Betfair exchange – How cash out works


so Betfair have had some problems with
the cash out functionality this week and it’s affected the exchange in the sports
book and last night it was affecting the sports book and I was looking on Twitter
and there were loads of people going oh no you know I can’t believe it I place
this bet and I can’t cash out well yes you can it’s actually very easy to cash
out but you have to use the exchange and even if you use the sports book to place
your initial bet you can cash out on the exchange now the easiest way to do this
is you download software like bet angel and that will cash out for you with the
click of a button we’ve got free software that will do that for you but
of course if you placed a bet on the sports book you need to cash out on the
exchange and therefore that won’t work so you have to do it manually and that’s
what I’m going to show you is how to do that calculation so that you can cash
out even if your app mobile app fails or if I have a problem on the sports book
use the exchange and then you can always cash out and the reason you can do that
is because you can lay as well as back so if you’re on the sports book for
example and you placed a hundred pound bet on AC Milan this evening you would
lose 100 pounds if Celtic call the draw occurs and you win 51 pound if AC Milan
win so let’s in our mind imagine that AC Milan score the price comes crashing in
and you’re going do I don’t I do I don’t I you want to hit that cash out button
and you want to get out of the market now the price on AC Milan will be much
much lower than 151 if they score so let’s say it moves into 1.2 now you
could have placed this bet on the exchange or you could have placed it on
the sports but obviously if you’ve placed it on the sports book you’ll have
to understand you know how much did you how much money do you put down and at
what price now when you go into the exchange what
you want to do is reverse that bet immediately so whatever bet you’ve
placed whether it’s on the exchange or the sports book on this occasion we put
it to a hundred pound at 1:51 so we reverse the position by laying so let’s
say the new price available on the sports book or the exchange is 1.2 what
you would do straightaway is you’d go on to
exchange and you would lay the bed at add whatever odds are available so the
back bet has gone into the market and that is the back bet that will be
fulfilled and settled at that price what you do is you go on to the exchange and
you lay that bet bag for exactly the same stake but at the lower odds now
make sure you lay it back at the lower odds because you’ll make money or
perhaps you want to cash out at a loss and perhaps Celtic score first and you
panic and think well I’m going to get out of the market then at this
particular price but you can see that that produces a loss but the key concept
here is you lay into the market at the current price whatever your stake was
that’s the first concept okay and that creates profit or a loss on
that individual selection now if you want to get clever if you actually vary
the size of this particular lay beds then you can actually spread the profit
across and win whatever the result which is what they tend to promote when they
use the cash out functionality so I’ll show you how to do that so I’m bringing
up a calculator here don’t freak out it’s a very simple calculation but you
can see that if we back here 151 with 100 and we lay at one point to 100 that
generates a profit of 30 one-pound so what we would do is we do 30 one-pound
device is the divide button here divided by 1.2 1.2 representing the current odds
we’re talking about odds that are available at some point in the future
here after Milan had scored so if we do thirty one-pound divided by 1.2 that
comes up with a figure of 25 eight three recurring don’t worry about that and
what we can actually do is add that to the stake so if we look here 25 pound 83
so if I change that lay bet to 125 pound 83 tada
you’ve cashed out you’ve placed your cash out there so the key concept here
if you want to cash out and you’re unable to for whatever reason go on to
the exchange lay with your original stake at whatever odds that you wish and
that will basically close your position out and if you want to spread the profit
across each of the runners then you just have to do a really simple
calculation and that calculation will be the profit that you make on the stake
which is 31 pound on this particular occasion so you can it you can do a
double transaction here you can basically lay that bet into the market
wait and see what the profit is and then place another lay bet and that lay bet
would be 31 pound divided by 1.2 1.2 being the current odds at the point at
which you place the bet and then obviously that you can spread that
profit across the entire market now there are what-if functions you can see
I’m not actually placing these bets because the match isn’t underway all of
these are what if functions but when the market is live and you start to type in
these figures that will immediately confirm if you’re doing the right thing
so anyway there’s a quick explanation of how to cash out even if you’re not going
to use the cash out facility now I should mention as well actually that bet
angel has a range of ways that in which you can cash out and even if you’re
using the sports book and you have a problem you can put the counter bet in
through bet angel and it will do all the calculations for you so if you visit our
webpage you can see that there’s actually a range of ways in which you
can actually cash out either whether you’re using the exchange or if you’re
what trying to hedge your bet somewhere else there’s way that you can do that if
you’re interested in me doing a demonstration video on how to do that
please make a comment and I’ll quite happily show you how to do that in bet
engine even if you haven’t placed your opening bet on the exchange anyway
visit the web page have a look if you’re interested in learning more about
betangel it’s tools and the opportunities they present why not visit
betangel comm today to download a free trial

14 thoughts on “Betfair exchange – How cash out works

  1. Trouble is, Cash Out is framed by Betfair at a level that is advantageous for THEM more than the punter. It's a cynical skim off the top.

  2. Thanks alot for this, was trying to get my head around this last night at halftime. If I'd have seen this video before the match I'd have saved some money and got out 1-0 at halftime 🙁

  3. What's the formula to hedge your bet the other way? if you've layed a bet but then want to cash out by also backing the bet?

  4. yes i want to understand this as well.. how do i cancel my bet if celtic scores first??? since Back odds cannot be less or the same as Lay odds… so how to solve this problem peter ?

  5. Can you use betfairs sportsbook to back and use betdaq to lay, in order to avoid the betfair premium charge. Just wandering

  6. Be warned what they don't tell you is cash out is not guaranteed in other words the traders can change there minds at any time and cancel the cash out part of the bet also the cash out often disappears never to be seen again this is something you are not made aware of before placing a cash out bet very sneaky and under handed from certain online bookies ,

  7. How do we calculate the cash out if we backed Milan twice at different odds before their hypothetical goal? e.g. back £100 AC Milan at 1.51 then another £100 at 2.0 later on in the match

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