Horse betting represents one of the most traditional and orthodox types of betting in the world. Moreover, there are many things that occurred in the last couple of decades that improved the overall horse betting experience. However, one thing that we need to look closely when it comes to horseracing is the sheer volume of betting types that you can utilise can make getting started tough. If you want to try and make the most of your horseracing bets, though, you might want to think about placing a lay bet. Therefore, lets that a closer look how this concept works and what is a lay bet in horseracing.
One of the reasons why lay betting in horseracing has become very popular, and it involves the use of a betting exchange. On the exchange, you will not be backing one horse to win: you will be going against one or more horses not to win.
This means that you are essentially betting on losers as opposed to winners. Betting exchanges allow you to place odds on the horse and other betting exchange users can then back the horse at the odds given. If you horse does not win as you have predicted, then you will get to keep the stake that the backer put up. However, if the horse does win, then you need to pay out to the backers.
In essence, you are taking on the role of the bookmaker for the duration of the race. You tell the rest of the exchange that you think X horse has Y chance of not winning, and others will then decide to go against your opinion with cash. However, in more complex and risk-reward scenarios, some bettors will lay every horse who is taking part in the race.
This means that even if a certain horse does win, all of the lay betting on the other horses should see them still make a profit in the long run. The most common form of lay betting in horseracing, though, is to simply lay an individual horse or a couple of horses. This is because a race can only be won by one horse; the others all love. So, it is easier to pick a loser than choose a winner, right?
Should you lay bet the favourite in horseracing?
A common discussion when working out lay betting in horseracing is whether or not to lay the favourite. Many people choose to lay the favourite because, as any gambler will know, the favourite does not often win in horse racing. Indeed, the favourite is far more likely to actually lose than win in a horse racing event. Favourites are also usually under-pried during major horseracing events. This means that the probability of the horse winning is lower than what the odds suggest.
So, by laying the favourite, you make sure that you can maximise profit whilst minimising the potential liability and risk. The horse that is the favourite is a good choice to lay because it can provide great value to the lay bettor, but not much value to the backers. So, this means that you will be able to coin in more in returns than you will pay out in liabilities should the favourite go on to win the race.
The smaller payout compared to the probability of the favourite not winning means that this is a common choice for horseracing lay betting. Typically, the best times to lay bet in horseracing will include looking for races where there is a series of favourites as opposed to one clear track favourite.
The lower the odds that are on the favourite, the smaller your liability is going to be. So, do not feel like you need to use lay betting in horseracing for every race. Instead, focus on races which are unpredictable and with many similar-priced favourites, making it easier for your lay bet to pay off and come true.
All in all, lay bet in horseracing can be that galvanizing point in your overall betting strategy. However, it is imperative to make you bets and moves based on proper information and through a bookie that can offer you a broad spectrum of benefits. After all, you are trying to earn money which is the beauty of this game.