Posts tagged betfair facts
Everything I know about Betfair odds.
1. Betfair displays odds in decimal format, i.e. 2.00, 4.20, 10.5.
2. Betfair odds can be anything between 1.01 and 1000.
3. Winnings for BACK bet are equal to Stake * (Odds – 1).
4. Your bet will be matched at best available odds. For example, if you place BACK bet at 1.80 and there is money at 2.00, your bet will be matched at 2.00 instead 1.80.
5. Odds are often called “prices” on Betfair betting exchange.
6. On Betfair there are specific odds ranges with own minimum increments. These minimum increments usually called “ticks”.
From 1.01 to 2.00 one tick is equal to 0.01.
From 2.02 to 3.00 one tick is equal to 0.02.
From 3.05 to 4.00 one tick is equal to 0.05.
From 4.1 to 6.0 one tick is equal to 0.1.
From 6.2 to 10.0 one tick is equal to 0.2.
From 10.5 to 20.0 one tick is equal to 0.5.
From 21 to 30 one tick is equal to 1.
From 32 to 50 one tick is equal to 2.
From 55 to 100 one tick is equal to 5.
From 110 to 1000 one tick is equal to 10.
So there are no 2.21 odds on Betfair, instead there are 2.20 and 2.22 odds. Odds like 4.15, 6.7, 22.5, 57, 995 are all invalid on Betfair. If you try to place a bet at these odds it will be rejected.
7. You can see the latest prices on Betfair only if you have an “active funded account”. Otherwise Betfair will show prices with small latency and they will be outdated. Here is what Betfair writes about this on it’s site:
Only customers logged into an active funded account will be able to view the latest Betfair prices. We do this to discourage extreme usage of Betfair website data by software programs that don’t use Betfair to bet. Your account becomes an ‘active funded account’ the first time you make a deposit.
In this post I will be collecting all formulas that may be useful in Betfair trading.
Profit for BACK bet
Profit = Stake * (Odds – 1)
Profit for LAY bet
Profit = Stake
Loss for BACK bet
Loss = Stake
Loss for LAY bet
Loss = Stake * (Odds – 1)
Deadheat profit/loss for BACK bet
PL = (Stake / 2) * (Odds – 1) – (Stake / 2)
Deadheat profit/loss for LAY bet
PL = (Stake / 2) – (Stake / 2) * (Odds – 1)
How to calculate LAY stake from given liability
Stake = Liability / (Odds – 1)
How to calculate BACK stake from given target profit
Stake = Target Profit / (Odds – 1)
How to calculate BACK stake for equal greening up. Assuming that you have a lay bet at LayOdds and want to trade out at higher BackOdds to make a situation with equal profit for win and lose results.
LayWinPL = LayStake * (LayOdds – 1)
LayLoosePL = LayStake
BackStake = (LayWinPL + LayLoosePL) / BackOdds
How to calculate LAY stake for equal greening up. Assuming that you have a back bet at BackOdds and want to trade out at lower LayOdds to make a situation with equal profit for win and lose results.
BackWinPL = BackStake * (BackOdds – 1)
BackLoosePL = BackStake
LayStake = (BackWinPL + BackLoosePL) / LayOdds
How to find a chance % of selection to win from it’s odds
Chance = 100 / Odds
How to convert fractions to decimal odds
Decimal = A / B + 1