understanding BETFAIR?

[SPECULATOR 13]

Everyday i look at the lines at BETFAIR even though i do not have a account with them now(I'm with MATCHBOOK & TRADESPORTS) but will for next NFL season if i can ever understand what the hell they are offering!.
However their imbecilic and overly complicated website and playcards have me pulling hair out trying to understand what they are about.
BigBoyDan just love BETFAIR and have advise me to learn how to deal with them because according to Danny they are a veritable gold mine!!!
So with this in mind: BigBoydan(or any body else)can you try to explain the following to me please?:
Today on betfair for THE NHL game between Pittsburgh vs montreal they showed the following:

REGULAR TIME MATCH ODDS:

MATCH--------HOME---------DRAW-----------AWAY
---------------back.Lay------back.Lay--------back.Lay
pittsburgh vs-- 3.3 /3.4-------4.3 /4.5--------2.06/2.01
montreal
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
MONEY LINE:
-----------------BACK-----LAY

PITTSBURGH-----2.56------2.60
MONTREAL-------1.62------1.65

Now on the money line ticket,i understand that you can bet Pittsburgh for example with "back" option,i also understand that you can "back" a DRAW on the 1st ticket but i don't get the"Lay" option,why do you need it?If you don't bet one side than you automatically are betting the other side,no?
Why do you need a HOME and AWAY option since you can check either the Pittsburgh or Montreal Team names with your selection,no? They send me e-mail back after i made the mistake of asking for help in order to explain the meaning of their rubbish and was told by a asshole:
To " Lay" is to bet the other side??WTF?why don't just bet the other side by clicking the other side?
Notice also that under the "AWAY" option (I.E Pittsburgh is a favorite now and not a dog anymore or are they?....)
So can someone be kind enough enough to explain this nonsense to me in English?
thank you.

[thebigguy]

Everyday i look at the lines at BETFAIR even though i do not have a account with them now(I'm with MATCHBOOK & TRADESPORTS) but will for next NFL season if i can ever understand what the hell they are offering!.
However their imbecilic and overly complicated website and playcards have me pulling hair out trying to understand what they are about.
BigBoyDan just love BETFAIR and have advise me to learn how to deal with them because according to Danny they are a veritable gold mine!!!
So with this in mind: BigBoydan(or any body else)can you try to explain the following to me please?:
Today on betfair for THE NHL game between Pittsburgh vs montreal they showed the following:

REGULAR TIME MATCH ODDS:

MATCH--------HOME---------DRAW-----------AWAY
---------------back.Lay------back.Lay--------back.Lay
pittsburgh vs-- 3.3 /3.4-------4.3 /4.5--------2.06/2.01
montreal
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
MONEY LINE:
-----------------BACK-----LAY

PITTSBURGH-----2.56------2.60
MONTREAL-------1.62------1.65

Now on the money line ticket,i understand that you can bet Pittsburgh for example with "back" option,i also understand that you can "back" a DRAW on the 1st ticket but i don't get the"Lay" option,why do you need it?If you don't bet one side than you automatically are betting the other side,no?
Why do you need a HOME and AWAY option since you can check either the Pittsburgh or Montreal Team names with your selection,no? They send me e-mail back after i made the mistake of asking for help in order to explain the meaning of their rubbish and was told by a asshole:
To " Lay" is to bet the other side??WTF?why don't just bet the other side by clicking the other side?
Notice also that under the "AWAY" option (I.E Pittsburgh is a favorite now and not a dog anymore or are they?....)
So can someone be kind enough enough to explain this nonsense to me in English?
thank you.

Hi Specular

Do not concern yourself with the lay option. If you are a punter then you are only backing a team. The Lay option is for someone to take your bet. Say that you wanted to back Montreal but you wanted a better price say $1.65 the you would place your wager this would then go onto the lay side and if someone wanted to take your action your bet would be matched.

Does that make any sense?

[SPECULATOR 13]

Hi Specular

Do not concern yourself with the lay option. If you are a punter then you are only backing a team. The Lay option is for someone to take your bet. Say that you wanted to back Montreal but you wanted a better price say $1.65 the you would place your wager this would then go onto the lay side and if someone wanted to take your action your bet would be matched.

Does that make any sense?

Well biggy maybe:

let's see,
the line is 1.62 but i want 1.65,so it will show on the card that someone is offering 1.65 witch is over the line of 1.62,so if i want it instead of Backing MTL 1.62,i "LAY" 1.65....
or am i wrong?

[Santo]

"However their imbecilic and overly complicated website"

The rest of the world seems to cope just fine ;-)

No you don't want to lay 1.65.

