be honest, I never even considered the possibility that I couldn't just back or lay a horse, but not take to price on offer at the time.
I will live and learn.I hope you didn't take that as a dig or anything S, it was quite flippant I know. But it is true. Better to be safe than sorry. Always best to be fully informed before doing anything involving money.

That said your money is with a reputable firm and if you don't like Betfair you can take your cash back out again. They are not some dodgy fly-by-night joint that you will never get your cash back from.

[Sandman]

Not at all Mathare. No offence was taken... it WAS a slight dig... but a well placed one! :box
All help and advice fully appreciated.