G'day

So, new to all of this and have discovered betfair and lay betting.

From what I saw of the demo, you are allowed to bet on a horse NOT placing first. I'm thinking, hmm this could be easy money . How many times have you bet on a horse to win and it doesn't come in?

Just looking at Sandown Race 1, it has Lay odds of 85 for No 8 Gatekeeper. Going off the tab odds its listing win odds of about $11 so not a favourite to win. Surely it can't be as simple as just betting on the horse showing the highest win odds for a lay? Like in some races there are horses showing $30 for a win, so market sentiment is that this horse will not win. So based on betfair lay betting I'd bet a lay on that horse and then laugh all the way to the bank?

Am I missing something, coz it can't be this easy?

You are right, it isn't that easy.

If you wanted to win $100 you lay the $30 chance.

If it loses you win $100

If it wins you lose $2900....do'h.

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All generalizations are dangerous.

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.

well gatekeeper came in last... so if i understand correctly based on the betfair odds for a lay i would have won $180 for only $2 outlay... pretty good.

NO you win $2 less 5% comm. The 90/1 (lay price) is the prise you give to someone else, so you lose $178 if it wins.

The back price is the odds you want
The Lay price is the price you give to someone else.

ok so if i want to win $100 i "Stake" 100. So I get 200 back if I win the bet? Or if I lose the bet and the lay odds are 90, I have to pay 9,000?

How do I know my odds for me to win on a lay bet? Do I just get the back odds when I win the lay bet? Are there no odds for my win for a lay bet? So effectively I just back what I stake plus my original bet? So its a 100% return? (E.g bet 100, Return 200, Profit 100)?