You’ll read no end of sales letters for wonder laying systems online (and ones you receive in the post) that will tell you that laying horses to lose is a guaranteed way to easy profit.
Laying is a great way to make money and an opportunity we didn’t have in the hard days of my betting youth but that doesn’t mean that it is easy and that you don’t have to be careful.
I don’t want to put you off of laying as a betting method but in this article I want to just point out some facts that you need to keep in mind when planning your laying strategy.
The first myth that you will hear about often is that bookmakers don’t lose and therefore if you act like the bookmaker, by laying, that you will win also.
The fact is that bookmakers can lay with an overround (Built in profit factor) of between 8% and 30% depending on the sport. You can lay with an overround of about 0.5%. And that’s if you ask for a price, if you take the price available on Betfair then your locked in profit factor is – 0.5% (IE If you lay random selections then over the long term you will lose 0.5% of your turnover, ouch!).
The second trap that the new layer may fall into is that of the long winning run. For example if you are laying selections at 10/1 + you can go for long runs without any of your layed horses winning. This gives the impression that you can’t lose.
But if you hit a 10/1 winner you need to lay another 10 losers to be even. If you get 2 that win in the same day your bank can take a serious hit, which brings me to my final point today.
You need a bank to cover the worst possible run. So if you hit 2 big winners close together you still have enough money available to carry out your planned bets. There are simple calculations that you can perform to work out some worst case scenarios regarding your betting losing runs (Find these in the www.betting-school.com members area) and you should make these calculations and know that the worst case will happen at some time in your betting career. Be prepared.
More people fail with their betting because they are under funded than any other reason!