Question on Betfair

[schmucta80]

Okay, I joined Betfair, but havent put any money in yet, i need to know how it works first, and i cant find any information i understand

In the next at Sandown, Gone critical i see that you can back it at $6

But then you can lay it at $6

Therefore am i right in assuming that i could have $100 on gone critical, and then lay it at $6 for a hundred also, and whether it wins or loses i collect $600 back??

Something aint right, can anyone help, i know its probably the stupidest question ever..........

[mad]

LOL, You're a little off.

You can back it at $6 for $100 and if it wins collect $600.

However if you lay it for $100 at $6 and it wins you stand to lose $600.

Essentially when you lay, you're playing the role of a bookmaker. So potentially you will incur all loses similar to a bookmaker, should the horse win.

[schmucta80]

thanks for that mad

so am i right in saying that when you lay it, that is the price another bettor wants for that horse to win?

i think i have it now....

[mad]

Yep, spot on.

Their's a few Lay threads floating about if you were interested in learning a bit more. Some good ideas etc there.