For those of you that are interested.....

Check out the betting information for Randwick Race 1 on Betfair.....
Some clown has layed the field at odds of 1,000 to 1 @$12.....

I hope it was noone from here, but there is a very happy person out there, and 1 very unhappy person......

What does that mean???

It means that somebody put an offer to back every horse in the race. He put $12 on each at odds of 1000 - 1. Somebody matched his bets, all of them......

I think there were 8 horses in the races. It cost him $96. No matter which horse wins, he will receive $12,000 in his pocket.....

I'm afraid I still don't quite understand. How could someone get 1000-1? Please forgive me, but I don't really have much of a clue about this laying thing.

I myself thought there were only 2 possible chances in the race (1 & 2) and I thought 1 was a pretty good thing.

On Betfair you can get odds of 1.01 up to 1000.

Imagine going to a bookie and saying I want to put $12 on every horse in the race and I want you to give me the odds of 1000 to 1. And then imagine him accepting your bets at those odds.....

That is what happened....

The 2 favourites were paying about $2.50 on the tote..... This guy backed them at 1000 to 1......

Well, the guy that accepted those odds was probably like me and didn't know what the heck he was doing. I think there should be some way of protecting people from making mistakes like that.

Mistake?

I don't think so, I've seen this practice before.
This guy has way more than $12,000 in his account believe me.

Offering 1000/1 the field gives him a chance to have thousands and thousands of punters offer longer odds than they would normally on say a $2.50 shot.

He can then lose up to $12,000, but incrementally match much larger wagers than the total cost of his lays.

Laying the field at those odds disguises his intention to plonk on one or two particular horses with much larger sums. It pulls the price up by that many points it doesn't matter.

I'll bet this was a hgh interest race with a lot of turnover generally.

__________________
RaceCensus - powerful system testing software.
Now with over 409,000 Metropolitan, Provincial and Country races!
http://www.propun.com.au/horse_raci...ng_systems.html
*RaceCensus now updated to 31/10/2024
Video overview of RaceCensus here:
http://www.youtube.com/watch?v=W821YP_b0Pg

Chrome, there were basically only two chances in the race - number 1 which was the original favourite and number 2 which became the eventual favourite. Number 1 won.

I don't understand why thousands and thousands of punters would offer greater odds because somebody layed the field at 1000 to 1..? Are you suggesting that people would look at previous odds given and then think that all horses should be treated as 1000 to 1..?

Wouldn't it be a better strategy to lay $4000 @$3 and try to get people to offer better odds than that so you can quickly grab them, knowing that it would start at $2.50?

And he can't lose up to $12,000, he guaranteed losing $12,000 as all bets were immediately matched.
This is alot of money to make up when less than $100,000 gets matched on the event....

Must be getting slow in my old age.

Assume the Crown & Chrome Prince....you've both lost me.