Snooker Bet

News, chat and debate about the Betfair betting exchange.
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Pipdoc
Posts: 2
Joined: Sat Apr 20, 2019 5:06 pm

I backed Neil Robertson to win the World Championship at £200 @ 6.0 (decimal) on Betfair Exchange.
He's now showing at 5.2 - a 0.8 point reduction. The cash out option on Betfair is quoting just £22.20 profit if I cash out now. lays are available at 5.4
I would have thought I could have cashed out with a profit in the region of £120.

I haven't had a bet in over 10 years and maybe I'm missing something really obvious but I would appreciate it if someone could explain the maths.
Thanks.
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Dallas
Posts: 22673
Joined: Sun Aug 09, 2015 10:57 pm
Location: Working From Home

When greening up using the best price it's

Stake multiply by entry odds & divided by current best exit odds
Example; A back bet of £50 @ 7.4 and current odds to green up with a lay bet are 3.15
£50 multiplied by 7.4 divided by 3.15 = £117.46 lay bet requied at these odds

However, Betfair's cashout is often worse value because it uses an average of the best 3 prices to try and ensure you fully exit in one go
dt888
Posts: 393
Joined: Wed Apr 27, 2011 9:25 pm

You have forgotten to divide by the lay odds at the end

200 x 5 = 1000
200 x 4.4 = 880
minus them = 120

then divide by lay odds (5.4) = 22.22
Pipdoc
Posts: 2
Joined: Sat Apr 20, 2019 5:06 pm

Many thanks.
motivmafia
Posts: 1
Joined: Tue Apr 02, 2019 11:37 am
Location: India

No one for Ronnie?
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