Can you please explain "LAY" betting on horse racing using betfair.com?

Question

Here is an example of a horse on one of todays races

Fly by Jove Back Lay

120 160

Where would the horse have to finish if I placed a lay beton this horse? it was the biggest outsider.

Answer 1

to "lay" a horse means you betting on that horse not to win, so obviously if you back an outsider the "lay" price will not be good,

Answer 2

if u think fly by jove can't win, u click on lay price, then enter yr stake. screen will show yr liability if horse wins. if it loses, yr stake is returned

Answer 3

The term, "lay", comes from the word "parlay".  That's what you are doing...parlaying your bets!  Covering more than one base, so to speak!