I backed Neil Robertson to win the World Championship at £200 @ 6.0 (decimal) on Betfair Exchange.
He's now showing at 5.2 - a 0.8 point reduction. The cash out option on Betfair is quoting just £22.20 profit if I cash out now. lays are available at 5.4
I would have thought I could have cashed out with a profit in the region of £120.
I haven't had a bet in over 10 years and maybe I'm missing something really obvious but I would appreciate it if someone could explain the maths.
Thanks.
Snooker Bet
When greening up using the best price it's
Stake multiply by entry odds & divided by current best exit odds
Example; A back bet of £50 @ 7.4 and current odds to green up with a lay bet are 3.15
£50 multiplied by 7.4 divided by 3.15 = £117.46 lay bet requied at these odds
However, Betfair's cashout is often worse value because it uses an average of the best 3 prices to try and ensure you fully exit in one go
Stake multiply by entry odds & divided by current best exit odds
Example; A back bet of £50 @ 7.4 and current odds to green up with a lay bet are 3.15
£50 multiplied by 7.4 divided by 3.15 = £117.46 lay bet requied at these odds
However, Betfair's cashout is often worse value because it uses an average of the best 3 prices to try and ensure you fully exit in one go