Professional Laying Advice
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Professional Laying Advice |
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The Basics Of Laying & How To Use This Service
For those of you who have not had any previous experience in this form of betting, please read the following short section so that you may fully understand the concept of laying and start utilising the advice given from this website service.
Most of us understand the concept of backing a horse. If we think a horse will win its race, we could go along to our local bookmaker (eg. Ladbrokes, William Hill, etc), handover our £10 stake and place the bet, sit back and hope it wins. In this case, we are backing the horse and the bookmaker is laying the horse. In a 20- horse race, the bookmaker will win our stake money if any of the other 19 horses cross the finishing line before our 1 horse. It is not difficult to see why the bookmaker usually wins out over the average punter in the long run.
Betting Exchanges
With the advent of betting exchanges we can now bet against other people. We can back a horse and/or lay a horse, just like the bookmaker. Betfair is the best online betting exchange for horse racing and the one I use for laying horses for the majority of the time. Betdaq provides the best competition and is also worth a look.
This service provides advice on horses to lay.
When we lay a horse, we do NOT want it to win. If it wins, we must pay out the stake multplied by the odds we layed at.
For example : We lay a horse at 2.50 (this is the decimal format used by Betfair, it is equivalent to 6/4). We let someone back this horse with us with £10.
If the horse loses, we win the £10 stake off the person who backed the horse with us.
If the horse wins, our liability is, or in other words, we lose £15 (£10 x 6 / 4) to the person who backed the horse with us.
Explanation of Odds
Odds are the chances of a horse winning the race. Most of you will be familiar with the old style odds you see in the bookmakers. Betfair and many online bookmakers now use a simpler decimal style system, the system this website will use, as opposed to the old fractions style. There are some examples in the table below of how the two are related. The decimal version is much easier to understand because very simply, the higher the decimal figure, the higher the odds and the lower the chance that horse will win. With the old fraction format, you would have to be quick-thinking to work out which were higher odds from 6/4, 11/8 and 7/5 (the respective decimal equivalents are 2.50, 2.38 and 2.40). To convert from fractions to decimal couldn't be easier, simple divide the fraction and add one :
Example : 2.88 = ( 15 / 8 ) + 1
The Staking System and Your Betting Bank (IMPORTANT)It is important that you only gamble what you can afford to lose! To this end all professional gamblers will tell you to have a betting bank put aside solely for that purpose. I recommend a bank of 100 points. How much is that? Well, lets say for example you have £500 to bet with, if you make this your 100 point betting bank, then each point is worth £5. What does that mean? Each morning members receive an email with advice on a horse(s) to lay that day. Depending upon the confidence behind the selection, each selection will have an advised laying liability (or lay risk) ranging from 1 point (tentative) to 5 points (very confident). Lets say that one morning I advised a lay on KAUTO STAR with a 4 point liability. In practical terms, assuming that you are assigning £5 per point, you would risk £20 (4 x £5) on this selection.
As from 1st September 2008, all selections to lay are given with an advised lay liability. If you are new to this then I advise laying the selection with the recently introduced BETFAIR SP function (see Betfair website for more details if required). The liability is the amount you are prepared to lose, or payout if the horse wins its race. If you select BETFAIR SP, this is the amount you will enter directly into the system - simple as that. A reminder is also provided on the daily advice email. Again though, any queries, please drop me an email.
Start Using the Service
If you have not already done so, you will need to open an account with a betting exchange. I recommend you use Betfair as it is by far the largest exchange and has the most fluid markets. Please click on the Betfair link below to go to the Betfair website and follow their joining instructions. If you select their 'help' section, they have an excellent tutorial section which guides you through how to place your bets and answers most questions you may have too. If you are away from your computer please set up a telephone account with Betfair by contacting them on 0870 9080121 or alternatively, and I think this is the best option, Betfair have launched a new service for placing bets when you are away from the computer. Please visit Betfair Mobile and follow the site instructions to download Betfair to your mobile phone.