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Laying off bets Options
Poindexter
#1 Posted : Wednesday, January 03, 2007 4:50:59 PM
Alain Prost



Joined: 9/22/2005
Posts: 2,023
Location: London

 
Just thought I'd try and gauge peoples opinions on whether laying off a bet is a good idea.

I tend to punt long term markets, looking for a big price team (aka a bit of value). Years ago I used to let the bet ride as I didn't have any other options, but nowadays punters have a lot more resource, particularly with the rise of the betting exchanges. You can now lay off a bet to lock in a guaranteed profit.

Of course this leaves me with a dilemma on a few occasions. Do you let the bet ride and hope for a big return or do you take the money and sit back with an all green book (profit on every team).

At the moment I'm thinking of locking in with my bet on the Saints for the SB, having backed them at 50-1 (they are now 10-1ish).

Anyone offer opinions on laying bets off?(no opinion need on Saints - I'm pretty sure I know what I'm going to do Very Happy )
gmoney
#2 Posted : Wednesday, January 03, 2007 4:57:38 PM
Arnold Palmer



Joined: 9/24/2005
Posts: 14,409
Location: Vegas Baby!

 
I've never been one to want to lay them off,but as you mentioned,with all the options out there now,it's almost to easy to pass up.

I've got a bet sitting out there on the Ravens @ 21-1 to win the AFC that I placed in July,they're now 3.5-1
Red Robbo
#3 Posted : Wednesday, January 03, 2007 5:08:47 PM
Li XiaoPeng

Joined: 9/21/2005
Posts: 263

 
For me it depends on the size of the original bet and whether I could do with freeing up some more cash in my account for other bets.

I understand why people lay off of course but it does take the excitement away a little.
ajrich
#4 Posted : Wednesday, January 03, 2007 5:16:50 PM
Hulk Hogan

Joined: 10/9/2006
Posts: 22

 
i always lay off - gettin saints at 50's was good work but profits profit and they wont win the league so u may aswell evn ur profit on all runners or alternatively get rid of your liability and at worse break even.
Blue Jay
#5 Posted : Wednesday, January 03, 2007 5:42:34 PM
Al Oerter


Joined: 1/16/2006
Posts: 3,113
Location: Right Behind You!

 
LAY every time, even if you just lay off enough to cover your stake.

Gmoney, if i was you, i would wait to see who Ravens are playing in their next match and then lay off the Ravens bet and take the guarenteed profit!

Poindex, let it roll and lay it off when the Saints reach the SB! Thumbs up

Don't hate, appreciate...
fudgeman
#6 Posted : Sunday, January 07, 2007 8:32:02 PM
Dougie Lampkin



Joined: 3/2/2006
Posts: 40
Location: London

 
I have just got betting alot more over the past few months and I like locking in for a tidy profit. Great bet on the Saints mate any other tips?

His mechanism's gone
Rex Oedipus
#7 Posted : Tuesday, January 16, 2007 12:32:28 AM
Nadia Comanesci



Joined: 1/14/2007
Posts: 491
Location: London

 
You have two punters...A and B we'll call them.
They both have 100 identical football bets over a 3 month period say.
Punter A locks in a profit whenever he can during the games and Punter B doesn't.
I think you will find both have roughly the same profit (or loss) at the end of that 3 months.

"In gambling the many must lose in order that the few may win"
wayaway
#8 Posted : Tuesday, January 16, 2007 4:01:01 AM
Eddie "The Eagle" Edwards

Joined: 1/15/2007
Posts: 2

 
If you can lay off at what you judge a 'wrong price', why not? You shouldn't do it just to 'lock in a profit', but if the price looks a good lay, trust your judgement - well, your betting history should tell you whether you should trust your judgement Smile
wayaway
#9 Posted : Tuesday, January 16, 2007 4:04:49 AM
Eddie "The Eagle" Edwards

Joined: 1/15/2007
Posts: 2

 
To clarify, you can find 'wrong prices' on both the 'back' and 'lay' sides - keep a comprehensive betting history and assess whether you are good at backing, laying or both (or, sadly all too often, NONE).
davidgoes4wce
#10 Posted : Thursday, February 01, 2007 1:41:34 AM
Quinten Hann

Joined: 12/15/2006
Posts: 13

 
I know for sport like a tennis especially , 'hedging' your bets is priceless. You would be suprised as to see how many matches where 1.01 gets beaten in-play.
Benny J
#11 Posted : Thursday, February 01, 2007 1:53:17 AM
Mal Meninga



Joined: 1/27/2006
Posts: 1,503
Location: E-Town, Australia

 
This is going to sound silly...but can someone explain how this works...

From what i can gather you take a bet at say 20-1 and when the it is down to paying 10-1...you can "sell" the bet back to the betting agency?

Is that right. If so how do they calculate the return etc?

davidgoes4wce
#12 Posted : Thursday, February 01, 2007 3:36:35 AM
Quinten Hann

Joined: 12/15/2006
Posts: 13

 
bennyj its quite simple

say WEST COAST V SYDNEY

I think West Coast will win

1. I decide to place a 100 wager at 1.90

PROFIT & LOSS: +90 WCE/-100 SYDNEY

2. In-play the odds might be WCE 1.20 V 5.00 SYDNEY

WCE lead by say 5 goals, hence you can 'hedge' your profit.

3 scenarios :
+70 WCE/+0 SYDNEY (MAX PROFIT ON WCE)
+58.30 WCE/+58.30 SYDNEY (AVERAGE PROFIT)
+0 WCE/+350 SYDNEY (MAX PROFIT ON SYDNEY)
Benny J
#13 Posted : Thursday, February 01, 2007 3:55:25 AM
Mal Meninga



Joined: 1/27/2006
Posts: 1,503
Location: E-Town, Australia

 
"Poindexter"

At the moment I'm thinking of locking in with my bet on the Saints for the SB, having backed them at 50-1 (they are now 10-1ish).



So in this scenario...how would be make profit?? Bet on other teams as well as his initial bet?

davidgoes4wce
#14 Posted : Thursday, February 01, 2007 5:04:33 AM
Quinten Hann

Joined: 12/15/2006
Posts: 13

 
Usually backing a long term market and hedging and letting it ride until the final outcome can be a smart idea.

Unfortunately the Saints didnt reach the Superbowl, but if I placed a bet of 100 at 50.00 on the Saints earlier in the year, and they happened to reach the Final lets say, and they started off a 50 50 bet in the Superbowl at $2.00.

+4900 Saints/-100 ANY OTHER TEAM

lets say we want to, get profit on both sides:

A) +4800/+0
B) +2400/+2400
C) +0 /4800

a bookie which I believe is the best, and shows P&L throughout the whole situation is Betfair. You can join them and Referral code is : TV79MODAL
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