Today I'm answering one more question from those raised after the each way posts last week. This one is how to calculate the stakes if you want to lay off your bet at Betfair (or Betdaq) and lock in some profit.
First off I want to mention that two of my favourite tipsters had good wins on Saturday and you might want to check them out if you're looking for more tips.
Value Backing don't have main account bets everyday and last week they had only one, it was on Saturday and won at 6/1 (Oscara Dara). Click Here for more details.
Trainer Trends has bets most days and they wrapped up their week with 3 out of the 4 Saturday selections returning a profit including Rigadin de Beauchene winning at an advised 7/1. Click Here for more details of Trainer Trends.
So going back to the bet we talked about last week if we wanted to lay off that 8/1 each way bet to guarantee a profit we have to lay off both parts of the bet.
So any eachway bet is 2 bets, one bet for the win and one bet for the place.
So we have a £10 bet at 9.0 and we have a £10 bet at 2.6.
The lay prices available were 11.0 for the win part and 1.31 for the place part.
So to work out the stake for the win part we take the total return from the win which is £90 (£80 profit + £10 stake) and divide that by the price we are laying at which is 11.0, that equals £8.18 so that is our stake that we lay at 11.0. (This gives a loss of £1.82 whether the horse wins or loses)
Then we do the same for the place part of the bet. Our total return on the place part is £26, divide that by 1.31 and we get a stake of £19.84. So we lay in the place market with a stake of £19.84 (This gives a profit of £9.84 whether the horse places or not)
This means that we make a profit of £9.84 – £1.82 = £8.02 whatever the outcome.
Simples?
Today's Selection
1.10 Plumpton The Tiger – eachway bet – 6/1 Will Hill
Today’s tip – unlucky it didn’t place. Apart from the odds on favorite there was one other horse (Asker) which had similar odds to The Tiger – would an each way bet on both horses have been an option? If not why did you choose The Tiger against Asker?
Hi Ian
I chose the Tiger because I thought it had a better chance :-(.
You could back both but you would have needed both to place to break even, of course if the favourite failed to win you would have had a better chance of getting the winner. But in this case backing just Tiger or both would have had the same outcome. IE money back on Asker (5/1) and a loss on Tiger.
Dave
How do you get odds of 2.6 for the place part please? If the win odds are 9.0 aren’t the place odds 1/5 or 1/4 of that? Thanks.
Hi Mark
See response to Steve’s question.
Dave
Thanks Dave, seen it now, understood!