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Welcome to my Beginner's Guide explaining the concept and benefits of lay betting which has grown in popularity in recent years with fans of horse race betting who are interested in winning money from a losing favorite with betting exchanges like Betfair and Betdaq. The traditional bookmakers like nothing better than a losing favorite, no wonder they are not keen on taking bets from clients wishing to 'lay a horse', unlike betting exchanges who are more than happy to accept lay bets.
Lay betting or to 'lay a horse', as it is commonly known refers to betting on a horse - usually the first favourite - to lose a race. However, unlike traditional horse race betting where you 'back' a horse to win, by 'laying a horse' you effectively become a bookmaker - so if your horse wins you have to pay.
You lay Altior @ 6 in the King George VI Chase at Kempton on Betfair for a GBP5 stake - see screenshot below. The liability is the stake multiplied by the horse's laying odds minus the stake (GBP5 x 6 - 5 = 25), thus you will lose GBP25 if Altior wins the race. But if Altior loses, as predicted, your payout will be GBP30 (GBP25 liability + 5 stake). After entering the stake, Betfair automatically displays your liability - so there is no need to worry about doing a mental calculation. And to see the potential winnings, just click the Payout button
|courtesy of Betfair|
One of the main reasons it has become popular is because it offers greater flexibility than traditional horse race betting. And sometimes it can be difficult to pick the winner of a race and a lot easier to pick a horse that won't win. And of course, it can be very profitable, you get much better odds laying the first favourite in the betting than backing it to win. And bookmakers, as we all know, make their profit from losers especially a losing favorite. On average, favourites win 35% of horse races.
Betfair is the world's largest online sports betting exchange, and is the preferred choice for anyone interested in winning money from lay betting because it is usually able to offer better odds than Betdaq. You can also, safely and speedily, place lay bets from your Android or iPhone by downloading the appropriate Betfair Mobile betting app. Betfair deduct 5% commission from net winnings only, on Betdaq commission is 2%. The minimum Betfair Exchange stake is GBP2. Betfair accepts the following currencies: AU$, DKK, EURO, GBP, HK$, SEK, US$. (Languages supported: English, Danish, German, Portugese, Russian, Spanish, Swedish). NB: US residents are excluded from opening an account with Betfair and Betdaq.
It can be complicated, as well as requiring a few hours familiarizing yourself with the layout and terms of the betting exchange site before you feel confident enough to place a lay bet. Although there are many horse racing lay betting systems offering information on making money from losers my personal preference is for False Favourites, written by Jonathan Burgess. This step-by-step guide, with illustrated examples of actual races where Jonathan laid the favourite. And additionally it shows the different selection criteria used to identify a weak favourite to lay in flat, all-weather and jump racing. The guide also shows how to place a lay bet with Betfair. Priced at GBP14.99, it is considerably cheaper than Easy Money From Losing Horses (GBP63.44) - which has just 46 pages compared to the 200 pages of False Favourites. Jonathan has also contributed articles on horse racing betting advice for the official blog of Betfair Education. So if you are looking for an inexpensive, easy-to-understand, comprehensive guide to horse race lay betting from a respected author please visit False Favourites
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