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?