Betfair commision/Profit calculation

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  • Misanthrope_Hz
    SBR Rookie
    • 03-09-10
    • 22

    #1
    Betfair commision/Profit calculation
    Hello to all

    After years of betting with tradional bookmakers, decided to go further, with betting exchanges...

    Decided to take my first bet just to see how it works, and now I'm pretty much confused

    As I said, first bet was just to see how the commision is calculated, so I went with minimum stakes, 4.50€

    I've placed a bet (Sedan -0.25 @1,96), and I've been charged for an extra 0.02€, my balance was decreased for 4.52€ instead of 4.50€
    That confused me a bit, cause rules says that commision is taken only on winning bets, not on your stake

    Game finished, bet won, and new commision for me
    Instead of 4.32€ profit (4.50x1.96=8.82 | 8.82-4.50=4.32) I've got back 8.62€ which means 4.10€ of profit. Another extra fee, now 0.20€

    Questions:
    What is that 0.02€ and what is 0.20€ fee?

    Is there any way (formula or something), that can recalculate the odds, because my current balance does not coincides with my balance that I keep record of in my excel file? For example; for my bet mentioned before, the real odds would be 1.91 instead of 1.96 (4.50€x1.91=8.59 |8.59-4.5=4.09€)... hope you understand what am I trying to say

    Thanx very much in advance!
  • Hareeba!
    BARRELED IN @ SBR!
    • 07-01-06
    • 37283

    #2
    Two things to remember here

    1. Betfair offers betting in numerous currencies so there has to be a degree of rounding going on. This will frequently throw up minor differences of 1 or 2 cents

    2. Commission also has to be rounded but on your account page they will show the actual commission taken.

    It seems you were matched for 4.52 @ 1.96?
    Profit is 4.52 x 0.96 = 4.3392 ... probably rounded to 4.34
    Commission at 5% = 0.22 which is 5.07% rounded.
    Net Profit 4.12

    why are you referring to a "fee"
    is that what appears on your account page?
    if so I have no idea
    Comment
    • Misanthrope_Hz
      SBR Rookie
      • 03-09-10
      • 22

      #3
      Thanx for your reply

      My bad, fee=commision

      As I said, I've staked 4.50€, but they took 4.52€ (OK, really no big deal, currencies difference... but why every single book don't take those minor differences )

      So, If I got you right, they charge commision of 5%, and my odds @1.96 are actually 1.91?
      How can I translate odds, cause, as I mention before, I manage all my bets in excel file, and I need to have real odds (odds given - commision rate = real odds)?

      There is some plain formula, that I don't know
      Comment
      • Hareeba!
        BARRELED IN @ SBR!
        • 07-01-06
        • 37283

        #4
        Originally posted by Misanthrope_Hz
        Thanx for your reply

        My bad, fee=commision

        As I said, I've staked 4.50€, but they took 4.52€ (OK, really no big deal, currencies difference... but why every single book don't take those minor differences )

        So, If I got you right, they charge commision of 5%, and my odds @1.96 are actually 1.91?
        How can I translate odds, cause, as I mention before, I manage all my bets in excel file, and I need to have real odds (odds given - commision rate = real odds)?

        There is some plain formula, that I don't know
        If you're on the basic 5% commission the formula is:

        (Betfair quote -1) x (1 - 0.05) +1 = Actual price

        (1.96 - 1.00) x 0.95 + 1 = 1.912

        If you are seeking a minimum price of say 2.20 you need to divide 1.20 by .95 = 1.263 so you would need to look for 2.28 on Betfair, or you could look to lay the other side at 1.79 (the maths gets a little involved but if you are capable with Excel you will be able to figure it all out.
        Comment
        • Misanthrope_Hz
          SBR Rookie
          • 03-09-10
          • 22

          #5
          Originally posted by Hareeba!
          If you're on the basic 5% commission the formula is:

          (Betfair quote -1) x (1 - 0.05) +1 = Actual price

          (1.96 - 1.00) x 0.95 + 1 = 1.912
          That's just what I was looking for!

          Haven't really understand the second part of your post, but this is important, now I know the real odds.

          Btw. the basic 5% commission is changable?
          I had a look at this: http://forum.betfair.com/aboutUs/Betfair.Charges/
          ... and it just got more blurred
          Comment
          • Hareeba!
            BARRELED IN @ SBR!
            • 07-01-06
            • 37283

            #6
            Originally posted by Misanthrope_Hz
            That's just what I was looking for!

            Haven't really understand the second part of your post, but this is important, now I know the real odds.

            Btw. the basic 5% commission is changable?
            I had a look at this: http://forum.betfair.com/aboutUs/Betfair.Charges/
            ... and it just got more blurred
            pretty simple ... the more you turn over on a regular basis the lower your commission ... if you bet big it can get as low as 2%

            but if you do too well you can be hit with the dreaded "premium charge" ... but don't worry about that at this stage
            Comment
            • Misanthrope_Hz
              SBR Rookie
              • 03-09-10
              • 22

              #7
              Originally posted by Hareeba!
              pretty simple ... the more you turn over on a regular basis the lower your commission ... if you bet big it can get as low as 2%

              but if you do too well you can be hit with the dreaded "premium charge" ... but don't worry about that at this stage
              Yea... I've understand it just as you simplify it
              But all those terms - Market Base Rate, Discount Rate, Betfair Points, Betfair Holidays etc. etc. do make a lil' mess in a head of BF newbie

              In a next month or so, I'll see was it all worth... I mean is Betfair really a step further, when compared to his majesty Pinnacle and some asian books...

              Thanx a lot again mate!
              Comment
              • Hareeba!
                BARRELED IN @ SBR!
                • 07-01-06
                • 37283

                #8
                Originally posted by Misanthrope_Hz
                I mean is Betfair really a step further, when compared to his majesty Pinnacle and some asian books...
                that probably depends on what you like to bet on
                you will generally find net Betfair prices pretty comparable with Pinnacle
                but you have a far wider range of sports and options at Betfair
                in play betting is far superior at Betfair - soccer and tennis in particular
                horse betting too .. and the ability to lay just isn't available elsewhere
                Comment
                • Dr.Gonzo
                  SBR MVP
                  • 12-05-09
                  • 4660

                  #9
                  Hareeba being stuck in Aus how do you approach live betting with betfair?
                  Comment
                  • Hareeba!
                    BARRELED IN @ SBR!
                    • 07-01-06
                    • 37283

                    #10
                    Originally posted by Dr.Gonzo
                    Hareeba being stuck in Aus how do you approach live betting with betfair?
                    I don't
                    Comment
                    • gags
                      SBR Rookie
                      • 05-21-10
                      • 45

                      #11
                      Originally posted by Hareeba!
                      that probably depends on what you like to bet on
                      you will generally find net Betfair prices pretty comparable with Pinnacle
                      but you have a far wider range of sports and options at Betfair
                      in play betting is far superior at Betfair - soccer and tennis in particular
                      horse betting too .. and the ability to lay just isn't available elsewhere

                      Agree with everything here
                      Comment
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