Correct but there chance of winning may be much greater than the odds taken.

As with conventional win betting it is still about obtaining value. Since I have been experimenting with the lay method detailed by Mark on another thread I have come across some outstanding value odds for horses that IMHO have no hope of winning.

That being said my concern with Betfair markets (on Aus races) is that the lay odds on offer are generally too long and often do not represent value. As we know if you can't get value in the long term you lose in the long term.

Contrast this with UK races were there is much more activity, liquidity and obviously people doing more trading with robots. There the lay odds appear to be much truer and shorter.