There can only be one winner in a horse race, right? All the other’s are losers. Horse lay betting aims to capitalise on this. The only way to bet that a single horse won’t win is to use a betting exchange. Lay betting on horses is best done using the Betfair betting exchange. For those completely new to the idea of a betting exchange have a look at our explanation of how Betfair works.
Before revealing the lay betting tips lets first look at the main advantages and disadvantages of horse lay betting. The main advantage of horse lay betting is that there are more horses that lose than win. So, it stands to reason that money can be made with lay betting horses not to win. The downside of lay betting is that selection is very important. Often horses that are not fancied have much longer odds. If they stage a last minute change of form it can produce a large liability and large loss.
Horse lay betting tip number 1
Find a good horse handicapper to narrow down your selection of horses. A horse handicapper rates each horse for that race track, jockey, trainer and various other factors. This is harder than it sounds. Most professional gamblers would rather sell they granny to a Beduin tribe than give away their horse handicaps. Smart betting club specialise in getting the best tipsters and have an active community. Visit Smart Betting Club.
Horse lay betting tip number 2
Verify the selection that is suggested by the handicap. This can be done by using websites like Racing Post.com. The racing at each horse race is broken down with statistics and commentary for the jockey, trainer, and horse.
Horse lay betting tip number 3
Don’t just place your lay bet and sit back. Maximise the profit from lay bets by choosing the best odds to make the bet. This is possible by using the charts on Betfair that plot the movement horse odds. They are accessed by clicking the chart icon next to the horse’s name. Often the best place to enter the bet is where the odds have formed a strong area of support. This is shown where the odds bounce of a lower level. A level where they have not passed through. Often odds move within certain ranges. A lay bet can be placed at the bottom of the range to ensure the low odds are obtained. Lower odds mean a lower liability which is good.
Horse lay betting tip number 4
Betfair trading software can also be very useful. If you have a horse who your are sure will not win it can make a good trading opportunity. Various software providers offer a platform to trade horse odds as they fluctuate. Trading involves making a lay bet a lower odds than a corresponding back bet. Lay low and back high is the rule. Befair software comes with a hedging function which allows the trader to back all the other horses in the race to guarantee a profit or lock in a loss. Trading is best carried out in the 10 minutes before the start of the race. This is when most money enters the market. Here’s an example, you have selected a horse called ‘blown it’ to lose. Blown it’s decimal odds are 6. A £50 lay bet is place for a liability of £250. Two outcomes are now possible. Either the odds go longer or they go shorter.
Imagine the odds increase. It would now be possible, at the push of a button, to create a series of small back bets across all the other runners in the race to secure a profit. The longer the odds go the bigger the profit. This is called ‘greening up’ on Betfair. If the odds shorten then there is a potential loss if the hedging button is used. In this case just let the bet run as the horse was selected because it was likely to lose anyway.
When using this lay betting strategy two types of trading can be used; scalping and swing trading. Both scalping on Betfair and swing trading on Betfair have been explained at Let’s Compare Bets previously.
Horse lay betting tip number 5
Make use of the free tools available on Betfair. These include Timeform Radio which is accessible after signing up to Betfair. The presenters make commentary on each horse and report on the condition of the track (how wet the ground is). Information from Timeform Radio is useful when deciding which horse to lay.
Horse races can be watch live on Betfair video. It’s live and makes it possible to concentrate on changes in the race. For instance, horses that often win longer races, like those over 1 mile, will sit in 3rd or 4th position until the final furlongs and move forward. Get to now these tell tail signs and risky bets can be closed out early to avoid a loss. A horse may be stuck at the back, where it can be laid heavily to generate more profit.
Horse lay betting can be started using Betfair’s free bet offer. Basic horse racing software that includes the hedging function mentioned earlier is available from Racing Traders. The software is free and runs in a web browser.