As the popularity of the betting exchanges grows, so more and more people are looking to profit from horse racing by laying horses to lose. But what is the best strategy? On the face of it, one might think that simply betting that the outsider will lose is a quick way to make easy money. In reality, the best horse to bet against is the race favourite.
Betting that the outsider at 20/1 will lose will be fine to start with, and doubtless you will soon develop a winning run of profits. However, sooner rather than later that 33/1 shot with absolutely no chance will come home in front, and you may well have laid him at a price of 52.00 (for example) on Betfair. BOOM! There goes all your hard-earned winnings, and more!
Generally a horse will be the favourite because it has the weight of the markets money behind it, which forces the price down. Simple economics. There will be a point however, where the horses price is too low compared to its actual chance of winning. Beyond this true price is where the layers will start to make a profit.
So we go ahead with this strategy, and we proceed to lay every favourite, right? Wrong.
Horse racing favourites are often...
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