ABOUT HORSE RACING
Horse racing is one of the oldest sports since its roots date back almost to the beginning of the domestication of horses by man.
This is a sporting event that accompanies human sporting activities up to our time.
Horse racing has experienced a particular boom in the last two hundred years all over the world and especially in England where it is still one of the most popular sports, a spectacle that is a habit for a large percentage of the population.
During the past century, horse racing has become inextricably linked with another favorite habit of people, betting. During the 90s, the growth of online betting brought horse racing first to our computer screens and eventually to our mobiles and tablets!
One of the reasons why online horse racing betting is so popular is the simplicity of betting. In addition, races are always fast and dynamic, so the interest does not drop and always remains unchanged!
The introduction of Betfair into the betting space and the implementation of the revolutionary betting exchange method, where punters can now bet against other punters, bypassing the bookmakers, also affected horse racing. Odds went up, commissions went down and profits increased as players found themselves playing in better conditions, sitting comfortably on the sofa at home. However, Betfair’s biggest innovation was the implementation of lay and back, i.e. offering the punter the option to become bookmaker and set his odds or plays against other punters himself.
Let’s take a look at Betfair’s exchange betting on horse racing:
LAY BETTING, SUCCEED FROM FAILURE
Lay betting indeed is a new frontier of the wagering universe that could change the way you think about betting forever. It brings every result into play – winning and losing. It gives you the chance to succeed from failure!
Let’s say we are at one of the top horse races in the world. In this race, twenty-four horses and their riders will compete. Of these twenty-four horses only one will be winner and only the first three will make it to the winner’s podium.
We know there can only be one winner. But at Betfair, there are punters winning on every horse that passes the winning post. How is that possible?
The idea is simple: When you place a lay bet, you are betting on something not to happen.
Let’s go back at our hypothetical horse racing. There can only be one winner. But what about the others trailing behind them? If you place a lay bet in a “Win” market, you can celebrate if the runner tails off at the back of the field!
This is how lay odds look like on the Betfair Exchange.
The “Lay” option can of course be applied to any sport or activity in which there is betting. However, in horse racing there are greater chances of success, through failure, because there are many competitors. One horse will be the winner of the race, but there will still be twenty-three horses that, by not winning, will be able to make you the winner!
Before we dive into a market, let’s walk you through the steps for placing a lay bet.
Choose your market selection: just like if you’re back betting – but this time, pick the market selection box in pink. The odds here are the smallest price currently available to lay in the market.
Take the odds available – or you can set your own: again, you can adjust the odds box to an even shorter price. But remember: those odds will only be in locked in if another punter matches them.
Enter your stake: unlike a back bet, your stake is the exact amount of money that you want to profit from the predicted result (before commission plus any additional fees and charges). It’s also called the ‘backer’s stake’ because you essentially want to win the money of someone who’s wagering that the same result will happen. Of course this is the basic idea of bookmaking. It is not, however, the full amount that will be deducted from your account when you place your lay bet.
That number is your ‘liability’.
What liability means? This is the amount you could lose if the result does not fall your way. It is calculated as follows:
If you want to lay a horse at the odds of $5.00 and enter a $10.00 stake, that means there is someone else putting $10.00 on (backing) for the same result to happen at the same odds.
For the backer it’s $10.00 x $5.00 = $50.00 payout – a $40.00 profit. And this backer’s profit becomes your liability.
Place your bet: now you know what liability means, you are ready to start feeling the lay bet experience.
LAY BETTING: A PROFITABLE BUSINESS OR NO?
Let’s go back to our hypothetical horse race.
You’ve got 24 horses in the race. There’s only one winner. Figuring out who will be the winner is very difficult, even if you have knowledge and opinion about each horse and its rider. And this is happening because unstable factors can affect everything and alter anything that would seem normal.
How do you land on one good back bet?
The lay betting will solve all your problems as well you’re essentially backing the other horses in the race to beat the one you’re laying. On sheer head count alone (23 against one), the odds in this case are all in your favour.
Isn’t it easier?
The only thing we should not forget and calculate is the following:
The bigger the odds for laying, the greater the liability you face.
And at this point we should apply something that applies to every betting:
Know your odds and how to minimize risk. Bet wisely and bet with care.
BETTING OPPORTUNITIES IN BETFAIR EXCHANGE TRADING
The chance to lay opens the door to betting opportunities you won’t find in any traditional bookmaker. In one of our next articles we will analyze more the “doors” that lay betting opens for you. Here we simply present you three cases in which you can “touch” success by trading the odds:
Trading on racing: One of the most clever applications is to lay something not to happen at lower odds, then back it at a higher price to secure a profit. You’re playing the betting game here and the result of the event becomes meaningless.
Lay betting on racing in-play: In live events you can bet against horses that are ahead in the race, especially if you know that those horses are not doing well in the last part of the race, at the finish.
Arbitrage betting: Where you back a selection with a traditional bookmaker then lay the same selection on the exchange at odds which can secure a profit. Like trading, you’re now letting the result just play out.
BROKERSTORM: A FRIEND WHO WILL HOLD YOUR HAND ON THE WAY TO THE EXHANCE BETTING
Horse races are exciting and betting on them looks promising and easy but before you start, you may have to learn a lot about the betting on horses. So, this is something you need to do with the help of brokers like Brokerstorm. The site has plenty of information and tips about Betfair and the exchange betting but can also introduce you to platforms like Whitehorse where you can find the most suitable odds to place.
If you have never been involved in horse racing betting and want to do it now, don’t worry. Betfair exchange lay bet is probably the most appropriate option for you, while if you want to be even more certain about your betting, you can find help through Brokerstorm that will support you in your first step