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Original poster

Matched Betting... What the bloody hell have I done?

61 replies

Elderflower14 · 07/12/2019 14:01

Back Walk In The Mill
for £4.00 @ 27 to win £104.00
I wanted to do an each way bet but did this instead Crown Confused

OP posts:
Original poster
Elderflower14 · 07/12/2019 15:18

Won't be doing it again... Have never seen it on Betfair before.

OP posts:
Lulualla · 07/12/2019 15:19

You didn't actually do it though. If you do it properly, you make profit. It is impossible to lose money if dont correctly. Its maths. But you need to do it properly.

Did you lay the bet? What is your liability?

Fluffycloudland77 · 07/12/2019 15:25

Oh we’ve all stuffed up at some point, you live and learn.

Don’t give up.

Redcrayons · 07/12/2019 15:27

Op - we’ve established that you aren’t matched betting. what made you think you are?

Original poster
Elderflower14 · 07/12/2019 15:27

Liability??? 🙄

OP posts:
Original poster
Elderflower14 · 07/12/2019 15:29

Because it said Matched above my bet!!!

OP posts:
Lulualla · 07/12/2019 15:38

Oh ffs.

Right. When you're betting on an exchange, you are not placing a bet with a bookmaker. You are placing bets against other people. It means you can place a bet for any odds, and then someone else might come along and bet against your amount. This means you've "matched".
You were in the exchange and you placed a bet to back a horse to win. The odds you clicked on were available because someone else has placed a lay bet on the exchange with those corresponding odds. You've taken their bet, so you've "matched".

That is but matched betting. It's just normal gambling but you're placing your bet against another real person and not a bookie. You will win or lose, just like normal gambling.

Matched betting is when you back a team on a bookie's site and then you lay bet on the exchange, so you're "matching" your own bet.

If you want to matched bet then go learn about it. Right now, you've just gambled.

Lulualla · 07/12/2019 15:39

*not

Lulualla · 07/12/2019 15:43

We kept asking if you've ayed your bet and you kept saying yes. You hadn't.

Laying a bet is when you bet against the team winning. When you bet against a team winning, you place a bet and that gives your "liability" which is what you'd lose if the team win. Your liability is what the other real person wins.

If you won that horse bet on the exchange then you're winning the money the other person lost.

With matched betting? You bet to win on one website and then lay bet on the exchange (so a bet to not win).
It means you will always win on one site and lose on the other. When you don't with free bet offers, you make a profit.

None of that will make sense until you go watch some videos on it

Oliversmumsarmy · 07/12/2019 15:43

What was the offer and with which bookmaker

titchy · 07/12/2019 15:49

You did it on Betfair? Pink or blue button. I don't think you've match bet either. You just gambled. On a horse in next years Grand National.... why?

Original poster
Elderflower14 · 07/12/2019 15:53

I did an early bet because I wanted to get good odds. It won today and I thought the odds would be cut.

OP posts:
Lulualla · 07/12/2019 15:54

It sounds like she's just placed a back bet (blue button) on betfair exchange and thought she was matched betting.

It's just gambling. Betting on a horse to win. Not matched betting.

Lulualla · 07/12/2019 15:55

And you won't win the full amount. They take 5% commission.

Stop gambling.

PurplePuffinPicker · 07/12/2019 15:57

If you've placed a back bet, just leave it as the most you can lose is £4.

If you've placed a lay bet (pink button) , esp if its for next year (!) I'd recommend trying to cash it out for a small loss as you've committed to over £100 liability so if the horse wins you have to pay out £100+

And yes do some reading up before touching a betting site again!

Original poster
Elderflower14 · 07/12/2019 16:04

How do I cash it out?

OP posts:
Original poster
Elderflower14 · 07/12/2019 16:04

I can't remember which I did.

OP posts:
Lulualla · 07/12/2019 16:14

You dont need to remember. Check your damn bet!

If you've layed it (pink button) then they will have taken over £100 from your balance. Are you missing a lot of money from your balance?

If your placed a back bet (blue button) then they will have only taken £4 from your balance.

What were you actually trying to do? Did you just want to bet on the horse to win? If yes, then that's what you've done.

If you wanted to try matched betting then you haven't

Original poster
Elderflower14 · 07/12/2019 16:19

Phew.... It was a back bet... Never ever doing this again...

OP posts:
BalsamicVin · 07/12/2019 16:21

Bloody hell this thread gave me a tiny headache 😂

Lulualla · 07/12/2019 16:23

OK then. All you've done is bet on a horse. At least its only gambling £4. You haven't done matched betting and dont seem to know what it is.

Up to you if you want to go learn.

InsertFunnyUsername · 07/12/2019 16:34

OP I'm sorry but this made me Grin I wont pretend to be a betting expert but I think you should make this your last attempt 😂

christmassymcchristmas · 07/12/2019 16:37

😂 you've just placed a bet. Absolutely nothing to do with matched betting.

Either leave it there til April or cash it out. And leave betting sites well alone, you clearly don't get it!

GroggyLegs · 07/12/2019 18:30

This thread is pretty much how I would expect the conversation to go if my Mum tried matched betting 😂

Hope you got it sorted OP!

MrsMaiselsMuff · 07/12/2019 18:37

Cash out your bet and then exclude yourself from the Betfair site. In the kindest way, if you're confused at this point matched betting is not for you, and normal betting is not for anyone.

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