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Horse Race Betting- Betfair, should you go for winners or losers?

By: dave ofgrims

 

Since 1990 when a computer whiz called Andrew “Bert” Black developed the technology that allows betting exchanges to work the horse racing fans options have widened. Before the punter was limited on backing a horse either to win or be second or third. The new exchanges changed all that.

Now a punter can select whether to back a horse to win or lay it to lose. Many punters now specialise in looking for losers rather than winners. In the face it is must be considerably easier. For instance in a 14 runner race there can only be one winner but there will be 13 losers. It sounds a little bit like a “no brainer,” but it is not quite that easy.

The drawback is something called liability. When you place a bet with the bookmaker and give him your stake money he agrees to give you normally considerably more if your horse wins. Well when you lay a horse you are acting as the bookmaker for another punter, the one who thinks the horse you are laying will win.

If it loses that is fine, you get to keep his stake money but if it wins then you pay him to the agreed odds and that I your liability. So if you have agreed to lay the horse at 7.0 for £10 then your liability will be £60.

Betfair does not give credit so before you can take part you have to deposit some money into your account. The minimum stake allowed is £2 so if you are thinking of laying horses you will need a starting bank of at least £100 and preferably £200.

There is little doubt that the betting exchanges offer an exciting opportunity for punters to make a profit from their wagers. Whether you become a backer of horses or someone who lays a horse to lose you need to apply certain rules if you are to be successful.

One of the big secrets to Betfair success, apart from picking the right horses is learning to control and build your bank. Never over extend your bank, never chase loses, never gamble with money that you cannot afford to lose.

Article Source: http://www.myhotarticles.com

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