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I have often be asked to explain "Lay" betting by my readers
over at horseracingsystemsuk so I thought it was about time I sat
down and put what I know into words and tell you about Betting Exchanges.
I decided to make into one complete project and so this
website was created, dedicated to the Lay Betting Revolution!"
Traditionally we have always seen the bookie as the enemy,
why not, he is responsible for setting the odds in his favour so if we did win
on a good horse it's hardly worth it and when we lose he takes the money and
makes it very difficult for us to get it back!
Well along came a guy called Andrew Black who was a bit fed
up with the fat cat bookies and decided there had to be a better way and turned
to the New York Exchange for inspiration, using their model Black designed a
way to match both sides of a bet via the Internet, bypassing the bookmaker
altogether.
betfair.com was borne and they haven't looked back.
So how does it work?
Well as already mentioned traditionally you go into a bookie
and place a bet based on their odds, hand over your cash and wait to see if you
win or lose, well at Betting Exchanges you can make a choice of whether you
want to bet as normal or offer odds for a horse you think wont win, but other
people think will!
Lets go over that again…
There is a horse running at the 2.00 at Cheltenham, that you
are pretty sure will not win, but he just happens to be the favourite of the
race, so this means a lot of people think it will.
You log onto to your favourite betting exchange account and
"Lay" £50.00 at the going odds being pretty sure that the horse is going
to lose, all you have to do is wait for someone to match your £50.00 on
the other side, once they do you just have to wait for the outcome.
But what happens if the horse wins, your are in effect
acting as a bookie so you will have to pay out in the same way, so lets look at
your liability.
Betting exchange odds are normally shown as decimals (see my
article
http://www.horseracingsystemsuk.com/odds-conversion.htm for
details) so you may have offered odds on a horse at 2.64, this figure
represents what the winner will get back including their original stake.
But for our calculation we have to -1 because we are only
concerned with our actual liability.
2.64 - 1 = 1.64 X 50 (our £50 lay) = £82.00
So if the horse does win then we have to payout £82 to cover the
bet.
Betting Exchanges actually take your liability at the time
of the bet, so that you cant do a runner if the horse does win!
But what do you win if the horse does lose the race?
Simple, you offered £50.00 and someone matched it, so
if they lose you get to keep their £50.00.
In effect all "Lay" bets are placed at evens, so what ever
stake you offer, as long as it gets matched and you win, you get the same
amount back in profit.
One thing to be aware of with betting exchanges is that they
take a percentage of all winnings, which at the time of writing this is
anywhere between 2 and 5% although you do not pay if you lose.
Why are betting exchanges so popular?
There are two answers to this question. Firstly because the
"Layers" are trying to get their offers matched and they do not have to offer
odds on every horse in the race (unlike normal bookies) so they can afford to
be a bit more generous with their odds, so if you want to bet to "Win" then the
odds on offer at betting exchanges are normally better and there have been
occasions when they have been substantially better.
Secondly because only one horse can win a race and 2 out of
3 favourites lose then some will argue that the "Laying" a bet is far less
risky than betting to "Win".
"lay" betting has now taken of in a big way with many new
companies are starting up trying to get a piece of the "pie", but
betfair.com is still the biggest with around 80% of the betting exchange
market, which means your money is save and just importantly you should get a
match for your "Lay", which may be difficult on some of the smaller exchanges.
A Lay Betting Service with a difference.
After
publishing my own
Lay Betting
System which has continued to be a success, many readers asked me to supply
the tips directly to their email address so they didn't have to work them out
themselves. This has also gave me a unique opportunity to start testing ideas
to a live audience on a daily basis.
Subscribers to my monthly service
not only get the
V4
Lay betting System Selections, tips selected by the
flat system,
AW system
Jump/Chase system,
LTO
system,
Lay Bet a Day
and
the Other (monthly
test tip).
Please Note: WIN means we won:
LOST means we lost and they are all lay tips!
One other unique
thing about this service is that we also publish average
betfair.com prices, which is done using a piece of software that I had
specially written that watches for any changes in the price during the day and
then reports an average price at the off.
Although we are only getting
an average price I think this is far more accurate than using the SP which
doesn't often reflect the price at
betfair.com.
My goal with this service is not to get stuck in my
ways, I want to continually test new ideas and create better and more
profitable systems.
I also don't want to stop at the tips banking and
staking plans are just as important and so this is another part of the service
which will continue to change and and
Laying as and investment
article are a direct result of this thinking.
The service also has
it's own members
area and forum.
Special Offer first month just £9.99 (normally
£24.99)
If you would like to try this service at the really
silly price of just £9.99 a month then click
here to view the payment details.
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