How old are your children KC? Betcha less then 6!?

pengo go down to APrk race at 18:42 tonite.

look at Natty Nitro
someone is laying it @ $8.40 for $8
this means they are letting someone back it to lose $67.20. they are asking the punter for $8 to bet on it.
if the horse wins the layer here gets your $8
if it loses and you are the one backing it you will collect $67.20

dont forget the backing side (blue colour) contains the layers bets. this is where you as a punter or backer go to see what odds someone is giving you to back the horse they dont like.

ok confused againt, if i'm paying someone the lay odds.. then why are the back odds different? Also is the money under the odds the total money that has been bet at those odds? So if say lay of 730 is showing only 5, for me to get matched i'd have to play a lay of no more than 5 units?

Who sets these odds and how come the lay odds would differ from the back odds? Who is getting the payout of 730 when the back odds shows say 38

I use that adelaide race u mentioned as an example.
No 10 Benefit Road is showing a back odds of 38 and Lay odds of 730. Why isn't the back odds 730? As thats what I'd have to pay you if you were to back Benefit Road. Instead if you were to win your back bet you'd only get odds of 38..

confused

lomaca

they are actually easier the this.
i've had 1 bet in NZ about 2hrs ago. i cant find anything...time is on my side !
the youngest >> Chappelle >> your close enough : )

read the APrk post pengo

the layer or bookie set the odds if you wish on the blue side
OR
the backer can ask for odds >> the pink side.

as a layer you either do 1 of 2 things
1. set your own price on the blue side like the bloke did in APrk (he is letting someone on @ $8.40 << his own odds....his own decision...jhe is the bookie / layer
or
2. let someone on at the odds they are asking for (the pink side) this side is the backer asking for those odds. its a matter of whether the layer / bookie wants to say yes.
this is why the pink side is always more in price. Thats the side of the hungry backer who wants better odds
the blue side is where the stingy bookie / layert sits only wanting to give sml odds

who sets the odds ? >>>> either can. thats the luxury of it all.

hang on i think the light bulb just turned on, after having a play with the betfair system.

I see its not like tab where i can't set the odds. Betfair lets me set what I want for say a win bet (I'm the backer ie betting like at tab). So for example for a back bet I can set the odds to whatever say the favourite on the tab is showing 1.50. I could put up $4.30 but this won't get matched by any layers out there. So this would explain by the two columns differ. Whereas the lay column I'm saying, hey punters I'll give you say 200-1 if you bet 5 units if this horse wins if not I get to keep your 5 units. So as a layer I wouldn't put up short priced lay odds even tho its a high possibility it won't win, as I have to make it worthwhile to the punter to give me his 5 units?

Correct?

Person making a "back" bet sets the lay price
Person making a "lay" bet sets the back price

So all betfair is doing is when there is a match of two sides of that bet we have a bet?

You: I want to bet 10 on No 8 to win at odds of 3.40
Me: I want 10 on No 8 to lose, I'm willing to give odds of 3.40 to anyone out there willing to bet 10 units at my odds.

Sorry I'm a bit daft but I get there eventually.

PENGO

I have just lined up my kids and neighbours kids with leftover NYE party poppers.
We are about to explode them in honour of your name.

You have also just knocked Benny off the #1 spot....again.....

WELL DONE PENGO

but go easy big fella, laying is like betting...theres an art to it...dont just presume because you can pick losers easier then winners that you will win by laying everything. Punters rely on newbies with that idea in their head on betfair.

yeah, i'd only ever risk i could afford to lose if doing a lay.

Have you tried setting up a competitive lay on a long shot and had it matched ?

I was thinking to minimise liability, it would be better value to set one up for horses showing tote win odds between 5-10. You could offer slightly above the tote odds and they are outside chance horses and so there should be at least someone out there looking to bet on them. Also your risk is minimised as its not the highest odds for a win. The most you could ever lose is 1,000. I've lost more on the stock market but made more too heh.

Anyway I rekon theres more money to be made being "bookie" on betfair than being a punter. To each his own tho. I might have some fun with this on paper and select a horse and see how many times I would have to pay out. Prolly would just use the current back odds on betfair.

Setup a system to look at whats in that range, check its form and see if an apprentice is onboard then setup a lay on it. Also would have to be a big field to ensure my chances

Pengo

I dont get into laying. saturdays not bad but every other day you have to supply overs most of the time.
Again as i said earlier >> its an art. i win backing from yrs of notepadding. Layers win laying from doing the same thing over time. you either do one or the other...properly.

Well put it this way, if as part of my laying my losers end up being race winners... I should just switch the system to win betting