Traditionally you can only ever back horses to win a race but with Betfair you can also ‘Lay' them. And if you decide to lay a horse in a race you are, in theory, backing that horse to lose the race.
Statistically, this makes far more sense, in a six horse race there can only be one winner so the chances of picking a loser are far great than your chances of backing a winner.
Here’s an example of it works: you're checking out the form guide and notice that a real donkey is running in the 2.30 at Haydock, you go to Betfair, click on Horse Racing, find the Haydock race and see all the runners in the 2.30. Beside the horse that you think has got no chance of winning you’ll see two buttons, one to back and one to lay (bet against it winning) you click the lay button, enter your stake and Betfair automatically matches you with another person who thinks this donkey is a real winner.
If that donkey goes onto win ;-( you pay out his winnings at the odds you’ve agreed and if the horse loses you get to keep the other guys original stake. Simple!
And you can do the same with football matches. If you think ManU are going to beat Liverpool, then why not ‘Lay’ Liverpool instead of backing ManU. By laying Liverpool you’ll still win your bet even if the match ends in a draw.
Betfair is a fantastic site and once you can get used to how it works then you are most definitely on to a winner. And if you thought they only catered for the horses then you’d be wrong. There is a whole host of games that can have a bet on including Cricket, Rugby, Baseball and Greyhound racing to name but a few.