17th May 2009, 07:20 PM
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Member
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Join Date: Mar 2006
Posts: 112
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Quote:
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Originally Posted by Brendon
Lets see if I understand laying.
There is a favorite at say $4 opening odds I don't think will win. It firms to $2.80. I look at the race and pick 6 horses I think are chances and leave 6 horses plus the favorite out of it. I bet to win on the six horses so I win a certain amount.
Is that right?
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Hi Brendon,
No, that's not laying in this sense.
Betfair is a gambling exchange where you can choose to take odds [Betting] or offer odds [Laying]
In your example if you choose to lay the favourite at $2.80, you offer those odds at whatever stake you choose. If you were to offer $10.00 @ $2.80 and the horse loses you collect $10.00 (the better's stake), if it wins you pay out $18.00. $2.80 being odds of $1.80/$1.00.
This can be potentially destructive if you start laying at longer prices. Laying $20.00 horses for $2.00 costs you $18.00 if it wins [Ouch] and a $2.00 collect if it loses.
Hope this clears it up somewhat, it's difficult to get your head around coming from the 'other' side of the ledger.
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