bookies robbing city fans

[treer 298]

heard some horror stories of bookies ringing fans with bets on leicester offering money for bets called cashout

the offer is derisory and not worth much over HALF the true value

 

If you have a bet it is easy to find the real worth of your bet

 

how much you win/ CURRENT odds

so £5 at 1000/1 would be

how much you win=5000

CURRENT odds=3.5

so 5000/3.5= £1428

 

So when they offer cashout it should be around this figure(£1428)

You can realise this amount on any betting exchange, it doesn't have to be with the same firm has you have bet with

 

Of course you would need an the funds to do this, and I suggest if you have never used an exchange get help from someone who has

 

 

 

[Benji 689]

Hardly robbing if you accept the offer.

[whoareyaaa 2,554]

They are just trying to get back as much as they can its what their in business for is it not?

I wouldn't exactly call it robbing, more common sense.

[foxes_rule1978 3,596]

heard some horror stories of bookies ringing fans with bets on leicester offering money for bets called cashout

the offer is derisory and not worth much over HALF the true value

If you have a bet it is easy to find the real worth of your bet

how much you win/ CURRENT odds

so £5 at 1000/1 would be

how much you win=5000

CURRENT odds=3.5

so 5000/3.5= £1428

So when they offer cashout it should be around this figure(£1428)

You can realise this amount on any betting exchange, it doesn't have to be with the same firm has you have bet with

Of course you would need an the funds to do this, and I suggest if you have never used an exchange get help from someone who has

Heard this too, it is a disgrace... usually you never get the cash out you deserve I think they deduct a certain amount but to only offer half of the cash out true value is terrible .

[JonesLCFC 18]

Hardly robbing if you accept the offer.

 

It is if they're offering nothing near the value of it to mug punters.

[americanfox 88]

Mathematically, it's an expected value/present value calculation. They offer you a value below the expected value because as a (likely risk-averse) individual, you're likely to take that, and the bookies reduce their exposure.

 

If you don't, you either have the money to hedge, or you accept the risk of losing it all. Whatever floats your boat.

[kristianity77 853]

Yeah at the end of the day they are robbing no one.  Because they are offering to pay out money on something which might not even win.  To be honest, Bookies can put cash out figures at whatever they wish.  No one forces the punter to do anything they don't want to either way.

[goose2010 2,265]

Hang on you are moaning about a bookie giving someone the option to have some winnings even though the best isn't a winning bet?!  fair play for the bookie offering anything at all they don't have to! 10 Years ago cash out wasn't an option and if the punter wants to take it then fair enough.

[Rincewind 2,207]

The odds could shorten even more. Personally if I had a fiver on I may leave it. When putting the bet on I would  not have been expecting to win anyway. The money does not belong to you until the result.

 

Why not take it then place part or all on at the present odds?

[Simster 3]

Don't cash out then.  I'll post my alternative on the other cash out thread.

[Fox92 12,053]

Don't cash out then if you truly believe. 

 

It's not robbing, it's business. Of course bookies would rather lose 3k than 25k.

[ScouseFox 14,699]

didnt renart on here have £5 @ 1000/1 and is being offered £1300? 

 

to lay it @ 3.6 on the exchange means that the "true" value is £1388. so he's losing out on £88 (or 6%). seems pretty reasonable to me considering commission on the exhange is 5%. so you're missing out on 1% of your winnings, or in this case £13.88. 

 

DAYLIGHT ROBBERY 

[treer 298]

Hang on you are moaning about a bookie giving someone the option to have some winnings even though the best isn't a winning bet?!  fair play for the bookie offering anything at all they don't have to! 10 Years ago cash out wasn't an option and if the punter wants to take it then fair enough.

they are offering half the value, did you not read my original post?

i have shown how a punter can get twice as much as what the bookie is offering

are you saying if you had bet £5 at 1000/1 you would cash out with the bookie for 700 rather than 1400? , if you are you are insane

 

Whether you cash or not is a different issue

[Benji 689]

It is if they're offering nothing near the value of it to mug punters.

No, it just makes you a mug punter for accepting it. Now if they were threating to rip up bet slips and forcing you to accept a low sum, that would be robbing.

[Simster 3]

didnt renart on here have £5 @ 1000/1 and is being offered £1300? 

 

to lay it @ 3.6 on the exchange means that the "true" value is £1388. so he's losing out on £88 (or 6%). seems pretty reasonable to me considering commission on the exhange is 5%. so you're missing out on 1% of your winnings, or in this case £13.88. 

 

DAYLIGHT ROBBERY 

You're wrong.  To lay it @3.6 means the true bet is £1923.  i.e. you are forgetting that the stake is included in that 3.6.  He'd actually only be liable for 2.6 of that, not 3.6.

 

So yes, cashing out rather than doing the lay yourself really is DAYLIGHT ROBBERY.

[Gerard 7,048]

Simster knows what he's talking about.

 

They are giving you nowhere near it's true value.

[ScouseFox 14,699]

You're wrong.  To lay it @3.6 means the true bet is £1923.  i.e. you are forgetting that the stake is included in that 3.6.  He'd actually only be liable for 2.6 of that, not 3.6.

 

So yes, cashing out rather than doing the lay yourself really is DAYLIGHT ROBBERY.

 

haha oh yeah forgot about that, silly me. ain't used an exchange to lay a bet for ages because cash out is easier and at the stakes i roll with makes barely any difference. 

 

looking at it though pretty sure the £1300 is pretty much bang on. they're having you off for a small percentage but that's why it's still a gamble to cash out. if the cash out was the "true" value everyone would cash out and then reinvest willy nilly because you'd just keep giving and taking the same price on the same bet. it'd be a stupid thing for a bookmaker to offer. they'd get nothing out of it.

