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How to Use a Betting Exchange | Betfair Trading for Beginners - YouTube
Channel: Caan Berry Pro Trader
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okay so introduce you to betting
exchanges I've shown you around Betfair
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website done a little bit of navigation
you know difference between exchanging a
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sports book now we're going to take a
look at placing a bet on the exchange
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the different types of bet that you
can get on the exchange what the
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potential outcomes mean and how the
betting odds are actually controlled
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within the exchange environment so if we
look over to the screen and look on to
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the exchange tab sources where we go in
we're not interested in sports book
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navigate down the side to an active
event now later in the evening so we're
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going to go with a greyhound racing and
they're usually quite active if they
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happen quite quickly and the money comes
quite late so we'll have a little bit of
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time to explain here take the last race
of Towcester that basically what you're on
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the screen there is what we've seen in
the last video it's the interface I
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don't want to explain about stuff around
the side this time I'll just literally
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want to get straight into the bets and
place in a bit so on Bodell risk here is
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the the number one dog within this
market actually one two three four
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there's six different dogs within the
dogs race it gives you a name and then
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it starts to give you the betting market
information now because it's the
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greyhounds race as well typically the
markets aren't as we term liquid which
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means there's not money flowing in the
market at this point in time prior to
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the start got a little while to go so as
it gets closer to start money will come
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in and the market will tighten up but at
this point in time there's 133 percent
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over and over and being the sum of
active odds available in the market and
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the reason for that is because there is
a gap between the back prices and the
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lay prices in the market known as the
spread the spread between the prices so
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when the race becomes more active and
there's a lot of money flowing in
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typically everything the prices back and
layer will be butted up against each
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other as people match and exchange money
and the the over round will be very
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close to 100% but that's the reason that
there's this big gap here from five
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point three to ten point five in the
prices at the moment so if we look at
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the actual in fact we just select this
Bodell risk and then all the rest for
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now focus on this one you've got back
prices in blue and you've got lay price
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is in pink now what is a back bet a back
bet is when you support something to say
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is going to happen so in this example
Bodell risk to win this greyhounds race
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is price would be five point three and
if we click the blue button there then
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it allows us to put our stake in on the
bet slip on the right hand side of the
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screen and we can bet for this dog
to win the race so to show you if we put
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five pounds in there atprice of
five point three four five pounds the
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potential return will the return will be
twenty-one pounds fifty profit that's
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not including our stake
so if we add the 5 pound states that
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offers 26.50 which conveniently is the
stake times the odds so five point three
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times five is twenty six fifty and
that's how decimal odd's work I can
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also tell you at that price eighteen
point eight six percent of the dog win
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in the market so if we place a back bit
and look at the left hand side of the
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screen below each dog's name you'll see
that there's a little figure popped up
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and that's what's known as the what if
until the bet is actually placed once
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the bet is placed it becomes you know
fact of what's actually happening so at
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this point in time it's saying if Bodell
risks will be up 21.50 based on what we
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put in our bet slip whereas if any of
these others win then we'll be down five
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pounds because there's a five pound bet
on on Bodell risk all very simple in order
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to get our bet matched I did briefly
mention in a previous video you need to
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have enough money at that price to get
matched now the money sat at each price
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is dictated underneath the actual prices
are currently at five point three
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there's fourteen pounds to be matched if
you were to look to the left there's two
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other boxes now what that's telling us
is if the price were to go short there
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is already money at these prices and
this is how much is there so currently
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at five point two is six pounds and five
point one there's two pounds and that
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works in both directions so for a second
if we just close off the the back back
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bet of our slip you'll see the numbers
have disappeared and we'll come back to
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what we had originally if we then click
lay bet in the pink box on
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Bodell risk we've got the complete opposite
of what we previously had on the back
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bet because that's what's happening
these two people coming in and they're
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exchanging bets against each other so
for argument's sake I'll make the odds
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the same five point three previously on
the back bet and if we punch in five on
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our bet slip here you'll see that our
current liability that's all right five
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point three you'll see our current
liability is 21.50 because that's what
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the backers profit would be at that
price so what we're saying is if bowed
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our whisk risk wins this dog's race and
we've placed a five pound lay bet at five
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point three we need to pay the other
person twenty one pound fifty and that's
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what Betfair ensures we do so our
liability if you like our risk would be
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twenty one pound fifty whereas if the
dog did not win the race we get their
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five pound and that's why if you look
over to the left-hand side of the screen
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there's twenty one pound fifty red
underneath bodell risk and five pound
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green under the rest all very simple so
that's back bets and lay bets complete
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opposite of each other the only thing to
add to that on the bet slip there you've
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got liability and pay out now if you
really wanted to you could select payout
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and basically that would tell you the
amount that the other person would be
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taken as payout inclusive of their stake
not really any use to us so just keep it
