Laying on betfair

[nick86]

Hey everyone.

I am new to this so I just had a few simple questions. This kind of seems too good to be true. There is a horse race going on tomorrow called the 2000 Guineas with 15 selections. I want to lay a strong underdog. The backer's odds are 170. If I decided to go with 50 for my backer's stake it says my payout will be $8500. Is it really this easy to make that much money with a strong underdog? This seems too good to be true.

[maroona]

If you lay it and it wins you have to pay 8500, if it loses you win 50 less 5%

[maroona]

Also you have to have the 8500 in your account before you lay it so yeah maybe it is too good to be true

[nick86]

Wow thats pretty crap. I didnt know it worked like that.

[JOHON8]

laying = betting against

There is no way a 170.00 underdog will give you 8k for 50 dollars, everyone would be a millionaire if that was the case.

[Salamander]

Laying at long odds is not for the weak of heart, one bad day and you'll be working a long time to get it back.

[Stumpage]

nick, along with the good points being presented to you here, I would suggest checking out some of the video tutorials on BetFair. You'll get some good info, that's for damn sure.....

[Carloschihuahua]

Betfair can be very confusing when you start with it. An easy way to get into the thinking is that if you look at the backing side of the odds and in this case would back the horse at 170 times your money, and risk 50 for a 8500 reward, laying means that your doing the exact opposite. That is, risking the 8500 to win the 50.

Below is a link to betfair Help & Learning, which is very educational and good for the beginner.

http://learning.betfair.com/en/?rfr=3013&sid=2000

[eleuropeano]

Think of it this way - when you lay, you are the bookie. When you bet $1 on a regular book for a 170.00 underdog, the regular book is essentially risking to lose $169 to get your $1. They are laying your bet.

[ztay22]

welcome and good luck on sbr forum................have fun betting