This is just like betting Stock Options...
You can change the layout so it shows a regular line.. ie: +100 as compared to the number ie: 50.
The site was down for me tonight.. for a large amount of time.. 15+ mins during the Spurs game. Other than that the site is nice.. need to make it more user friendly I can agree with people on that.
They charge you a percentage on each trade... which is the juice. (.04 cents per trade or avg of 1.6%, so .08 total since you have to buy or sell your option back or 3.2% VIG) Say for example you had the Spurs tonight like -4.5 against the Mavs... This I for 50 which is +100... Which after the percentage you pay was much better than the -107 or whatever you could get at the other books.. Remember you pay when you buy or sell.. or when the contract expires.
So before halftime I sold mine for 56, which is (-127) for someone else. So I made the different of 6. I can't tell you how to do the math.. but think of it this way. If you have something that says Spurs -4.5 @ Mavs (Spurs to win by 4.5) then if you buy it @ say 50, you want your option to go up.. So you want it to hit 99. If you don't think the Spurs will win by 4.5 then you sell @ 50 and hope the price goes down to 1.
So later in the 2nd half I decided I would sell the Over 203.5 - The price was around 40... and then dropped to 35 quickly. I think my avg price I sold at was 36.5 - Remember when I sold this, I didn't think that the Over would happen. So I was betting against 203.5, so this means you sell. It didn't and I banked. Also, remember at any time I could of sold, meaning BOUGHT back shares to cover my sell. So if I was SOLD 100 shares at an avg of 36.5, and I wanted to cover my position during the game, I could of BOUGHT back 100 shares at say 26.5 - I would of had a profit because I was betting against the over.
It all depends on what the Bet is on. If it was under 203.5, then I would of been BOUGHT shares at 36.5, but in that case the price would of been the opposite, 63.5.
Also when you hit buy or sell, you can click how much is this going to cost me, and it will tell you. You do have to be quick. You can easily beat amatuers to the bone.
For example.. when there is 15 secs left and you are 9 pts off the over, and there is still a bet out there... someone is an idiot or they are just being cautious. Which means you might lay down $1k, to win $20, but its free money. Might be too right for some of you but it just goes to show you, if you are an avid player you will find a profit in everything.
Here is there conversion chart:
https://www.tradesports.com/jsp/intrade/misc/odds_calc_body.jsp
Example:
You can "Bet On" or "Bet Against" any wager. For example, a $5"Bet On" a team at evens (+100) means you are betting 1 lot at $5. The exchange fee if this bet is matched and held till settlement will be 8 cents (4 cents trading fee + 4 cents settlement fee).
They have good tutorials on their site.
The main thing to remember is when you have a bet layed out, for example I will give you 1 right now which is on their site:
Contract B Qty Bid Ask A Qty Last Vol Chge
NBA.WEST.MAVERICKS 100 2 5 75 4 16.0k -4
The above means this, The Mavericks to win the Western Conference. Here is how the breakdown of the above works... The bid Quanity is 100, with the Bid at 2. The Ask is 5, and the ask Quanity is 75, with the last trade being at 4, and the volume is 16k and the Chge means it was at 8, today but the last trade was at 4, so you have a change of -4.
A bid of 2 is +4900 and Ask of 5 is +1900. This is for the Mavericks to win. Now I wouldn't bet that because the Spurs are going to win in my opinion. But, if you wanted to Bet against them winning, you would SELL, now you can place an ask of say 3 or 4, because right now the only person who is selling is selling at 2.
So if I go and put down 100 Quanity at 3 to SELL, here is what it tells me when I click "how much will this cost me?"
Here is what it says:
Margin Required:
USD 970.00
Fees if this order is filled:
USD 4.00
Your max profit on this order:
USD 30.00 (3 points)
Your max loss on this order:
USD 970.00 (97 points)
So basically you are betting $970 to win $30, paying $4 in fees. Now, remember this will double to $8. So basically you are betting $970 paying $8 to win $22.
Now that sounds bad... but that is just showing you one side.
If you wanted to BUY this, 100 shares at 3, here is what it would say:
Margin Required:
USD 20.00
Fees if this order is filled:
USD 4.00
Your max profit on this order:
USD 970.00 (97 points)
Your max loss on this order:
USD 30.00 (3 points)
So as you can see this is just the opposite, you are putting up $20 with $4 in fees for a max profit of $970, but you could lose $30 if it goes to 0, since you are buying it at 3.
This ends up at $20 paying $8 (total on a buy and a sell on 100 shares) to profit $968 after fees.
The best part about this if you normally place regular wagers say you take Mavericks +4.5 and wager $100 at -110, then say you realize there is no way in hell they are going to cover... You could buy the Spurs -4.5 and make money or break even on your losing Mavericks bet.
I just like that you have to think fast... be smart and you can close out a losing option without losing all of your money.
I hope I cleared this up for some... I have only been playing for about 5 days, but I really like this.. It's sorta like Betswwts.com P2P, but their site never took off.
One more thing, you can be your own bookie if you have 5 dimes with them.. not sure how it works, but I might do that in the future.. I think you get a lower VIG also.