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as a liability but you know since we're
doing an example here we might as well
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place a bet and I think we've got a few
minutes to go we have indeed so we'll
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give it a little bit longer until the
start of this dog's race before we place
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a bit but basically when we place a bet
you will see some matched volumes change
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now I didn't briefly mention it earlier
but at the current point in time the
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amount of money matched in GBP on this
market is nine hundred and four so it's
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nine hundred and four pounds that be
matched on this dogs market that's just
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changed to 1033 so the way that they
calculate money matched with in the
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market is they take the backers money
and the layers money and when it's
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matched together that gives you your
matched volume as well as you'll hear me
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refer to in later videos so for example
a two point zero if there's
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ten pound back bet and if there's a 10
pound lay bet and you match them together
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there's 20 pounds matched on this market
that's how Betfair calculate their match
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volumes if you using other exchanges
just bear in mind it might be slightly
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different and though for example if
you're using smarkets they actually
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times it by the price that you're at so
you know if you're at fifty to one then
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you place a 10 pound bet they show that
as 500 pounds matched on that market so
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match volumes is all really quite simple
just to reinforce the point that I'm
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making there although take us to the the
graphs and charts window again and
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we'll explain that in further depth
later so don't worry too much about all
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of these figures so you can see if we go
up to the top of this column here it
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says traded that is a traded volume at
the specific prices are in line with so
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for example you can see here at 7.20
this five-pound unmatched back there in
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the market and there's 11 pound that
that has been matched or traded at that
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price and so that's the traded volumes
but these at this point in time
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obviously the market is very inactive
we're not going to place a bet just yet
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just want to cover what makes the odds
actually move so you can see what we're
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looking at that chart there's been
significantly more matched what cut the
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minutes at the start of the race but
basically the thing that makes prices
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move on the exchange is supply and demand
it's very simple and there's a big pool
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of people that are logged in that are
placing bets against each other and it's
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a simple fact that the more bets are
placed on one side it pushes the price
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in an alternate direction now there's
often good reasoning that pushes prices
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and makes things move but it's a case of
money talks
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supply and demand that's what makes the
market move the pricing at which that
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happens depends entirely on how much
people want money match that then prices
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so if you just take it one step further
back bearing in mind that the market is
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quite well-informed there's a lot of
intelligent individuals they're
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typically the people that bet more of
the people that are in the know know
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what's going on odds are in relation to
implied chance so if you remember when I
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click the bet slip earlier at 5.30 said it
had a 18 point 86 percent chance of
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winning that is how you could interpret
five point three in terms of
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probabilistic outcome from the total
over around within a market bearing in
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mind it all needs to add up to around
100 percent so betting odds essentially
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are just an interpretation of you know
the probability of something actually
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happening and then amplified by a group
of people arguing for and against
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putting their money where their mouth is
saying that you know it's actually
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likely to be shorter or it's actually
likely to be bigger or you know I want
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this bet or I don't want this bet it's
that simple
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so that's what controls the odds you can
see live jumps into life and there's an
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out 23 grand match in this market that's
because it's going to go off to the
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start in a moment so to place a bet just
to reinforce our example and for a
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little bit of fun not that I normally do
fun when it comes to betting have a look
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at this one the price has gone out and
in there's been more money matched so
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see see what we've got see if anything
seems to have been backed that seems
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quite weeks you may want to lay that I
don't I think we'll go with that we'll
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go with the six dogs if we were to place
a five-pound back bit on the six dog 3.1
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or three point one zero we return the
profit of ten pound fifty four our five
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pound liability so we click place bets
we go confirm and that's our bet placed
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now you notice once the bet is actually
placed we're giving a reference
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underneath so if ever you have any
problems with your bets you can look
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them all up on your account who all got
their own I didn't you need identifiers
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and when it was submitted the time et
cetera et cetera also because we've
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placed a bit that means that we're now
eligible to watch the Betfair live
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video which is all good
so see if we can find it around here
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somewhere
live streaming you can see the odds have
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come in previously since we placed our
bet now that's because there's more
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support for this dog within the market
than there was a supply of lay bet's so
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you know there's more demand for people
trying to get their back sort bits on
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which tends to be a positive thing and
the the starting price is actually quite
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efficient but a sub quick look at this
race see how it goes and see if I've
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just won a 10 or I lost a fiver
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and there you go useless no joy there so
we just lost the fiver but hey you know
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there's a good example in place and I
hope that's very clear now the
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difference between back bets lay bets
what controls the pricing really on the
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exchange in terms of supply and demand
and how you can place your bets on the
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Betfair exchange next we're going to
take a look at a live trading example
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which is the next step from placing bets
because we're gonna place two bits
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against each other to make a profit
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