Many of you will have heard of Betfair but how many of you know how to place a bet on the Betfair Exchange and then more importantly lay it off in running?
Well allow me to enlighten you a little with my backing and laying betting guide, laying can certainly be your friend especially if you like betting on horse racing like me.
I am going to share with you a method I use to get the most from my betting money, some may find it odd or risk-averse others will see what I see, so let’s take a look first on how to back on Betfair Exchange.
Backing On Betfair Exchange
First of you want to pick a horse in your chosen race for this example I have chosen Fresh New Dawn, to place the bet I choose a stake and hit the blue square with the decimal odds in (see image below).
After you click the blue box, at the side you will see the box below show up on the right-hand side.
Set your chosen stake by typing it into the stake box (I chose £10), it will then show you how much profit you stand to make from your stake on your chosen horse, £31 in my case.
Now hit the yellow button that says place bets and your bet will be placed.
Sometimes the odds may change on your selection and your odds won’t be available anymore, the bet will only be matched if the odds are available so if this happens you may need to set your odds lower to get the bet matched.
Once its matched that’s your bet on for the race, so now for the most important part laying!
How To Lay A Bet On Betfair
Very simple and the same as backing but this time we use the pink side (see image).
Laying is the opposite to backing so by laying a selection your are betting it will not win the race.
Choose the selection you want to lay and when you click the pink box with the lay odds in a pink box will appear on the right-hand side.
This time you don’t choose your stake but the backers stake and instead of profit you will have liability (liability is what you will have to pay out if the selection does win).
For this example, I have chosen to lay my bet off at lower odds meaning if the odds come into 3 I will get my stake back of £10 but still stand to win £11 if the selection wins.
This is worked out by taking what I stood to profit from the back bet (£31) and minus the liability of the lay bet (-£20), this leaved £11 profit still in the back bet, but I now have my original stake back in my account.
We now have in essence a free bet on this race and if our horse wins we win £11.
You can set bets to lay of in running also on betfair or you can do it when the race goes in play.
I would recommend flat races over long distances so you have more time to see what’s going on and to react to your back and lay bets.
There is also greening up which can be useful to secure a profit no matter what horse wins the race, this involves placing a second lay bet on your selection at even lower odds.
Here is a good guide to greening up, if you want to improve your betting further.
I hope you found this little guide useful so please be sure to share it with friends and family to support my work.