Melbourne Storm odds are too short!

[Radical Rat]

Haha has everyone kept their mouth shut on the real return he'll get on a bet he has layed for funzies? Hmm I don't want to ruin the fun and will choose to not mention it as well then. Going to be an expensive lesson...

Tell me..tell me!! I want to laugh as well.

So this bloke clearly thinks he knows how it works and everyone else says he's an idiot. Can someone please explain how this scenario actually works then?

 

[orochimaru]

yeah im curious as to how a lay bet works, never even heard of it, all i know is i just goto the TAB and place money on a team i want to place money on.

 

[Tom Shines]

I've already explained the scenario yet you dicks are too dumb to even figure it out. Perhaps your mommy can help you.

Go on then, try to put your $1000 bet on Betfair and you'll get a rude suprise when they ask that you have at least $2600 in your account.

yeah im curious as to how a lay bet works, never even heard of it, all i know is i just goto the TAB and place money on a team i want to place money on.

Well unlike the TAB, every bet has two equal parts, a back and a lay. To back something is obviously what you do at the TAB, you want something to win. To lay is to essentially play the bookie — you will be liable to payout the win if the result gets up.

So what happens in this dropkick's situation is this:

He says he wants to lay Melbourne Storm for $1000 for $3.60.
Someone else (or multiple people) say they want some of that action, and take that bet.
Now if Melbourne Storm don't win, he wins that person's $1000 that they staked.
But if they do, he must pay out the $3600 ($2600 of his cash plus the original $1000 stake) that they are due, just like if they did at the TAB.

That is why I am saying he must have money in his account (his liability) so he can pay out if he loses.

http://help.betfair.com/contents/itemId/i65767722/index.en.html

 

[Evenflow]

Tell me..tell me!! I want to laugh as well.

So this bloke clearly thinks he knows how it works and everyone else says he's an idiot. Can someone please explain how this scenario actually works then?

Long story short when you lay a team instead of backing them to win you essentially become the bookmaker. So basically if he lays Storm to not win the GF and someone takes him on to say they will and they do, he'll lose a shit load of money having to pay out those that took him on and backed the Storm to win. On the other side of that if they don't win he'll win money.

Though another factor is if the Storm do win he'll not only lose said shit load of money on that if he lays them, he'll also lose the shit load of money he allegedly put on the Tigers to win the GF. Though after numerous reqeusts to show pictures of his betting slips which he hasn't/can't produce so nobody believes him anyway.




.

 

[rlforever]

Go on then, try to put your $1000 bet on Betfair and you'll get a rude suprise when they ask that you have at least $2600 in your account.




But if they do, he must pay out the $3600 ($2600 of his cash plus the original $1000 stake) that they are due, just like if they did at the TAB.

That is why I am saying he must have money in his account (his liability) so he can pay out if he loses.

http://help.betfair.com/contents/itemId/i65767722/index.en.html

I already know that I would have to pay out $2600 if Storm won - I wrote that in an earlier post you idiot and NO I wouldn't need to pay $3600, so get your facts right dickhead

 

[Paullyboy]

As mentioned a couple of posts up, if you lay a bet and end up being correct (in this case meaning anyone but the storm win it) all you get is the stake that the punter put on, the odds have nothing to do with his win in that scenario, he seems to think if he lays the storm at 3.55 he'll get those odds back as his collect.

Amateurs always entertain.

 

[Raiders_Premiers]

Go on then, try to put your $1000 bet on Betfair and you'll get a rude suprise when they ask that you have at least $2600 in your account.



Well unlike the TAB, every bet has two equal parts, a back and a lay. To back something is obviously what you do at the TAB, you want something to win. To lay is to essentially play the bookie — you will be liable to payout the win if the result gets up.

So what happens in this dropkick's situation is this:

He says he wants to lay Melbourne Storm for $1000 for $3.60.
Someone else (or multiple people) say they want some of that action, and take that bet.
Now if Melbourne Storm don't win, he wins that person's $1000 that they staked.
But if they do, he must pay out the $3600 ($2600 of his cash plus the original $1000 stake) that they are due, just like if they did at the TAB.

That is why I am saying he must have money in his account (his liability) so he can pay out if he loses.

http://help.betfair.com/contents/itemId/i65767722/index.en.html

So I'm guessing that he should bet both ways then

 

[Tom Shines]

So I'm guessing that he should bet both ways then

No, because then he'll lose overall once the commission is taken out.

That would be like having $100 on two teams that both start at $1.90, you'd lose either way.

 

[Raiders_Premiers]

No, because then he'll lose overall once the commission is taken out.

That would be like having $100 on two teams that both start at $1.90, you'd lose either way.

Ah yep, forgot the commission.

What % do they charge at?

 

[ek999]

So in effect, he is betting $2,600 to win $3,600 (approx odds of $1.38) less what ever commission Betfair takes out. Those odds are pretty good seeing how far out we are and it will only take one or two injuries to Smith, Cronk or Slater which they haven't had in recent years to really hurt them.

No way I would put $2,600 on the line though. Better off putting that money on the Storm in a couple of games

 

[Penrose Warrior]

I don't think this quite panned out how he thought it would.

Still, the silliest thing was the person who said the Storm were a 50percent chance based on the fact they will or won't, so maybe that helped the OP save some face.

 

[Maroubra Eel]

This thread is gold!

 

[Jason Maher]

I don't think this quite panned out how he thought it would.

Still, the silliest thing was the person who said the Storm were a 50percent chance based on the fact they will or won't, so maybe that helped the OP save some face.

That was actually a sarcastic dig at another poster (not the OP) who once argued vociferously that Jarrod Croker had a 50% chance of either kicking or missing his famous penalty choke in the 2010 semi against the Tigers.

 

[rlforever]

Slater gone - Melbourne gone.

I've just won my bet - now who is the GENIUS??!!!!!!!!!!!!!!

HAHAHAHAHA!!!!!!!!!!!!!!!!!!!!

 

[kia ora storm]

Slater gone - Melbourne gone.

I've just won my bet - now who is the GENIUS??!!!!!!!!!!!!!!

HAHAHAHAHA!!!!!!!!!!!!!!!!!!!!

Obviously...no Slater no Melbourne...you are genius.

 

[Maroubra Eel]

lol

 

[Elektrik Shock]

Yeah those couple of club games he will miss will really hurt our chances of a premiership in october =/ goose.

 

[ek999]

Slater gone - Melbourne gone.

I've just won my bet - now who is the GENIUS??!!!!!!!!!!!!!!

HAHAHAHAHA!!!!!!!!!!!!!!!!!!!!

You still haven't bet $1000 to win $3600 though

 

[Penrose Warrior]

That was actually a sarcastic dig at another poster (not the OP) who once argued vociferously that Jarrod Croker had a 50% chance of either kicking or missing his famous penalty choke in the 2010 semi against the Tigers.

Haha my apologies, I remember that post.

This OP is actually making me want Melbourne to win the comp. I cannot believe what has come over me.

 

[diggo]

Lmao, the OP clearly has no idea. Poor uneducated child, I can't believe he could be old enough to place a bet. Essentially the odds of winning are $1.278 (1000/3.6). How can he not see that?

He's risking $1k to make $278... LOL good luck with that. Keeping the betting agencies in business.

The most hilarious part is that he thinks he can win $3.6k if they lose.. or $3.55k if they win. In that case it would not be possible to lose. But he didn't even realise!

Btw, I'd like to bet $1,000 that the OP doesn't even have $1k in his bank account, let alone to bet with. Any takers?