Palbable Error - Need Some Advice

[infinitesimal]

Hey all,

Sooo I think I messed up and I could really use some advice. I'm very new to betting, but a few months ago I set up an account on a betting platform just to mess around, and made a few £5-10 bets.

I was looking at some odds today and found a bet I thought was really really good. I put a small bet down, then I found another bet I could hedge with (on the same site), so I put down about £300 total to guarantee I don't lose money and still see a lot of upside. I thought the platform had made an error on the original bet (it's out of line with other sites) and I could take advantage before they corrected the odds.

AFTER making the bets I started googling, and found out about palbable error. So I guess the platform could cancel the original bet. I feel pretty dumb now for not realizing this earlier...

Anyways, I guess I just want to reverse the whole thing, cancelling both bets. a) Is there any chance of doing this b) if not, and considering the original bet will likely be voided, what do I do to limit my losses? c) should I call the sportsbook and report it, and tell them what I've done? (my impression is that trying this arbitrage stuff is pretty highly frowned upon...) d) any other advice would be hugely appreciated...

Thanks for any help you guys can give, feeling pretty dumb right now...

 

[Wagerallsports]

Might help if you post/tell us the actual wagers you made so others here can determine if you have anything to worry about.

 

[infinitesimal]

Sure, I wagered £100 on the Pacers to win their series outright at 5/2, and £200 on the Cavs +1.5 at 1/2 to win the series handicap.

 

[Wagerallsports]

To be sure, you wagered the Pacers to win the series, and the Cavs to not lose the series by more than 1.5 games?

If that is the case, you have done nothing wrong because neither of your wagers are guaranteed.

 

[BMR_Brad]

Hey all,

Sooo I think I messed up and I could really use some advice. I'm very new to betting, but a few months ago I set up an account on a betting platform just to mess around, and made a few £5-10 bets.

I was looking at some odds today and found a bet I thought was really really good. I put a small bet down, then I found another bet I could hedge with (on the same site), so I put down about £300 total to guarantee I don't lose money and still see a lot of upside. I thought the platform had made an error on the original bet (it's out of line with other sites) and I could take advantage before they corrected the odds.

AFTER making the bets I started googling, and found out about palbable error. So I guess the platform could cancel the original bet. I feel pretty dumb now for not realizing this earlier...

Anyways, I guess I just want to reverse the whole thing, cancelling both bets. a) Is there any chance of doing this b) if not, and considering the original bet will likely be voided, what do I do to limit my losses? c) should I call the sportsbook and report it, and tell them what I've done? (my impression is that trying this arbitrage stuff is pretty highly frowned upon...) d) any other advice would be hugely appreciated...

Thanks for any help you guys can give, feeling pretty dumb right now...

Was the Pacers 5/2 very far out of line with the rest of the market?

And how long between placing the bets?


I doubt you can do much about it now but do understand that ugly realisation that you may have just free rolled yourself

Honestly, it's a great lesson to learn. Many people can't help themselves but take gift odds, obvious error or not. But it's always a risk for this reason.

If it wasn't a huge error and there is some time between the two bets you might find you still get paid fine.

Just have to root for Cavs +1.5 now and cross fingers if Pacers win 2 of next 3 games the book doesn't cancel that side.

In some cases they may just re-adjust your payout to the correct odds too. Bigger than usual bets and coming back just to bet these there will probably make it look rather intentional though. So wouldn't put too much hope on that.