How favourites index works in spread greyhound betting?

Question

Spread greyhound betting offers a bet named "favourites index". I would like to know, how "favourites index" works in greyhound betting?

Answer 1

If you bet on the favourites index you are betting on the number of favourites that will win at a particular meeting. Favourites are awarded points for where they finish in a race. A winning favourite will pick up 25 points, a favourite that is place second 10 points and a favourite coming third will earn five points.

The spread betting company will quote the number of points that they except all the favourites at a particular meeting to amass. If there are a number of hot favourites then the quote will be high. If the favourites look beatable then the quote will be low. It is then up to you to determine if you think the quote is on the high or low side. For example if the quote is 55-59 and you think that most of the favourites will do very well and therefore they will pick up more than 59 points then you "buy" the index. If you think they won't pick up that number of points then you will "sell" the index. You bet in pounds per point, i.e. £5 for every point. So at the end of racing, if you had bought the index at 59 and bet five pounds per point and the favourites had amassed 70 points then your profit is 11 * 5 = £55. If on the other hand you had sold the index at 55 you will have made a loss of £75 (15 points * £5).