Rinconpaul, what you have described is laying to a liability, but done in a roundabout way on the Exchange.

However, this can be done on S.P. (much easier and more convenient) where the minimum liability is $30. So if the S.P. price happens to be $30 and the selection is beaten then the profit is approximately $1. But if the selection wins the race then the loss is your nominated liability of $30.

Just divide the S.P. price (not known until a few seconds after the race has started) by your liability bet of $30, or in your case $100. If the selection unfortunately wins the race then the total amount you lose is $100. Even if the S.P. price is $1,000 you only lose $100.

That is why some of us believe laying outsiders on S.P. is less dangerous than doing so on the Exchange where the minimum bet is $5, but the amount lost can be almost mortal.