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Betfair lay bets

IsThisIt??? · 2010-03-31 13:41:50

Can someone explain to me what the lay bets are on the betfair website and how they work. Cheers:D

31-03-2010 1:41pm

#1

IsThisIt???

Registered Users, Registered Users 2 Posts: 412 ✭✭

Join Date: November 2009

Posts: 347

Can someone explain to me what the lay bets are on the betfair website and how they work.

Cheers:D

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Comments

#2 31-03-2010 1:58pm

Collie D

Registered Users, Registered Users 2 Posts: 11,415 ✭✭✭✭

Join Date: July 2006

Posts: 11288

Basically you're acting as the bookie and taking the bet from someone else. You pay out if the selection wins and collect if the selection fails. Best way of explaining it that I've ever heard was this...

You and your mate are in pub. You support Man United and your mate is a City fan (poor company you keep by the way). They are due to play so you fancy a little bet. You offer your mate 2/1 odds on City winning and ask barman to hold the money. You pay €100 and your mate pays €50 to barman - winner getting the pot minus the barman's cut for holding the money.

There used to be a very informative guide in the horse racing forum - not sure if it's still there or not though

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#3 01-04-2010 7:21pm

UrbanSea

Closed Accounts Posts: 18,335 ✭✭✭✭

Join Date: November 2008

Posts: 18034

Still is there. Sticky on how to use betfair.

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