Try not to climb The Lay Ladder
In a previous article I wrote
about your liability so I thought I would carry it on with some information
about the lay ladder.
I first come across this idea when I got hold of a copy of
the Bank Vault Report.
Briefly the ebook covers a stop at a winner in
reverse so you stop at the first loser instead, but because you may have to go
through a couple of winners to get there you still want to end up in profit.
The first thing to do is consider how much you want to win
after you have a successful lay.
So let's run a couple of imaginary races so you can see how
this works, we will set our profit at £10.
Race 1. We bet £10.00 at odds of 2.00 our liability is
£10.00 (2.00 - 1 X £10.00 = £10.00), unfortunately for us the
horse wins, so we have lost £10.00 (Betfair does not charge commission on
losses).
Now we go to race 2, but we have already lost £10.00
and we want to make £10.00 when we do win.
Race 2 The favourite is trading at 1.7 so we need to bet
£20.00 which means our total liability is 1.7 - 1 X £20 =
£14.00 we are lucky it is a cheap bet but unfortunately for us the horse
wins as well!
We have now lost £10 on race 1 and 14.00 on race 2 and
we still want to win £10 so on the next race we have to bet 10 + 14 + 10
= 34.00
Race 3 The favourite is trading at 2.4 so our liability is
2.4 - 1 X £34.00 = 47.60 its third time lucky for us and our horse losses
it's race, so our final stake splits down like this. 34 - 10 (loss from race 1)
- 14 (loss from race 2) = £10 profit.
Unfortunately it is not quite as simple as that because now
that we have won we have to pay commission to Betfair which if your new is 5%
and remember you are paying it on the amount you won which as far as Betfair is
concerned is £34.00
So 34 X 5% = £1.70 commission so your £10.00
profit becomes £8.30 if you had of won on the first race then the
commission would have only been 50p so you must consider this when working out
your next bet.
You can reprint this article as long as all links are kept
in place and the following is added directly underneath... Malcolm runs
two websites dedicated to horse racing systems,
http://www.laybetting.com and
http://www.horseracingsystemsuk.com,
he also sends out a FREE daily tips news letter that you can join by visiting
either of his sites. |
