Help with betfair rules

[steven1976]

Can someone help try and explain in simple terms why today I made a bet on golf as can be seen on my attached screen shot (not sure i have uploaded correct) and it lost money on it even though my understanding is it was a winning bet?

Basically, if my screen shot hasnt uploaded correctly, I backed Ian Poulter at 1.3 for 20 quid to finish in the top 5 at the HK open. He finished in a tie for 4th place. So actually there were 6 people in top 5 positions and ties.

Ive looked at betfairs terms for dead heats which are stated below but i cant get my head around them. Can someone who is use to dealing with betfair rules therefore clarify to me that my back bet should indeed have lost money?

Betfairs Dead Heat Rule
"By way of another example, assume there is an outright winner in a golf tournament but 7 players tie for 2nd place. In the "top 5 finish" market, after settling on the outright winner in the top 5 market there would be 4 other designated winners places available. 'Client A' has backed one of the winners for 300 at the traded price of 4.0 and 'Client B' has taken the other side of this bet. When the event is settled, the stake (300) is multiplied by 4/7 (i.e. the number of expected winners (4) divided by the number of actual winners (7)) to calculate the reduced stake (171.43) and the remainder given to the layer (128.57). The backer then receives the traded price matched (4.0) multiplied by the reduced stake (4 x 171.43 = 685.72). In this example, Client A's net winnings are 385.72 (685.72 payout minus the original 300 stake), and Client B's net losses are 385.72"

[LeTiss]

You had £20 @ 1.30

Poulter tied for 5th with 2 other players, the top 3 were all sorted, so your stakes of £20 will be divided by 2/3 (2 possible winning places being shared by 3 players)
This means your stakes are reduced to £13.33 and the remaining stakes are taken by the layer.

£13.33 at 1.30 gives you a small loss on the original £20 bet

[steven1976]

Hi LeTiss,
So as it was only a tie is poulter therefore not classed as being in the top 5? The leaderboard lists him in 4th place with the other two guys. So are you saying only out right people in the positions can be the winners? So actually, the top 5 on this occassion only results in 3 in the top 5?

I understood that after the reduced stake it would have been my back bet being 13.33 at 1.3 giving me a small profit of around 4 quid.

[steven1976]

"The backer then receives the traded price matched (4.0) multiplied by the reduced stake (4 x 171.43 = 685.72). "

So in my case as the backer should i not get the reduced stake of 13.33 x 1.33 ?

[gutuami]

I do not know about places in golf but in horse racing
if there's a dead heat say between two runners you will get half the odds for your stake.
Back [email protected] => back [email protected] (2.36/2) = 18
Lay [email protected] => lay [email protected] (2.3/2) = -15

So backing at odds between 1.01-1.99 is always a loss
and laying at odds between same odds is alwasy a profit

[LeTiss]

The top 3 were clear winners in the top 5 market.
However, of the other 2 places available in the top 5 market, 3 players tied for that position. It's basically a 3-way dead heat.

Your stakes are reduced to £13.33, but you still get the original price of 1.30, and that produces a return of £17.33, meaning you've lost roughly £2.65

[steven1976]

Thanks guys. So next time when something is already done as far as I could see I need to be the one offering a decent lay at less than 2s hoping there are mugs like me thinking theres an easy bit of money! I did manage to find some free money in the pairings but nothing to write home about. Mclroy picked me up 35p against harrington!