We often get asked how trading on golf works and whether there's scope for making a profit on the exchanges from golf - the simple answer is yes! The prices on offer on Betfair in particular can be incredibly attractive compared to the mainstream bookies, however it's worth that you can't back players each way in this type of betting.
Our example comes from the 2010 WGC Bridgestone Invitational eventually won by Hunter Mahan (for a more recent example click here). In our tips we suggested that Ryan Palmer was likely to have a good week - putting our money where our mouth is we backed him at various prices to give us a potential profit of £10,608 from a total outlay of £125:
With the current lay price at 11 (10/1 - the pink number next to Palmer's name) we can offer £1,250 of our potential profit to other Betfair punters and recoup our £125 stake. There's £81 available right now at that price; once the remaining £44 is matched then you've got all of your stake back whilst still standing to win £9,358 if Palmer goes on to win:
By offering £9,750 of your profit at 10/1 we can guarantee ourselves a healthy profit of at least £850 in all eventualities. Naturally this needs to be matched - if you're impatient then there's liquidity at 11.5 (21/2) which simply means you'll reduce your profit a little but get paid off instantly. The screen then looks like this:
Fancy having a go for real? Betfair are offering GBS readers a £20 risk-free bet to try out the exchange - click here to get started and use promo code VAL225 (New customers only, bet at least £20 on the Exchange and if your first bet loses, Betfair will refund you £20 in Cash. Bet must be placed in first 7 days of account opening. T&Cs apply). For more Betfair promo codes for 2015 visit www.betpromocode2015.co.uk.