[indy62]

i allways back a play,then if the price drops i will lay the bet ,there for locking in a sure profit(on horses)you have to remember on bet fair every one is using betting bots
LazIE Trader
Bookie Sniper
Ultra X Trader - Betfair X Games Bot
System Ultra Betfair System
System Zero Zero
Racing Voodoo System
The Staking Machine
Cracking Betfair
Looking for BIG Betfair Trading Profits? - Download The Trading Formula
Cricket Trader - Cricket Trading System for Betfair
Bet-Ie Version 2.5 Betfair Software Released
Profitable Betfair Exchange Trading System - Easy Trader Pro...these tools scour the site for the optimal prices,as for hockey they are usefull also,ibelieve there is a free version of betangel

[thebigguy]

Well biggy maybe:

let's see,
the line is 1.62 but i want 1.65,so it will show on the card that someone is offering 1.65 witch is over the line of 1.62,so if i want it instead of Backing MTL 1.62,i "LAY" 1.65....
or am i wrong?

Hi Speculator

Not quite. If you want $1.65 then you hit back. It will then go across to the lay said. Anything that is listed on the lay side is someone wanted to bet at that price. If no one takes your bet then it will sit there at $1.65 on the lay side until someone wants to take your bet. If you have any more questions please ask.

[SPECULATOR 13]

Hi Speculator

If you have any more questions please ask.

Thanks biggy i apreciate it.

BIGGY to quote Forest Gump "I'M NOT A SMART MAN" and i'm not a vegetable either but i sure look like one trying to figure out this Betfair bullsh*t.
I will limit myself to just play the back propositions and leave it at that.However old chum,In your estimation how much can you EASILY bet on Sundays with Betfair on a NFL side without having worry about the liquidity?
The guys on the site have told me that Matchbook will take 100k in a finger snap.where would you put Betfair?

[thebigguy]

Thanks biggy i apreciate it.

BIGGY to quote Forest Gump "I'M NOT A SMART MAN" and i'm not a vegetable either but i sure look like one trying to figure out this Betfair bullsh*t.
I will limit myself to just play the back propositions and leave it at that.However old chum,In your estimation how much can you EASILY bet on Sundays with Betfair on a NFL side without having worry about the liquidity?
The guys on the site have told me that Matchbook will take 100k in a finger snap.where would you put Betfair?

Hi Speculator

Once you get your head around it it will make sense.
It really depends but you can easily check the liquidity and see what is available to bet. In the example if you want to back something that is $1.65 but you want $1.70 just hit back at $1.70 and your bet will not be matched immediatley will go across to the lay side and it someone wants to take your bet then you will be matched.

The reverse also works it you want to take a bet (Like being the Bookie) you will lay at price. In the example someone has offered to lay that team at $1.65 so this then goes across to back side and it someone wants to back it at $1.65 then it will be matched up. Is that clear as mud?

The best way is to open an account and play with some small dollars. Once you get your head around it then sense (and hopefully dollars) will be made.

[indy62]

there are many tutorial vids on utube,explaining tips and tricks regarding betfair

[hd777]

Dear speculator,
Betfair wud stop working if they were no lay options,"remember"!! it is not a book, it calls itself an exchange

[Scorpion]

http://promo.betfair.com/learnbetfair/

[Hareeba!]

the problem you are encountering is that the decimal odds system isn't anywhere near as efficient for an exchange as the US odds system which Matchbook has the advantage of being able to use

the decimal system doesn't have precise reverse equivalents for all prices

eg. in US odds you bet at +300 and the guy on the other side is betting at -300 ... so simple

at BetFair you bet at 4.00 (+300) but the other side is betting at 1.33 which is -303.03
so Betfair has to quote a lay price, unlike Matcbook

however they now have an automatic system on most markets (but not on the Australian markets) which puts up as close as possible a lay (or back) price when you enter a bid to make it a bit easier.

smarter players will look at both the back and lay prices in two sided markets to take advantage of the fractional difference before submitting their bets.

[blackf1re]

Check out Betfair's Education site. Should explain everything.

http://betting.betfair.com/education/

[brumbies]

I wonder whats the difference between betfair uk and au? Can you only live bet through the phone if you are in au?

[fido007]

I wonder whats the difference between betfair uk and au? Can you only live bet through the phone if you are in au?

No there is no difference

[Hareeba!]

I wonder whats the difference between betfair uk and au? Can you only live bet through the phone if you are in au?

essentially no difference but you need to transfer funds to your "Australian wallet" if you wish to bet on one of the Aus markets (usually sports played in Aus and NZ)

punters located in Australia can't bet on in-play sports markets on line - they have to phone in to do so thanks to ignorant legislators who think it encourages "problem gambling"

[Stumpage]

Hey Spec, seeing as this thread was bumped, how did it end up for you at BetFair?