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Lucky Luke said:
What does LAY mean?

My farther in law is an ex Jokey and a punter. Ive never heard that term.
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If there are 10 horses in a race and you don't think Dobbin will win the race, you LAY Dobbin.

Effectively it means that you BACK every other horse.

In the UK traditional bookies don't accept lay bets but the online exchanges (such as betfair) do.

With a lay bet you stand to profit from multiple outcomes, hence the odds being what they are
 
In the case of football, if you didn't fancy the away team then lay the away team.

A home win or a draw will then return profit
 
ahh..i think that may be illegal here..Im not 100% sure but i dont think you can bet on a horse to lose.

Im having a punt today on my uncles horse so ill ask at the pub.
 
Lucky Luke said:
ahh..i think that may be illegal here..Im not 100% sure but i dont think you can bet on a horse to lose.

Im having a punt today on my uncles horse so ill ask at the pub.
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Some years ago it wasn't an option in the UK either.

In effect, you are playing bookie.

Someone else within the exchange wants to back Dobbin @ 10/1 so you take that bet. If any other outcome happens (other than Dobbin being victorious) that punter loses the bet to your advantage.

So, despite the hot air proffered by some in here, at the exchange the bet/transaction is between you and another punter.

Betfair is simply the software that makes that transaction possible
 
Two of my mates at work are giving this a go....I'll let you know how they got on.

This coming Saturday

(working nights I lose track of time....so not today, next Saturday)
 
So two of my colleagues attempted this, this weekend.

One has made £370 so far and has a few more bookies he can use still.

The other was struggling to match the odds on a race so, rather than leave it, he took a punt. The horse won, seriously eroding his profit.

He's £80 to the good....not bad but not great considering the hours he put in doing it.

So, for anyone wishing to try it...FOLLOW THE SIMPLE RULES
 
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