Update on Lay Bets (11/09/23)

Just an update on Lay Bets.

Expect to receive more Official Lay Bets sent out as part of this service.

Previously I was hesitant making Lay Bets Official bets as ideally I would like to set a max price to take the Lay Bet at, in case the selection drifts out too much. However, this required members to be active on Betfair just before the jump and not allow them to bet early, which isn't ideal for many interstate members, given the time of the late races. 

But this is resulting in too many missed opportunities, as I find there are many false favourites.

Therefore to make it fair to all members, as per yesterday's tip, Lay bets will be sent out advising members to take it at Betfair Starting Price at a fixed Liability allowing members to place the Lay Bet early. Yes, there will be instances where the selection will drift outside my ideal odds range, but I believe the pros outweigh the cons.

However, those who are actively following the markets, should watch the markets and try to lay the selection at the lowest price possible in order to get the best returns. For example last night's selection, the odds range was from $2.04 to $2.54. With the majority matched around $2.34 and finally BSP at $2.49. The below screenshot was taken from Bet Angel, which is a 3rd party Betfair application which shows this range.

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All lay bet results in the spreadsheet will be calculated with 7% commission deducted as per standard Betfair rates for W.A Greyhounds.

I will also be sending out Lay Bets in the Place Markets as well. As I find there is good value to be had laying certain favourites in the Place market given their odds will usually be $1.5 or under, and I have them mapped awkwardly and likely to get checked.