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racingnovice
17-06-05, 05:49 AM
I'm seriously thinking about laying the favourite on betfair but can someone please explain how exactly this works.

From my understanding if i was to offer $100 @ $2.40 on a favourite and it won i'd pay out $140? and if it lost i would make $100? providing someone matches that offer?

Bibra
17-06-05, 10:26 AM
That's exactly right. Just when you win, you'll pay commision on your winnings (5% when you start off. You'll also have to offer better prices than the bookie's and TAB's most of the time to get matched. So your laying system has to have a good LOT.

Atm, alot of Bet Selector's criteria are geared towards picking winners, eg. you can't pick a minimum margin the horse lost by in the last race. Hopefully, if there's enough interest from layer's, Neale might consider adjusting some of the criteria for this purpose.

fred676
17-06-05, 11:15 AM
Have a look at this link. Nice simple explanation. It is hard to get your head around this laying business, but I think I have finally got it.

http://www.horse-racing-tips.com/betfair.asp

racingnovice
17-06-05, 12:50 PM
Thanks for the help. I think i'll use this little system and give laying for plaves a shot. this lay system is for favourites and only has 1 rule :).

SYSTEM SELECTOR SUMMARY FOR: LAY SYSTEM 3 01/01/2001-29/05/2005
WIN PLACE QUINELLA EXACTA TRIFECTA FIRST FOUR
Races Bet : 1353 1351 1353 1353 1353 688
Races Won : 349 754 444 276 196 59
S.R./Race : 25.8% 55.8% 32.8% 20.4% 14.5% 8.6%
Outlay ($): 1354.00 1352.00 6916.00 6917.00 28600.00 46992.00
Return : 1038.40 1132.38 5376.10 5682.00 27069.70 35980.00
$ Profit : -315.60 -219.62 -1539.90 -1235.00 -1530.30 -11012.00
% P.O.T. : -23.3% -16.2% -22.3% -17.9% -5.4% -23.4%

Bibra
17-06-05, 02:01 PM
I think you need a bigger LOT than that. If you're good at getting good prices, you might be able to scrape a profit but I think it'll be marginal.