2 Betfair Questions

[BigFish]

First: Is it possible to change the settings so as to have "American-style" odds displayed? I'm just so clueless when the posted odds on some event are listed as: Miami 1.14 or Philly 7.8. (see tonight's Miami Heat game).

Second: Also, does Betfair offer lines on individual MLB baseball games? All I see is a bunch of futures listed, and no markets for individual games.

Any input would be greatly appreciated.

[Pareto]

I dont think you can change to american style odds.

They do offer MLB baseball games. The markets are up right now. However Betfair is not the best book for baseball as liquidity is not that great.

[Chopsticks]

I think you can use american format on Betdaq but not sure. Liquidity will be even less than at Betfair anyway.

Smarkets is a good option because they will add liquidity automatically at ~bf odds for you as you keep taking what is available and they have american format. However I do not think that they offer baseball matches.

[the_situation]

1.) No, stuck in Decimal Odds
2.) Yes they do, but only on the day of the games

Look at Matchbook if you want to bet MLB...good liquidity, great prices, and super low commission

[BigFish]

Thanks, guys! Very helpful.

[Hareeba!]

First: Is it possible to change the settings so as to have "American-style" odds displayed? I'm just so clueless when the posted odds on some event are listed as: Miami 1.14 or Philly 7.8. (see tonight's Miami Heat game). .

It's hardly rocket science
for every $ you bet you get a return of $1.14, $7.80 etc. How much more simple can it get?
there are any number of freely available converters on the net
I learned betting on racetracks using fractional odds which then they changed to decimal odds and when I started online sports betting I encountered US odds for the first time. I had to learn how to interpret things like -260 into something more useful. Again, it was hardly rocket science.

[Chopsticks]

It is not rocket science but it is a hassle to have to think about how much you should stake at what odds. If you are a small time player you are not really interested in going about learning the different odds formats. You should not need to in this day and age either since it would not be difficult for the sportsbook to accomodate the player by offering different odds formats.

[Hareeba!]

It is not rocket science but it is a hassle to have to think about how much you should stake at what odds. If you are a small time player you are not really interested in going about learning the different odds formats. You should not need to in this day and age either since it would not be difficult for the sportsbook to accomodate the player by offering different odds formats.

I agree that would be better but there are no accurate conversions from/to decimal/US format for many quotes and I could see the complaints they would have to put up with as a result.

US odds are far more efficient for an exchange as there is a direct back/lay equivalent for every price, unlike with the decimal odds format. But can you imagine millions of Brits coping with that change?

[Chopsticks]

No I cant. When I first opened a 5dimes or whatever account it was kind of scary how by default the odds format is american odds. I do not know how many times I accidentally entered $100 on odds of say -150, thinking I was risking $100, but instead of course I was risking $150. It is of course your own responsibility to check before you submit, but in the rush of things mistakes happens. It is harder to make mistakes like that with decimal maybe, but it has probably happened that some guy betting at odds of 1.50, thinking he bet "to win $100" instead risked $100 to win $50.

Also there is the whole "home team is at the bottom" that got me a few times. I almost had a disaster when both the odds format and the home team at the bottom confused me as I thought I had placed $500 to win $250 but instead risked $1000 to win $500, then went to lay off a bit on the other side using a different book because the bet was bigger than intended, only to again bet the same outcome. This was all like 2 minutes before KO so was stressed as hell. Fortunately karma was on my side so I won. But these silly things happen when you are not familiar but think you are too cool to make mistakes.

As for what the true odds should be.. lots of sites quote in their terms and conditions what odds format bets are settled in and state that the other formats are for reference only. I think one or two bookies settled based on what format you were using at the time, so there was money to be saved by switching around odds formats to your advantage. I can't remember which bookies did that but I am sure I read it somewhere.

I think totesport and ladbrokes both settle using fractionals, but they will quote odds of 2.37 if you use decimals (See Estudiantes match right now for instance). Upon settlement it will settle at 11/8, so true odds 2.375.

I would be interesting to see what would happen to the market if betfair used american odds.

[Jontheman]

I agree that would be better but there are no accurate conversions from/to decimal/US format for many quotes and I could see the complaints they would have to put up with as a result.

