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Can anyone explain betfair to a simpleton?

For example, Carlton vs Essendon this week - View attachment 1706133

I can 'lay' againsts Carlton for 2.06 or 'back' Essendon at 1.96.

I'm sure that's not how it works, but it's how I see it.
If you lay something, you're taking on the roll of the bookmaker essentially.

I.e. If you lay Essendon at $1.97 and they win, your bet loses and you have to pay out 97% of your stake. If they lose, your bet wins and you receive your stake less 5% commission.
 

anyone know who the illegal overseas operators they are talking about?

is it bet brokers like Sportmarket? or are they targeting poker sites or something.

I hope they arent targeting sportmarket. That would kill the only resource for winning punters in this country.
citibet
 

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I know this might be a stupid question, but does anyone have a really good Lay/Back calculator. I think my math's is good, but I am thinking that I get the ratio's wrong and miss out of value out of my bet's
 
Just got promo banned from Betr even though I haven't used them in months, perfect. Didn't plan on using them anyways after they refused to payout a promotion cash back they removed 10 minutes before a race.
1686358304191.png
 
Just got promo banned from Betr even though I haven't used them in months, perfect. Didn't plan on using them anyways after they refused to payout a promotion cash back they removed 10 minutes before a race.
View attachment 1708616
possibly done this to inactive accounts which haven't used them besides the 100/1 promos or early stuff.
Large majority would be burners.
 

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