How to cancel unwanted bets | OddsMonkey Quick Tips
Realising you’ve made a mistake when lay betting can cause the adrenaline to flow. But don’t worry. There are ways to cancel your bet and prevent or mitigate any losses. This video looks at two different ways in which you can cancel bets that are unwanted. You’ll also be introduced to a special matched betting calculator from OddsMonkey which can show you how to work out the new stake amount.
TRANSCRIPT:
Cancel an unwanted lay bet.
If you make a mistake and accidentally place an incorrect lay bet, you may feel worried that you have made a huge mistake and are going to lose money. But the reality is that they’re easily cancelled. There are two ways to cancel a lay bet:
The first is to go over to the exchange and use the ‘cash out’ feature. If the odds have changed slightly, it will tell you what position you’re going to be in by cashing out. You may make either a small profit or a small loss. You should also be aware that if you have more than one bet placed on this market, you should avoid using the cash out feature as it could affect your other bets.
However, it sometimes isn’t possible to cash out because there isn’t enough money in the market. In this scenario, we can use the Unwanted Lay Calculator on OddsMonkey. Simply enter the details of the lay bet in the first section. Remember to include your odds, stake and commission amount. Then in the next section, we need to enter the back odds of the exchange. We can use any exchange for this; it doesn’t have to be the same exchange that you placed the lay bet with. You can even use a bookmaker. Simply enter the currently-available odds and your commission. If you’re using a bookmaker, you can enter ‘0’ for commission. The calculator will then tell you what you need to bet. Once you have placed this bet, you will have cancelled out your unwanted lay bet. The summary at the bottom of the calculator will tell you what position you’ll be in when both bets settle. Again, you may make a small loss or profit.