 

if you laid it on the exchange for £1365 (to guarantee yourself £1300 after commission) you'd stand to lose £3549 if we won it?

 

so you'd either win £1300 if they dont (from your lay on betfair) or £1451 if they do (off your original bet). however you need to have a spare nearly 4 grand to just lob in a betfair account which most the world don't have. for an extra hundred quid it doesnt seem worth it really unless you're a serious gambler. 

 

if you're going into laying bits of it off and taking better prices and making it all more complicated/serious then yeah get on betfair/betdaq but for the average chap who's had a quid on us to win the league as his only bet this year i wouldn't be having a cry about the cash out value. 

[GaelicFox 2,910]

heard some horror stories of bookies ringing fans with bets on leicester offering money for bets called cashout

the offer is derisory and not worth much over HALF the true value

If you have a bet it is easy to find the real worth of your bet

how much you win/ CURRENT odds

so £5 at 1000/1 would be

how much you win=5000

CURRENT odds=3.5

so 5000/3.5= £1428

So when they offer cashout it should be around this figure(£1428)

You can realise this amount on any betting exchange, it doesn't have to be with the same firm has you have bet with

Of course you would need an the funds to do this, and I suggest if you have never used an exchange get help from someone who has

No they are not ripping anyone off

It's your own choice !

If you stick or twist it's your call

They are not forcing people to cash in

What a load of guff !

[GaelicFox 2,910]

Mathematically, it's an expected value/present value calculation. They offer you a value below the expected value because as a (likely risk-averse) individual, you're likely to take that, and the bookies reduce their exposure.

If you don't, you either have the money to hedge, or you accept the risk of losing it all. Whatever floats your boat.

Correct and it's a great service to be offering people !

[filbertway 3,175]

Cashout in not being a true reflection of the odds shocker! Of course the bookies are going to skim a bit off the top, they're offering you an option to take some of the cash. If you don't want to take it you don't have to.

 

The post would actually have been reasonable if it didn't read like a daily mail headline talking about poor old dears being targeted by scam artists.

 

Robbing

[ScouseFox 14,699]

You're wrong.  To lay it @3.6 means the true bet is £1923.  i.e. you are forgetting that the stake is included in that 3.6.  He'd actually only be liable for 2.6 of that, not 3.6.

 

So yes, cashing out rather than doing the lay yourself really is DAYLIGHT ROBBERY.

 

also cashing out guarantees you profit if any selection comes in. if you were to lay for £1923 you'd then get £1923 if anyone won the league but £0 if leicester won it. 

 

to green out your betfair book if you've had £5 @ 1000.00 you'd be laying leicester right now for £1388 and stand to win £1388 across the board. but lose 5% commission. which would leave you with £1319? so you're £19 better off? 

 

i'm working nights atm and im very tired but i think this is right? you're being "robbed" of a couple of quid. 

[filbertstreet 2,845]

I got mugged by a bloke outside a william hill once, bloody bookies

[Simster 3]

haha oh yeah forgot about that, silly me. ain't used an exchange to lay a bet for ages because cash out is easier and at the stakes i roll with makes barely any difference. 

 

looking at it though pretty sure the £1300 is pretty much bang on. they're having you off for a small percentage but that's why it's still a gamble to cash out. if the cash out was the "true" value everyone would cash out and then reinvest willy nilly because you'd just keep giving and taking the same price on the same bet. it'd be a stupid thing for a bookmaker to offer. they'd get nothing out of it.

 

if you laid it on the exchange for £1365 (to guarantee yourself £1300 after commission) you'd stand to lose £3549 if we won it?

 

so you'd either win £1300 if they dont (from your lay on betfair) or £1451 if they do (off your original bet). however you need to have a spare nearly 4 grand to just lob in a betfair account which most the world don't have. for an extra hundred quid it doesnt seem worth it really unless you're a serious gambler. 

 

if you're going into laying bits of it off and taking better prices and making it all more complicated/serious then yeah get on betfair/betdaq but for the average chap who's had a quid on us to win the league as his only bet this year i wouldn't be having a cry about the cash out value. 

 

Yep, that's about right.  Yesterday, you were layable at 3.45 to win which would have meant losing 3344 rather than 3549 - that would have made it a more attractive option than it seems now with odds of 3.6

[AKCJ 15,422]

Hardly robbing when they're not even obliged to offer you a cash out.

[Detroit Blues 915]

Ignoring the real-life circumstances of needing the money right now, don't you think it would be in your best interest to wait to cash until later? At worst, Leicester will be 2 points ahead of the nearest leader before embarking on the easiest remaining schedule of the title racers. Your cash out option even after the worst case scenario (Leicester loss against Arsenal, Tottenham win against Man City) would not suffer dramatically.

 

But if we win, and Man City-Tottenham ends as a draw, we would be 7 points ahead Tottenham, and 8 ahead of Man City / Arsenal. The cashout option would increase substantially as we would be the runaway favorites to win it all.

 

Regardless of the next fixture's outcome, Leicester would be ahead on points, with the easiest remaining league games, and the least remaining non-league games. Surely that's worthy of more than a 1 in 4 chance. Which would mean cashing out for £1300 gives you a very slight increase on the 1 in 4 value of £5000.

 

Baring a choke job of epic proportions, every week that went by Leicester's payout option will grow. To settle now is just like pissing away future earnings. It's like that stupid gameshow with Howie Mendell and the ladies with the briefcases. Why settle for the bank offer now, when you are winning. Too risk averse in my opinion to strike while Leicester are rolling.