Placing a Lay Bet on Betfair
February 2nd, 2010 |
The first thing you need to do to place a lay bet is to open a Betfair account. This is a very simple process. Just log on to betfair and click on “open an account; in the top left hand corner. A new window opens and you just need to fill in your details. You will need to be over 18 years of age to open an account.
In our account details section you will be able to choose your own username and password and even choose the currency you would like to bet in. Once you have completed all the fields, press the “open account” button.
Betfair will then send you an email to confirm your account details including username and password. Keep these in a safe place.
Now that your account is open, we can get down to the business of laying a bet.
Every bet placed on Betfair involves a backer and a layer. A backer thinks that a particular horse will win. A layer thinks that it wont.
The odds and amount that you see in the market are people asking for and offering bets. These bets are called unmatched bets. When someone accepts one of these bets the bet is matched and the bet is on.
To lay a bet, we need to look at the figures in the pink column. The best lay price is displayed in this column while the best back price is in the blue column. In these columns you will see boxes with two sets of numbers in them. The top number is the best price offered. The value below is the amount offered at that price. You then need to click on the pink box to lay that bet. Your chosen selection is then displayed on the right hand side.
Your potential liability should the horse you layed win, is calculated on the betting slip. If you click on the payout radio button, you will see the amount you will win should your selection lose.
All that is needed now is to sit back and watch any one of the other runners in the race finish in front of your selection.
Good luck and happy punting.
John Tutt loves to have bet on the horses. Or football. Or two flies crawling up a wall.
