Help - Lay bets

[Remmer7]

Ok, I know what lay bets are, but how do they work? I havnt been in the horse betting game for long and I have never placed a lay bet in my life, I know the ins and outs of any other bet you could think of. It would be most appreciated if someone could tell me: - Where can i place them? (Street bookies? Online? Sites? etc) - What do i pay to place the bet? (Do i pay the amount if it does win and then get it back if it doesn't? Not pay until after the result?) - Any other details I should know about? Any info is great, thanks in advance :ok

[aliando]

Re: Help - Lay bets

Ok, I know what lay bets are, but how do they work? I havnt been in the horse betting game for long and I have never placed a lay bet in my life, I know the ins and outs of any other bet you could think of. It would be most appreciated if someone could tell me: - Where can i place them? (Street bookies? Online? Sites? etc) - What do i pay to place the bet? (Do i pay the amount if it does win and then get it back if it doesn't? Not pay until after the result?) - Any other details I should know about? Any info is great, thanks in advance :ok

most common place to lay horses is betfair (betting exchange) to place the bet, imagine yourself as the bookie - if, for example the odds you want to offer someone is 2.00 (evens) and you are prepared to risk £100 then you place £100 on the table (so to speak) and then a punter will take your bet by placing £100 on the table too. Betfair act as 'the safe' and once the bet is settled, they give the money to whoever has won the bet. Similarly, if you want to offer odds of 5.00, and you are prepared to risk £500, the the punter will offer £100. In both instances, you stand to win £100 if the horse does not win but your risk increases as the odds increase. betfair charge 5% commission on any winnings, so in the above instance, you'd receive £95 back if the horse lost, with betfair pocketing £5 for being safe-keeper basically. other exchanges charge varying amounts of commission, but betfair tends to have the most people using it (thus more money available for someone to accept your lay bet) best thing to do is explore on the betfair website and use very small stakes to play around and get the feel for it.