Hi,
Pre off Back: £10 @ 10.0
In play lay: £20 @ 5.0
Both matched. Do I win regardless of what horse eventually wins? Ie greening up is pointless if bets are matched?
Darren.
Dobbing/greening confusion.
When you back a horse at 10 with a £10 stake, your potential profit is calculated as follows:
Potential profit = (Back odds - 1) x stake
Potential profit = (10 - 1) x 10
Potential profit = £90
So, if your back bet wins, you will make a profit of £90.
When you lay a horse at 5 with a £20 stake, your liability is calculated as follows:
Liability = (Lay odds - 1) x stake
Liability = (5 - 1) x 20
Liability = £80
So, if your lay bet loses, you will be liable to pay out £80 to the person who took your bet.
To calculate your overall profit, you need to subtract your liability from your potential profit:
Overall profit = Potential profit - Liability
Overall profit = £90 - £80
Overall profit = £10.
Therefore, if your back bet wins and your lay bet loses, you will make a profit of £10.
If your back bet loses, you will lose your stake of £10. However, your lay bet wins, you will make a profit of £20 (the stake of the person who took your bet).
So, your overall profit would be:
Overall profit = Lay stake - Back stake
Overall profit = £20 - £10
Overall profit = £10.
Therefore, if your back bet loses and your lay bet wins, you will still make a profit of £10.
Greening up is calculating the total stakes so that you get an equal amount regardless of who wins the event. In your case the stakes are already perfect for greening, coincidentally or not.
Potential profit = (Back odds - 1) x stake
Potential profit = (10 - 1) x 10
Potential profit = £90
So, if your back bet wins, you will make a profit of £90.
When you lay a horse at 5 with a £20 stake, your liability is calculated as follows:
Liability = (Lay odds - 1) x stake
Liability = (5 - 1) x 20
Liability = £80
So, if your lay bet loses, you will be liable to pay out £80 to the person who took your bet.
To calculate your overall profit, you need to subtract your liability from your potential profit:
Overall profit = Potential profit - Liability
Overall profit = £90 - £80
Overall profit = £10.
Therefore, if your back bet wins and your lay bet loses, you will make a profit of £10.
If your back bet loses, you will lose your stake of £10. However, your lay bet wins, you will make a profit of £20 (the stake of the person who took your bet).
So, your overall profit would be:
Overall profit = Lay stake - Back stake
Overall profit = £20 - £10
Overall profit = £10.
Therefore, if your back bet loses and your lay bet wins, you will still make a profit of £10.
Greening up is calculating the total stakes so that you get an equal amount regardless of who wins the event. In your case the stakes are already perfect for greening, coincidentally or not.
As a matter of fact, as long as you choose the stakes to represent the odds of winning a.k.a by book%, any pair of back and lay bets will be hedged. For example if you want to back at odds 7 the back stake will be 100/7=£14.285 and lay at odds 3.75 the lay stake will be 100/3.75=£26.666.
These stakes give you an ~equal payout no matter which bet wins which is nothing but the difference between the stakes i.e. £26.666-£14.285 i.e. ~£12.3
These stakes give you an ~equal payout no matter which bet wins which is nothing but the difference between the stakes i.e. £26.666-£14.285 i.e. ~£12.3