I think I am giving myself a headache

[millsmum]

Please can someone help me unpick my head!

I thought today I would take advantage of the bookmakers extra places and the laying on the exchange and seeing if it is matched or trading out if not. ( I am learning how to trade and am doing the same thing over and over and funnily its not working. I need to change my stategy and I am a little slow in learning)
I might be not understanding this very well and this might not be worth my while!! but I thought i would boost my balance and maybe take advantage when cheltenham comes round.

Please pick this apart!!

I backed a horse at @6 at paddy £10 ew paying 4 places
I then layed the horse on the exchage at£10@ 6 on the win and £10@ 2 to place 4 places. this is where I start to fry my head.
I should therefore make no profit if it wins or loses only if it hits the exta place which I should make £20

Horse doesn't win and comes in 5th by a whisker.

I am all twitchy as I can do this normally via a 3rd party site but I have waited for the odds to move for the order to fill.

my first question is when i cam to lay the place on the exchange it is win or place. I went to the beftair website and pick the lay 4 places to lay. the market on betangel how many places does it cover?
question2 when the race is in play. should I just let it run the course and not touch it, that way I just get in this case £0 profit or should I try and adding an exit bet? if so if the horse is going to win should I just trade? and if its running backwards and going to lose should I just trade out? If I am trading out do I just hit the trade profit button?

or am I just bonkers?

[Derek27]

Please can someone help me unpick my head!

I thought today I would take advantage of the bookmakers extra places and the laying on the exchange and seeing if it is matched or trading out if not. ( I am learning how to trade and am doing the same thing over and over and funnily its not working. I need to change my stategy and I am a little slow in learning)
I might be not understanding this very well and this might not be worth my while!! but I thought i would boost my balance and maybe take advantage when cheltenham comes round.

Please pick this apart!!

I backed a horse at @6 at paddy £10 ew paying 4 places
I then layed the horse on the exchage at£10@ 6 on the win and £10@ 2 to place 4 places. this is where I start to fry my head.
I should therefore make no profit if it wins or loses only if it hits the exta place which I should make £20

Horse doesn't win and comes in 5th by a whisker.

I am all twitchy as I can do this normally via a 3rd party site but I have waited for the odds to move for the order to fill.

my first question is when i cam to lay the place on the exchange it is win or place. I went to the beftair website and pick the lay 4 places to lay. the market on betangel how many places does it cover?
question2 when the race is in play. should I just let it run the course and not touch it, that way I just get in this case £0 profit or should I try and adding an exit bet? if so if the horse is going to win should I just trade? and if its running backwards and going to lose should I just trade out? If I am trading out do I just hit the trade profit button?

or am I just bonkers?

The markets on the Betfair website are exactly the same as the ones on Bet Angel, you just need to find the 4-place market.

You're forgetting to take commission into account. If the bet loses on PP and wins on BF you lose after paying BF commission.

1) Betfair has separate win, place and eachway markets. The 4 places market is for 4 places, hence its name.

2) What you do depends on what you want or are trying to achieve. The chances of a horse hitting that extra place are very slim and by the time it comes in you would have lost a lot in commission. You will also have difficulty getting your lay bets matched at the correct price as bookie prices are quite mean.

if so if the horse is going to win should I just trade?

If you know when a horse is going to win before a lay bet of 2 is taken you shouldn't need any help - you're lightyears ahead of the rest of us.

[millsmum]

no I meant before its taken on the exchange

[millsmum]

so its not a good idea!

[Derek27]

no I meant before its taken on the exchange

How do you know a horse is going to win before your lay bet is taken? You'd have to be a step ahead of everybody else if you can see a horse is going to win but nobody else has, or have I misunderstood something?

[millsmum]

See now I am convinced I’m just making stuff up
If I back at a higher price at the bookies then lay the place at the exchange on the win and the place that is what I have been doing while match betting? Take a small loss to hopefully make a win on the place?

I just thought I could maybe do this and either make the loss a bit smaller by placing the lay at a better price and waiting for it to match

I have no idea what I am doing, which I know is very obvious in my question. I just wanted someone to help me work through why this did or don’t work!! Sorry I’m not saying I can for see why will happen. I’m just trying to work out the mechanism of they system.

[Dallas]

An E/W bet with a bookie and place bet on the exchange are two different types of bets
Place bets pay out the same amount no matter which position its placed in
an E/W bet pays out differently

[Derek27]

See now I am convinced I’m just making stuff up
If I back at a higher price at the bookies then lay the place at the exchange on the win and the place that is what I have been doing while match betting? Take a small loss to hopefully make a win on the place?

I just thought I could maybe do this and either make the loss a bit smaller by placing the lay at a better price and waiting for it to match

I have no idea what I am doing, which I know is very obvious in my question. I just wanted someone to help me work through why this did or don’t work!! Sorry I’m not saying I can for see why will happen. I’m just trying to work out the mechanism of they system.

If you place the bet at a lower price hoping it will be matched, there will be many instances when the bet isn't matched and you lose half your stake. It's not likely to be mitigated by the odd marginal win.

Why complicate things by arbing the each-way market? Why not arb the win only market? There used to be good opportunities on US horse racing to back horses at good prices with bookies and lay them on the exchange at a much lower price. I've heard there are opportunities on the dogs as well.