US odds are far more efficient for an exchange as there is a direct back/lay equivalent for every price, unlike with the decimal odds format. But can you imagine millions of Brits coping with that change?

To be fair we've coped with one change already. The only odds format ever used in Britain until Betfair came along was fractional - 11/8, 8/1 etc. Betfair basically introduced the UK to the concept of decimal odds and is still ploughing a lone furrow with them as far as the UK goes. All high street and track bookmakers still use fractional odds as it is what the UK public is comfortable with.

[jairocon]

I think decimal odds should be standard everywhere As they make most sense of how much return for every dollar/euro/unit you get. Then again - it's up to the books to be customer friendly. If a book can't provide me with an option to change to decimal odds... then as good as their prices might be - I'm going to avoid it - because the time I'd spend on converting is the time/money I lose if the odds are changing fairly quickly.

[the_situation]

They should have the option for US Odds...way easier for all Canadians that play there

[Sawyer]

Let me give you a tip.

In Betfair, there's two odds. Back and Lay.

For example, New York Yankees Back is 1.66, New York Yankees Lay is 1.67.

It means, if you risk 100 on Yanks (Backing Yankees), you win 66.

If you lay Yankees, (you say Yanks won't win) then you're risking 100 to win 67.

So lay odds are basically American Odds!

Let's say Texas back is 2,50 and Texas lay is 2,52. If you say Texas won't win, (opponent will win) then you wager 152 to win 100. Your liability is 152. Same as american odds.. Hope it makes it easier..

[Salamander]

It's easy if the odds are greater than 2.0, you just subtract 1.00 and add a plus sign in front.

Example: 3.40 = +240, 2.76 = +176 etc.

For number between 1.01 and 1.99, if you press "back" at some odds (say 1.8), then input an amount you will see a % amount, in this case 55.56%, at the bottom of the screen (make sure the "show % book" box is checked). This may help if you know U.S. odds in % terms.

[Stumpage]

However Betfair is not the best book for baseball as liquidity is not that great.

Pareto is spot on here. I would only add that there does seem to be certain times, in my experience, that liquidity improves. That would be anytime that the RedSox or Yankees are playing, during the playoffs (obviously) and the Sunday night ESPN game. Just my experience, though I will admit my exposure to MLB is down over the last year or so, thus things may have changed.

[tommygun]

decimal odds are easier than fractions

[LordVodka]

Are they allowing US customers?

[Border Gadgie]

Betfair have an odds converter readily available........when you are on the line you are looking to bet on, just click on the help tab to the immediate right of the page and then 'converting decimal odds', just type in the odds for U.S. and it will show you the equivalent odds against decimal/fractions.

[odysseus]

Are they allowing US customers?

well you can have an account in usd

[Foosball Champ]

It is amazing how much the same thing can be presented in a totally different way.

[Hareeba!]

decimal odds are easier than fractions

not necessarily for someone who grew up with the fractional odds system ... change isn't easy for some older folk

[Hareeba!]

Are they allowing US customers?

If you mean someone physically in the US .. definitely not.

If a US subject can demonstrate his/her residence in a free country then they would let you join up and play as long as you don't try to bet from the US.

[tommygun]

not necessarily for someone who grew up with the fractional odds system ... change isn't easy for some older folk

what's so hard about multiplying the amount of money you are betting by the odds?

[Hareeba!]

what's so hard about multiplying the amount of money you are betting by the odds?

for me it's not a problem but as I said, change is difficult when you've worked with one system all your life and someone forces you to change

try asking Americans to deal with decimal odds and you'll find they'll jack up too

[Optional]

The problem with using one of the systems you are not used to is being able to easily assess how far the price has changed.

I know by feel the difference between $1.76 and $1.63... but even after 18 months using US odds quite a bit, a move from -131 to -159 still doesn't compute easily in my head the same way.

[thespeculator]

Are they allowing US customers?

even if you are from another country, and go to the u.s on vacation , you still can't get into your betfair account ,

[vivanorge]

Anyone that can convert american lay-odds to decimal lay-odds.

Lets say 1.417 that equal lay 3.40.

[King_Suckerman]

Anyone that can convert american lay-odds to decimal lay-odds. Lets say 1.417 that equal lay 3.40.

are you answering a question?