The Ocho.

It happens quite quickly, and not having Fox/Sky I'm at the mercy of the race-callers who fortunately seem to concentrate on the leaders.

That's right about my sequence of betting. I first bet the $5 on S.P. and as soon as it goes lower on the Exchange I then lay it for the amount of $6 providing its price is less than its S.P. price. Currently I don't have a set lay-price because it can be a matter of opinion - the words and the tone of the voice of the race-caller can be very helpful because it gives a hint how the horse is going, and if one gets the impression that it is going to be hard to beat one can therefore wait a little longer expecting its lay price to lower, or even not lay it.

Yesterday in one race I offered a price of around $2.10 on the Exchange which was the current lay price but because it can happen quite quickly it's price immediately fell and I was matched at $1.10 - I seem to remember it was fairly late in the race and I got the impression from the race-caller that the horse was well in front and nothing was going to catch it.

I expect there to be instances where the race-caller may say it can't win, and if it's price is not too high I might lay it hoping the caller is right.

Out of interest there has been one race today that has already been run in which the fave was about $3.60 S.P. yet its first lay price was less than $3.60. It ended up losing the race.

This isn't my type of betting but I expect to do it every now and then. I would presume watching the race on T.V. makes it a little easier to gauge the chance of the fave winning.