Can you back and lay the same horse on Betfair?
Unlike traditional bookmakers, the Betfair Exchange offers you the ability to take either (or in some cases, both) sides of the bet. You can both Back and Lay on the Exchange, but first you should understand exactly what both terms mean.
What is the difference between back and lay?
While in a back bet, you essentially say “this horse will win”, in a lay bet you are betting that a particular horse will not win. Therefore, when you place a lay bet on a horse, you are staking money on it not to win.
What is a back bet and lay bet?
‘Back-to-Lay’ betting is a technique whereby the bettor will place a bet on a selection at high odds, and look to lay the same selection at a lower price on an exchange platform such as the Betfair Exchange.
What is a back bet Betfair?
Back betting is betting on an outcome to happen. An example is if you place a Back bet on a horse in the Melbourne Cup, you are betting on that horse to win the race. If it doesn’t come first, you will lose your stake. If your horse places first, you win. You will pay a small commission on all winning bets.
Can you make a living on Betfair?
For most punters, trading on Betfair for a living is just a dream. But why? The concept is simple; back high and lay low (or vice versa). It shouldn’t be that hard at all, and it really isn’t to those who have mastered it.
How do you back and lay a horse?
It involves selection horses and backing them before the race starts and then placing a Lay bet at shorter odds to lock in profit whether the horse wins or not. The Lay bet is also placed before the race starts and is set to “keep” in play.
How do you play back and lay on Betfair?
A betting exchange acts as a middleman between a backer and a layer. That said, in order for a wager to take place, there needs to be a bettor to back an outcome and a bettor to bet against it, that is, to lay the outcome. Both the backer and the layer need to agree on the odds and stakes before the wager is accepted.
How does backing and laying work on Betfair?
Back betting means putting your money on something to happen – a horse or a team or a player to win, for instance. Lay betting means betting on something not to happen.
How do I choose which horse to lay?
Top 8 Tips To Lay Better
- While the idea of making money by ‘picking horses to lose’ sounds simple in theory, it’s far from a straightforward task.
- Recognise a different mindset is required.
- You must have a strategy / edge.
- Get your staking right.
- You must be price sensitive.
- Look to snip early.
- Never bet them back.
How does Betfair back lay betting work?
Betfair back lay betting requires software to detect which horse’s odds are shortening and a back lay betting calculator to ‘work out’ the stakes. With a service it’s all done for you, take a look. Enter your and email address to join Let’s Compare Bets, see top right, and we will give you a free guide to making Betfair back lay arbitrage bets.
What does lay mean in horse betting?
Lay betting means betting on something not to happen. For example, if you lay a football team to win your bet will be settled as a winner if the team loses or if the game ends in a draw – so two outcomes are playing in your favour. In horse racing, when you lay a horse, you win if any other horse in the race comes first.
What is the difference between a lay bet and a bookmaker?
Typically, bookmakers represent the lay side, so they offer customers odds that they are willing to lay. But on the Exchange, customers can both back and lay themselves, and ‘matching’ bets with fellow bettors, not the bookmaker. Our lay bet calculator (end of article) shows you how the liability/profit works on lay bets.
What happens when you lay a horse in horse racing?
For example, if you lay a football team to win your bet will be settled as a winner if the team loses or if the game ends in a draw – so two outcomes are playing in your favour. In horse racing, when you lay a horse, you win if any other horse in the race comes first.