NotoriousREV

I've been looking at using binary bet for sports betting but have a dumb question:

Can I both back and lay the same bet? For example:

Team A to beat Team B
Team B to beat Team A

If I back and lay both options, I'll win the same amount whether the either teams win, lose or draw. Will the rules let me do this or can I only back or only lay each option?

Regulator

u will win the same amount, but also loose the money u placed on the other team, so unless the odds are inequal, u stand to win as much as u loose
or am i missing something here

NotoriousREV

It's hard to explain because what I'd be doing is betting both for and against Team A beating Team B AND for and against Team B beating Team A, this way I'm covered if it's a draw.

FASTER MIKE!!

put different stakes on

ProperCharlie

this may seem like a silly question, but:

what would be the point?

NotoriousREV

Because you win money. Unless I'm missing something, you end up in profit whatever the result of the match, which makes it a genuine dead cert.

Take a look at binarybet.com and look at the buy and sell prices for 2 football matches and work it out for yourself.

Again, unless I've misunderstood, you CAN'T LOSE unless there's a rule that stops you backing and laying the same bet.

Fast_Blue_Scooby

You would have to back one team, and then wait for the odds to come down then lay them.

Or lay them and wait for the odds to increase and then back them.

Looking at binary bet you cannot do that straight away but you have to wait till the odds go in your favour after your original bet, be it a lay or a back.

I would get on betfair if I were you.

Take a view on a televised match. Say you fancy team A. This means that you could lay the other team. Then when the match goes in running, if Team A scores, then you can re-back Team B for a guaranteed profit as the odds will have increased.

Alternatively you could back Team A, hope the score and then lay off at lower odds or let the bet ride.

But as it stand on binary bet you cannot guarantee a profit straight away, you have to wait for the market to move.

imlach

The reason it WILL NOT work is that you are not taking into account the buy/sell price. This is known as the spread.

Believe me, there are some sharp minds running the binary betting services, and there isn't any method like this to catch them out

imlach

To give you an example. Say the match is ManU v Liverpool on a Binary bet (ie, win is 100pts, lose is 0 pts).

ManU may be 55/60 (sell/buy) to win.
Liverpool would be 40/45 (sell/buy) to win.

You'd go long (buy) and short (lay) on ManU at £1/pt.
You'd go long (buy) and short (lay) on Liverpool at £1/pt.

If ManU win, you'd win £40 on the long, but lose £45 on the short.
..on the other bet, likewise, you'd win £40, but lose £45.

So, in total, you'd be down £10.

Warwick-hunt

some of the websites actually tell you the best book, there has been occasions when you can bet on each side or team and still win using the best book, but as someone says above the bookmakers are on to it, i've done it a few times with cricket, betting on both teams and winning as the best book was 97%

imlach

I think BinaryBet do footie on 25pt bets IIRC? ie, 0pts for a loss, 10pts for a draw, 25pts for a win?

However, the same situation applies. The spread is where you will lose out.

Olly

What if they draw?

imlach

If you are using the 25pt index and they draw, the bet settles at 10pts.

If ManU was available at 12/14pts (sell/buy) and Liverpool at 11/13pts (sell/buy), you can see that a draw would still result in a net loss given the spread.

NotoriousREV

I was looking at 2 matches today, can't remember the exact figures, but using a £1 a point it worked out that covering all possibilities I ended up £33 in profit on one match and £29 in profit on the other, whatever the result (including a draw) but had assumed a simple 100 points for a win, 0 points for not winning.

A quick example:

Currently Australia to win the cricket is 22 sell/28 buy while India to win is 62 sell/68 buy.

So I go for £1 a point on each option. If Australia win I lose £22 but win £72 from the "aus to win" gamble and from the "india to win" gamble I lose £68 but win £38 giving me a final figure of £20 profit.

Alternatively, if India win, I lose £62 but win £32 on the "India to win" and lose £28 and win £78 on the Aus to win gamble giving me a final figure of £20 profit.

Or have I totally misunderstood the rules?

Lum

You'd be better off with the scam some lads I worked with did during the 2000 world cup.

One one of the gambling sites, you could bet on who would score the next goal, unfortunately after a goal was scored their systems took a few seconds to update

So, they had a TV in the office, sat at one PC each and started a bet for a different likely candidate, and sat at the last screen to confirm the bet.

As soon as someone scored, the appropriate person would click the Submit button, and they'd win.

imlach

You've only misunderstood one thing. The draw. There is a separate binary for the match to be drawn, and NEITHER of your "aus to win", "india to win" bets cover the draw (which you seem to think it does).

The draw is currently quoted at 6pts/12pts.

In cricket, a draw is quite a feasible thing to happen - ie, if rain stops play or whatever other reason, then you'd lose the whole f**king lot (well, you wouldn't lose it all as you'd pay out on the shorts of aus to win, and india to win going to zero).

NotoriousREV

Using the figures above, if they draw I lose £28 and win £78 on "Aus to win" (is that what you mean by wining the shorts?) and I lose £68 and win £38 on India to win. Thats (you guessed it) a final figure of £20 profit

I'm assuming that when the teams draw they are both considered not to have won?