Betting Odds

[lavender88]

Hi, can anyone explain the poor returns on the Masters golf tournament, I backed Rose at 14/1 & Mickleson at 22/1 both £2.50 Each / Way, the total return was £17.50 ???, thanks in anticipation.

[sandyRoe]

It depends who you had the bet with and what odds they were offering for a place. I see here that Paddy Power was offering 1/4 of the odds a place for the first five. Your winning bet on Rose( if you'd bet here) would have been £2.50 @ 14/4(7/2) =£11.25 return.
The Mickleson bet would have been £2.50 @ 22/4(11/2) = £15.75

http://www.paddypower.com/bet/golf/us-masters-betting

[Svejk]

Doesn't sound right to me. Perhaps they put half your stake on as they 'dead-heated' but that should only happen with win bets.

[lavender88]

Hi, but that doesn't equate to £17.50, £7.08 for Rose, £10.42 Mickelson, bet was with Coral.

[New Judge]

The bet has, I would suggest, been settled incorrectly. You have been given odds of 1.832 to 1 for Rose and 3.168 to 1 for Mickleson. Neither of these makes any sense when considered against the odds of 14-1 and 22-1 that you were quoted.

As a minimum, at one fifth the win odds you should have received £23.00. This is calculated as:

£2.50 @ 14/5 = £9.50
£2.50 @ 22/5 =£13.50)

At one quarter odds you should have received £27.50. This is calculated as:

£2.50 @ 14/4 (7/2) = £11.25
£2.50 @ 22/4 (11/2) = £16.25

Both your selections were placed (they finished joint second with nobody else) so there should be no reduction in the odds.

[New Judge]

I've just spent 5 minutes trying all sorts of ways to arrive at your payout figures. I've tried one third odds, I've tried cutting the odds (or stake) in half in case they have done that in error. I cannot arrive at £7.08 and £10.42 whatever I do. I would go back to Corals if I were you. I'd be interested to learn how they arrived at their figures.

[Svejk]

Yes, please come back. I'd be interested to know. I don't think the staff actually work bets out now, so it's most curious.

[Svejk]

Are you sure you paid £10. Has it got it printed on the ticket?

[novalis]

Definitely go back and ask for a print-out of the returns. They should provide that on request.

[novalis]

Svejk has asked if your are sure that your total stake was £10. If it was and you get no satisfaction when you go back to the shop then email [email protected]

[lavender88]

Thanks for all your input, i'll go back to Corals.

[ToraToraTora]

Looks like both were placed at a quarter of the odds so ((14/4)+1)x 2.5 = £11.25 and ((22/4)+1)x2.5 = £16.25, total £27.50. It looks to me like they have owe you a tenner!

[New Judge]

Still trying to get to the bottom of this and I think I’ve cracked it.

If Corals paid one third the odds for a place you should be entitled to £14.17 for Rose and £20.84 for Mickleson.

£2.50 @ 14/3 = £14.17
£2.50 @ 22/3 = £20.85

You received exactly half of this (bar the odd penny for “rounding”). So there are three possibilities as far as I can see:

1. Corals are paying one third odds for a place for the first two only (which would be very unusual) and they would be justified in cutting your winnings in half for each of them.

2. They are paying one third odds for a place on the first three (or more) and have mistakenly cut your odds in half.

3. As hinted by Svejk, you may have inadvertantly “understaked” your bet. If you only staked £5 instead of £10 you would only receive half the sums calculated.

Please let us know the outcome !!!

[New Judge]

And of course 3T's explanation is just as plausable !!

[ToraToraTora]

I assume you accepted those prices when you did the bet, ie you didn't default to SP??

[New Judge]

Bookies don't usually accept "Starting Price" bets for "human" events, 3Ts. They are usually restricted to the gee-gees and dogs.

[lavender88]

Hi, still trying to get online to Corals, perhaps they are inundated with probems,i'll let you know the outcome.

[thesecondlaw]

Where's Ken4155 ? I think he's answerbank's betting guru.

[Ken4155]

^^^^

Steady on, i've been called many things, but never a 'guru'. Must admit to being as stumped with this one as the rest of you. It may be as NJ suggests in that Coral have paid 1/3 odds but have then halved the odds because of the dead heat. That would total £17.50. Must be something wrong if 'live chat' is still down, lavender88?

[-Talbot-]

Didn't you ask if E/W was only 1st and 2nd?