Hedge bet at betting exchange

How hedging works for sportsbook - find an explanation here:

1) First step:

LAY A DRAW of a football match

Got to betfair.com - register an account and choose a football match of your choice (english Premier League matches would be a good example as mostly goals are scored - what is very important in this example)

Found your football match? - place your first bet now....namely a LAY bet!

Lay a DRAW - means to bet AGAINST a draw

Our example:

Manchester United vs. Portsmouth

conceivable odds are:

1: win of Manchester 1.5 (back-odd) - 1.6 (lay-odd)

x: draw 3.4 (back-odd) - 3.5  or 5/2 (lay-odd)

2: win of Portsmouth 4.5 (back-odd) - 4.6 (lay-odd)

NOW: only consider the LAY ODDS - here especially the LAY odd for x, a draw which is 3.5

Place your bet now

Choose to lay a draw, assumptioning an early goal scored (what is very important here)

Stake: 20 EUR

Betting slip - potential Profit/Loss shows

Win ManU = 20 EUR Profit

Win Portsmouth = 20 EUR Profit

Draw = 50 EUR Loss 

....Confirm your bet NOW

2) Second step:  wait patiently (?!) for a team to score

best in this case would be that ManU scores in first 15 mins

if that happens ... - call to action!

NOW place a BACK bet on the same outcome, namely BACK a DRAW

>> HEDGE YOUR BET NOW

conveivable odds now (due to new score after 15 mins!):

1: win of Manchester 1.25 (back-odd) - 1.3 (lay-odd)

x: draw 6.0 or 6/1(back-odd) - 6.1 (lay-odd)

2: win of Portsmouth 9.0 (back-odd) - 9.2 (lay-odd)

NOW: only consider the BACK ODDS - here especially the BACK odd for x, a draw which is 6.0

Place your bet now - a back-bet

Stake: 12 EUR

12 (stake)  x 6 (odd) = 72 EUR - 12 (stake) = 60 EUR profit

Betting slip Profit/Loss shows:

Win ManU = 8 EUR PROFIT (20 EUR profit 1st bet MINUS 12 EUR stake 2nd bet)

Win Portsmouth = 8 EUR PROFIT (20 EUR profit 1st bet MINUS 12 EUR stake 2nd bet)

Draw = 10 EUR PROFIT (50 EUR loss 1st bet PLUS 60 EUR profit 2nd bet)

....and now.... lean (lay) back and enjoy the game as you are on the SAFE SIDE anyway....

Seems to be a bit complicated but for me it turned out to be a perfect strategy to make sportsbook profit

Good luck!