Lay bets for the WSOP ME

[Raiser]

Yo!

OK, i have been intrigued by lay bets thanks to Prolays...

But i still dont get it! lol...

I have been looking at this >> Betfair.com: Online Betting, Sports Betting, Horse Racing, Football | Bet Poker, Casino & Games

Can someone in plain english explain the pros & cons and EXACALY how it works?? (Assume the thread should be named 'Lay bets for dummies')

[Wakou]

Me too Raiser, I arksed in the original thread, but no explanation I could understand came..

[TylerStroud]

It would be the equivalent of me saying I will give you 50-1 Odds that Phil Ivey doesnt come in the Top 3 of the WSOP ME this year. And that you can place a bet of a maximum of £10 (Which i think is the 10 pts part.)

Therefore, if I give you 10 bets that you CAN make. And I take £10 bets on all of them. And none of them come in, then I make £100. if any of them DO come in however - Im fucked.

Thats what laying is.

[TomPich]

There was a 22 year old guy in the paper recently who made £20,000,000+ through Lay bets on BetFair.

They said its risky and you need alot of capital behind you. They also stated that only 2% of BetFair accounts are making a profit from it.

[ProLays]

Ok in simple terms lay betting is a high risk low return form of betting, through trial and error and some help from a guy called Stroma, it is best to set a maximum price you are willing to lay a horse to lose, this can change from day to day, if you lay a horse to lose to 10pts or£10 at £1 per point, a point can be anything from £1 up to £10 per point it all depends on your betting bank, the minimum betting bank you would need betting to £1 per point would br £100.

If you have a £2 bet on a horse to lose and it does indeed lose the race you then win the backers £2 stake less commision of 5%(this is the rate all newbies to exchanges pay)it does reduce the more you bet, so your return would be £2 less commision of 10p=£1.90, if however the horse won at say 5.0 you would then lose £8 from your account, this is the way bookies operate the risk is higher than any potential gain.

Prolays

[CitrusSR]

There was a 22 year old guy in the paper recently who made £20,000,000+ through Lay bets on BetFair.

They said its risky and you need alot of capital behind you. They also stated that only 2% of BetFair accounts are making a profit from it.

I saw that! It made me want to start doing it too till I realised I know f**k all about horse racing