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Fixed Odds And Open Bets
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Fixed Odds Betting
Fixed odds betting means that the odds displayed at the time your bet is taken are fixed and will determine your final payout.
To place a bet you will decide on your selection, enter the amount you want to bet (called your stake) and if your bet wins, the winnings will be calculated by multiplying your odds and stake together. For winning bets your original is stake returned but if your bet loses you will lose only the amount you bet with.
For Example:A single bet on a tennis market:
Selection: Novak Djokovic
If R100 is bet on Novak Djokovic you stand to win R450 (R100 x 4.5). If your bet wins you will receive your original R100 back plus the winnings of R450. If your bet loses you lose only R100.
A multiple bet:
This is a bet on multiple teams/ players where all of the selections must be successful for the bet to win, with returns from the first reinvested on the second. If a selection is scratched or a participant becomes a non-runner (does not participate) then the multiple bet will be recalculated and the non-runners odds excluded.
The odds of a multiple bet are worked out as follows:
- Rafael Nadal with odds of 0.5
- South Africa with odds of 0.9
- Arsenal with odds of 1.2
- Lewis Hamilton with odds of 3
Step 1: Add 1 to each odds
- 0.5 + 1 = 1.5
- 0.9 + 1 = 1.9
- 1.2 + 1 = 2.2
- 3 + 1 = 4
Step 2: Multiply all selected teams / players odds
- 1.5 x 1.9 x 2.2 x 4 = 25.08
Step 3: Take the product of step 2 and minus 1 and you will get the odds of your multiple.
- 25.08 - 1 = 24.08
So your multiple odds are 24.08
If R100 is wagered on this multiple bet at the odds of 24.08 the winnings will be R2408 for a successful bet.
Spread Betting Help
Start by selecting the event you fancy a bet on.
You will be given two prices to choose between and the difference between them is called the spread.
The spread is the quote BET.co.za offers customers the opportunity to bet on.
There are many different types of spread bets. For example, in a cricket match we will offer a spread on how many runs a particular batsman will score in his innings.
Spread betting challenges you to decide whether the spread is set too high or low.
To buy you must believe that the batsman will score more runs than the HIGH quote.
To sell you must believe that the batsman will score less runs than the LOW quote.
The result for this event will be the final score that the batsman makes. This is called the make-up.
The amount you win or lose depends on the amount you bet (called your stake) and how right or wrong your prediction is.
|Market Name||Stop Loss||Stake||Price|
|Hashim Amla Runs||100||R10||SELL 40 - 45 BUY|
The stake is R10 and if you decide Amla will score more than 45 Runs you will BUY. If you decide Amla will score less than 40 Runs you will SELL.
Let’s say he scores 100 runs, the make-up for this market will be 100 and your return or loss will be calculated as follows:
If you had bet BUY for R10:
- R10 x (100 - 45) = R550
You would have won R550 because your bet of R10 was right by 55 runs as you chose to BUY at 45 runs and Amla scored 100 runs.
If you had bet SELL for R10:
- R10 x (100 - 40) = -R600
You would have lost R600 because your bet of R10 was wrong by 60 runs as you chose to SELL at 40 runs and Amla scored 100 runs.
The stop loss amount of 100 is the maximum that can be won or lost and is reserved from your account for this purpose.
Spread markets are mainly offered in-running and give the customer the opportunity to take advantage of price movements during an event. To close a trade means to lock in any profit or safeguard against any further loss. You can close a trade at any time whether you are making a profit or a loss.
When you buy to open your trade, you must buy at the higher price, and when you close that trade, you must close at the lower price being quoted at the time you close.
If you sell to open your trade, you sell at the lower price, and when you close the trade, you must close at the higher price quoted at the time.
Once your bet is closed your account will be credited or debited with your winnings or losses and is calculated the same way as if the match had finished.
BET.co.za Reserved amount / locking your position
BET.co.za will reserve your stake times by the stop loss on the relevant market off your account.Example of Reserved amount:
Manchester vs Chelsea
Spread: 0.6 - 0.9
Stop loss: 5
That is to say: if you thought Manchester would beat Chelsea you would Buy. Lets assume we stake R100 per goal, R500 would be reserved off your account (R100 (stake) x 5 (stop loss) = R500 Reserved)
If during the game, Manchester was up by 2 Goals and you wanted to lock in your profits, you would place a Sell bet at R100 stake. With BET.co.za nothing further would be reserved off your account, and when the game is resulted your winnings will be credited.
Profit calculation = 2 (outcome) - 0.9 (buy side of spread) = 1.1 points.
1.1 X R100 = R110 Profit.
Basically to lock in your position, you do the opposite trade (if your original bet was a buy you would sell, if your original bet was a sell you would buy) to the same stake value of the original trade. All winnings/losses will be transferred to your account at the end result.