The views below are submitted by registered users of evertonfc.com and do not necessarily reflect the views of Everton Football Club. View the Blueroom acceptable usage policy.

How does Betfair work?
  • TonyTony
    Posts: 538
    If I put odds of 10/1 up for example Everton to beat Southampton, and five people stick a tenner each on it:

    1. If it comes in do I have to pay them £110 quid each

    2. If it doesent come in do I earn myself 50 quid?

    I get the principal of betting with other users, but dont understand the way the payouts work. If anyone has an idea then id appreciate a heads up!
  • sambo applecart
    Posts: 24,745
    you would make 50 quid, but if 5 people EACH had a tenner at 10/1 you would have 500 quid to pay out. 
  • OldGoldenVision
    Posts: 20,144
    you give it money and it asks you for more and so on...
  • sambo applecart
    Posts: 24,745
    OldGoldenVision said:

    you give it money and it asks you for more and so on...


    -----------------



    or this^^^
  • TonyTony
    Posts: 538
    Gunna give it a blast, cheers folks
  • sambo applecart
    Posts: 24,745
    Go careful mate would be my advice, there are plenty of shrewd professional people out there that know exactly what they are doing.....if something seems too good to be true, it usually is.
  • TonyTony
    Posts: 538
    Yeah I suppose mate, not gonna play with too much money untill im fully up to speed with it
  • Snowcone
    Posts: 7,539
    Hang on, I can offer odds on something and people will give me money?
  • sambo applecart
    Posts: 24,745
    most things in the sports world mate yes.
  • Snowcone
    Posts: 7,539
    sambo applecart said:

    most things in the sports world mate yes.


    -----------------



    I'm on it. Liverpool to win the league, 20-1 reckon the rs will be all over it. What about Daive to be sectioned?
  • TonyTony
    Posts: 538
    One other thing (you can start charging me if ya want) Where the **** do Betfair make their money? Percentage?
  • OldGoldenVision
    Posts: 20,144
    Snowcone said:

    I'm on it. Liverpool to win the league, 20-1 reckon the rs will be all over it. What about Daive to be sectioned?


    -----------------



    Superb... so anyone fancy printing a step by step guide? 
  • sambo applecart
    Posts: 24,745
    TonyTony said:

    One other thing (you can start charging me if ya want) Where the **** do Betfair make their money? Percentage?


    -----------------




    commission on bets mate, which is between 2 and 5%, and the successful amongst betfairs customer, then have to pay a premium charge rate which varies between 20-60% (less the commision you've paid) depending on how much you have made over the life time of your account. If you dont make anything, then you obviously dont have to pay that. 
  • sambo applecart
    Posts: 24,745
    Snowcone said:

    I'm on it. Liverpool to win the league, 20-1 reckon the rs will be all over it. What about Daive to be sectioned?


    -----------------



    hahaha, season before this mate when Queen Kenny had bought utter gunk in the summer, they were as short as 12/1 to win the league.....i laid them for a small amount. Sometimes there are errors in the markets and you just know a price is wrong so you have to either back or lay depending on your opinion to it. 
  • Snowcone
    Posts: 7,539
    OldGoldenVision said:

    null


    -----------------



    What OGV said. Reckon theres a little bit of money to be made from extremely thick people. Suarez to be player of the year, Gerrard for King, Juventus fans to be blamed for covering themselves in rubble.
Add a Comment

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Forum

Poll

No poll attached to this discussion.

In this Discussion