When laying on betfair ?

Question

I understand the basic process, but why is it always best to lay rather than back ?

And if you do lay, you are presumably thinking the bet will drift- then you back the opposition for a profit ?

Answer 1

Got a bit confused reading WorldT 's answer, but, as I understand the game If you "bet" a horse, you are gambling that it will WIN.  If you "lay" a horse you are gambling it will LOSE.  As you know, there is usually only one Winner and many Losers in any one race so by "laying" you are amongst the crowd and more likely to be correct.

Using Betfair if you are going to "lay" a horse you decide how much you are prepared to "lose", lets say £30. The current odds of horse xyz is 2-1 so you "offer" or "lay" say 3-1. When the bet is matched ie someone takes those odds you are acting the same as a bookmaker -  if the horse loses you collect the £10 stake money less the commission to betfair. If it should Win - then you lose your £30.  Hope that helps you.!

Answer 2

One of the best ways to win money on betfair is as follows:

Lay a bet (say on the football) and put the favourite as an odds on chance, say 4/6.

Obviously it depends how the game goes and who (if any) scores first. Lets say the underdogs score first and the odds will change. Its then worth backing the favourites (at much better odds). This is to cover your first bet and cover any losses. As the game continues (lets say the favourites equalise) the odds will change again. its all about percentages and 'betting over' (whatever the outcome you win). With betfair you have to be fast (get the best prices) by backing and laying at the right price at the right time.

I hope this helps a bit. You have to be a good judge (get the right outcome) but to make the most money its all about getting in at the right time.