Today I'd like to have a quick look at a relatively new concept in betting (for the average punter at least): laying.
If you've been living on Mars or somewhere and don't know what laying is, it is basically what your bookmaker does every time he takes your bet. Striking a bet is an agreement between to parties, where one party will pay out in ratio to the other party's wager.
An example will help: I think Shergar will win the 2.20 at Plumpton. His odds are 2/1. I stake £10 at 2/1, giving me the chance to win £20. The bookie who takes the bet has essentially wagered on all the other horses to win at odds of 1/2.
So there are two possible outcomes: 1) Shergar wins and the bookmaker pays me £20, or 2) Shergar doesn't win and I pay the bookmaker £10.
And that's it. Why am I telling you this? Well, again, Martians aside, most everyone reading this will have heard of the betting exchanges - and especially betfair.
(Incidentally, if you bet on horses or football and you don't have a betfair account, you are missing out on the best odds on pretty much every horse or team in every race or competition).
The point about betting exchanges is that you may have only ever used them to get the best odds on a given event. Nothing wrong with that - indeed its just good sense.
But every time you strike a bet there, someone else (maybe me, maybe another reader, maybe a bloke in Botswana or Bangalore) has 'played bookmaker' and layed the bet.
Now the first thing to say about laying a bet on betfair is, as you may have already cottoned on, that you will typically have to offer slightly better odds than the bookmaker.
This may seem unattractive at first glance, but its not, for one very good reason. A traditional bookmaker is obliged to take your bet, irrespective of which horse or team you want to bet, up to a certain financial limit. However, when we lay a bet on betfair, we are able to be hyper-selective about the horses or teams we lay.
In practice, this means that Ladbrokes for instance will take varying amounts of money on all horses in a race, and their 'book' will be massively skewed towards the favourites (i.e. they will have greater liabilities on the more favoured horses, and therefore a favourite winning will cost them much more than they take on a race).
But the betfair layer can choose any, all or no horses to lay in a given race. You look at a race, and think a favourite is solid. So you leave it well alone. In another race, you think the favourite can be beaten and is a false price. So you offer odds on the horse to others.
I've been sent a review copy of a new guide that's currently doing the rounds, called Racing Secrets Exposed. Its 80 pages long, and is packed with useful information around betting basics and how to optimise your experiences with the betting exchanges.
Its real value however lies in the approach the guide takes to identifying likely false favourites. It has a series of selection criteria (five primary elements) which are simple enough to check using www.racingpost.co.uk. The author recommends just finding one horse a day to lay, but of course thats up to you.
I asked Kris, the author, to give me a lay each day that I could share with you, so that you could see how it did. I also agreed that I'd only share the lays with you after they'd run, but you can rest assured that I receive the emails prior to the events.
Yesterday's lay was Court Emperor, which finished fourth at Huntingdon last night. His SP of 9/2 was bigger than usual odds, and indeed Kris had laid him at 3/1 earlier in the day.
Today's lay runs at Southwell tonight and is likely to go off at shorter than 2/1 (currently trading at 6/4 to 13/8).
Although I promised not to divulge these tips until after, I am trying the system out for myself and, after picking Cannon Fire (2nd 6/4) and Fitzroy Crossing (7th 4/5), I had a good day paper trading.
Today's lays using the system are:
3.10 Goodwood: Bicoastal
6.50 Southwell: Gold Flame
To find out more about the system, go to:
http://tinyurl.com/377z6pThe football playoffs are this weekend and, after watching the FA Cup and Champions' League finals in the last few days, I know that these matches are very tough to call.
For this reason, I have laid both my bets (on Bristol Rovers, 10 pts at 11/4, and Blackpool, 5 point at 5/2) off at 1.67 and 1.71 respectively. I still think that Rovers and Blackpool will win their matches, thus I have only taken my stake money and a small profit out.
If you followed the advice, I'd suggest you at least get out for your stakes, thus giving you a couple of nice free bets on the finals. Good luck!
Finally, I will be going to Sandown next Thursday 31st May for the Brigadier Stakes evening meeting. Due to a friend being unable to attend, I have a spare Premier Enclosure ticket (free!) that I'd be happy to give to any reader who might be planning to go. And don't worry, you won't have to hang around with me and my drinking / betting buddies...
If you want it, just email me at
enquiries@trainerflatstats.com - if you don't hear back, the ticket's gone (and sorry).
Finally, finally, the revamp of nag3 (
www.nag-nag-nag.co.uk) is coming along. I hope to have much of the initial content posted there over the course of the next week. Do please let me know what you think, and whether there's anything else you'd be interested in seeing.
Pip pip!
Matt
Labels: Laying, Systems