Greening Up Position
 

I don't know if anyone is familiar with greening up a position.

Essentially, as I understand it if I have a lay bet @ $4.00 for $100 stake matched and a back bet @ $5.00 for a stake of $100 matched, I stand to win $96.50 (less commission) should the horse win, but nothing should the horse lose.

By dividing the profit on this horse by the current odds, and firing a lay bet into the market, I reduce my profit, but guarantee a smaller profit no matter the result.

The problem arises, when I have multiple matched bets....

Let's say I have the above stakes matched before greening up my position, but I also have two other lay bets matched at lower odds, but no other back bets matched.

How do I green up the one position, and let the others ride????

In other words, I am reducing my liability on the outstanding wagers by the cemented profit.

I know Bet Angel has a built in greening up feature, which I use, but in this sort of case, it won't work (as I understand it).

Any ideas???

My first thought, is just to manually calculate the profit on the two matched bets, and fire another lay bet into the market at the profit divided by the current odds, but hasn't this been already partially done with the newer lay bets matched?

Confused.

Chrome

Aren't you making $25.00 less commission?

BET: $100 @ $5.00 = $500
LAY: $125 @ $4.00 = $500

You keep the $25.00 whatever the result.

That's how it works isn't it?

I don't believe so, I have a free bet of $100.

If the horse loses, I lose nothing, if it wins, I win $100, or $96.50 less commission.

The profit on the $100 back bet @ $5.00 is $400 (386 less comm)
The profit on the $100 lay bet @ $4.00 is $100 (96.50 less comm)

So if the horse wins the race I win $400 but payout $300 on the lay - I win $100

If the horse loses the race, I lose $100 on the back stake, but win $100 on the lay stake - no win/ no loss.

Essentially I have a free bet on the horse of $100 @ evens :)

Now to green up my position I divide the profit ($100) by the lay odds ($4.00) and have a $25.00 lay bet on the horse in addition. Thus whichever horse wins, I win money.

A lot less, but no risk. - yes, AFTER greening up I win $25.00.

But what about the other lay bets matched?

Read that all again

Liability has been reduced by $25.00 hasn't it? Is that what you mean? :confused:



Or you could have layed it for $125 @ $4 first up and saved yourself a step. :confused:

You're quite right Angry Pixie, but only if you knew in advance which bets would be matched or they were both already going to be matched.

I fire about 10 back and 10 lay bets on a horse at once.

It's virtually impossible (for me) to read which way the market will go and if only one side will ever get matched.

So when a back/lay bet gets matched, I green up that position alone and let the others ride.

The reasoning behind this is that I'm effectively getting better odds on the outstanding matched bets by using the greening up as leverage.

perhaps try the higher betangel product? havent looked for a while, but there was a pay for product/advanced type product...maybe email the guy instead of purchasing???

Chrome

I use Fairbot which allows you to set-up trading positions. So if your lay gets matched a back is automaticaly placed at a profit point you nominate. I know thats not quite as complex as what your talking about, but if you look in the right places it's available for free. Much better than Bet Angel Basic.

Thanks for the tip, just got Fairbot full ;)

Be sure to update to the latest version v1.92

Thanks Chrome , Angry and others for convincing me once and for all to stay away from this one.
Just like stocks and shares I'm convinced those that make a quid is at the expense of 97%+ of losers who nothing about the market.

I'll stick to what I know, then at least it's only me to blame! (though I'm not planning on losing, and if I do, I can tell you I'll have another free round the world trip , well kinda out of it) you know what I'm talking about Chrome don't ya?