Greening Up

[indo23md]

Hello everyone, could someone explain to me how it's done "Greening Up" , any idea is welcome, algorithm and etc.
thank you

[WellDone]

[second bet size] = [existent bet size] * [existent bet price] / [current price]

[indo23md]

thanks for the reply WellDone, but after such a "Back" and "Lay" where I won € 50 for example.
Now I want to distribute this for all horses to be profitable in all of them?
what algorithm may be more explicit?
thanks..

[WellDone]

As I said.
For example you placed a back $10 @ 6, so your profit is $50.
Then price dropped to 5. Your lay bet should be
10 * 6 / 5 = $12
So your profit for all selections will be $38:
50 - 12 = 38
(5-1) * 12 - 10 = 38

If the price is 7 your bet should be
10 * 6 / 7 = $8.57
and the loss is:
50 - 8.57 = 41.43
(7-1) * 8.57 - 10 = 41.43

[indo23md]

response to WellDone

Th, WellDone,thanks for your response
I was gone a few days, and only now saw your response.
Yet I still do not understand:
For example I have a race with 3 horses:
Horse 1 2.0 2.5 3.0 3.5 4.0 4.5
Horse 2 3.0 3.5 4.0 4.5 5.0 5.5
Horse 3 4.0 4.5 5.0 5.5 6.0 6.5

For Example:

Back Horse 2: 5.0 * 10 and
Lay Horse 2: 2.5 * 20

Profit = 9.5

And Now:

Now what do you do from here?
what are the bets to make?
What are the types of bets for the horse 1 and 3 to do?
I think I'm wrong, please help me understand this?

[WellDone]

There are always only 2 bets on the same selection to make an equal profit on all selections.
The idea of the greening up is the price movement (because BetFair always matches at "best" price).
So you'll get one bet unmatched (hoping the price moves in that direction) or have to wait for the movement and place the bet.
In your example the bets should be:
Back Horse 2: 4.0 * 10 <- the current price, not 5.0
Lay Horse 2: 2.5 * 16

The profit will be 14 on all selections. No more bets needed (until you want to start it over). But as I said there is no lay price 2.5 so your bet will be unmatched until the price drops.

So the main "problem" is to predict where the price is going to move to - if you think it drops you place back then lay, if you think it rises - vise verse.

[indo23md]

Reply for WellDone

Hi, you're right,
but I think from the beginning I did not put the right question.
In my case, after trading in selection of "Horse 2", i will win 14£, if "horse 1" or "horse 3" win the race,I will not get anything ... yes or no? or it depend of verssion of "api"..? i use the free api.
I need to know how distribute them 14£ for all horses, i know my profit will be smaller, but after distribute or trade profit/lose, i will minimize my losses and the profit will be smaller but garanteed, and I do not care who wins and who loses.
Thanks,

[WellDone]

If it's "proper" green-up (with the formula I wrote) you'll get equal profit on ALL selections (no mater how many are there) by placing 2 opposite bets on any one of them. Let me explain how it works:
1. First bet. Back Horse 2: 4.0 * 10
If this horse wins you get +$30 profit. If any other horse wins -$10 loss.

2. Second bet. Lay Horse 2: 2.5 * 16
If it wins you lose -$16, if any other wins +$24 profit.4

So as result if the horse 2 wins your profit is $30 - $16 = $14
If any other wins your profit is -$10 + 24 = $14

It's not related to any API or even to BetFair - you can green-up on site by placing bets manually (but it's better to let the software to make calculations for you

If you need to spread profit/loss from the selection you placed a bet to (for example you laid to a horse and it's winning) "the formula" is different:
(([lay_price_placed] - 1) * [lay_amount_placed]) / ([current_back_price] - 1)
That means you need to win with back bet the liability of the lay bet.

So, for example you laid Horse 2: $10 @ 4.5 then price dropped to 3, your back bet should be ((4.5 - 1) * 10) / (3 - 1) = $17.5
Then your "profit" on Horse 2 will be -(10 * (4.5 - 1)) + 17.5 * (3 - 1) = 0
But note the liability on all other selections will be much bigger.

[indo23md]

Hi WellDone, I think already realized, after doing tests, i tell you if it went well successful. Thanks for your help.

[PLV]

1. First bet. Back Horse 2: 4.0 * 10
If this horse wins you get +$30 profit. If any other horse wins -$10 loss.

2. Second bet. Lay Horse 2: 2.5 * 16
If it wins you lose -$16, if any other wins +$24 profit.4

So as result if the horse 2 wins your profit is $30 - $16 = $14
If any other wins your profit is -$10 + 24 = $14

You have made a mistake:

2. Second bet. Lay Horse 2: 2.5 * 16
If it wins you lose -$16, if any other wins +$24 profit.4

Its not correct if you Lay Horse 2: 2.5*16
If it wins you lose 24 if any other wins +16

So if both bets are matched you have:

a) Horse 2 wins: (profit 30 from back bet) - (loss 24 from lay bet) = 6----> 5.97 after commission

b) Horse 2 lose: (profit 16 from lay bet) - (loss 10 from back bet) = 6 ---->
5.97 after commission

[PLV]

As I said.
For example you placed a back $10 @ 6, so your profit is $50.
Then price dropped to 5. Your lay bet should be
10 * 6 / 5 = $12
So your profit for all selections will be $38:
50 - 12 = 38
(5-1) * 12 - 10 = 38

If the price is 7 your bet should be
10 * 6 / 7 = $8.57
and the loss is:
50 - 8.57 = 41.43
(7-1) * 8.57 - 10 = 41.43

thats wrong also for the same reason i show you above

[theswan1]

Th, WellDone,thanks for your response
I was gone a few days, and only now saw your response.
Yet I still do not understand:
For example I have a race with 3 horses:
Horse 1 2.0 2.5 3.0 3.5 4.0 4.5
Horse 2 3.0 3.5 4.0 4.5 5.0 5.5
Horse 3 4.0 4.5 5.0 5.5 6.0 6.5

For Example:

Back Horse 2: 5.0 * 10 and
Lay Horse 2: 2.5 * 20

Profit = 9.5

And Now:

Now what do you do from here?
what are the bets to make?
What are the types of bets for the horse 1 and 3 to do?
I think I'm wrong, please help me understand this?

If you've £0 pr/ls on horses 1 and 3, then you only need one bet to 'green up' and that is to lay horse 2 at the best lay price (4.5) for a stake of £2.11 (9.5/4.5). This will leave you with £2.11 profit on all three runners.