it seems to me betfair is letting you be the bookie. and we all know how much bookies make (ie lots!).

sure bookies serve to lose more, but they tend to win more than they lose right?

Still that $30 chance is highly unlikely to win....

I guess to minimise your liability you lay bet horses in the teens? Since they are not likely to win but in the off chance they do, you aren't out too much?

On betfair Gatekeeper is going for 26 unit for a win and 90 to lose. I just don't get it, how can it be at such long odds for both? Surely if its at long odds to win then it should be a short odds to lose since thats likely to happen? Also selecting the lay bet for Gatekeeper and staking 2 units my payout is $180 and my liability is $178. How are you working out the liability?

It seems to me that if all I need to bet is 2 units to win 180 units on the log shot as I'm betting on it to lose then its the road to easy money? Tho I have my doubts. I'm obviously missing something.