How to succeed as a layer on Betfair Australia

Of all the opportunities that Betting Exchanges in Australia have introduced the most exciting of all, is the ability for the man in the street to lay results which he doesn't think will happen. This lets you, without applying for a bookmakers' licence and all the cost and hassle it brings with it, to set up your own betting stand and lay bets. No cost of buying a betting shop and paying staff; no cost of buying a pitch; no travelling expenses to the track for you: you go straight into action in a zero cost environment.

But the real beauty is that unlike a conventional bookmaker, you don't have to price up every runner in a race, or every contender in a competiition. You just identify the ones you want to offer and lay them accordingly, ignoring the others. The flip side is that the backers, who, like you, have to pay commission on their winnings, will be expecting to get a better price than they would with a conventional bookmaker. So, if a horse is trading at 9/4 at the track, backers are going to expect you to offer at least 5/2 before they will have a bet. This is fair and reasonable. The theory of betting exchange punting is that, in a bookmaker free environment where it's punters versus punters on a level playing field, the best prices on offer should just about add up to a perfect book of 100% with no over-round. After all, why should the layers have a mathematical edge over the backers? We're all punters at the end of the day. However, in practice, a small over round offsets the volatility and greases the wheels of the market.

One final thought for you. When did you last see a poor Bookmaker ??