Horse racing betting in betting exchanges is becoming very popular ever since the lay feature was introduced. Unfortunately, not all betting exchange allow the lay option, and finding it available is a bit difficult for bettors. Betnfair is one of the few betting exchanges to offer the lay option on horse racing. With this option available, bettors can apply many strategies. One very commonly used strategy based on the lay feature is “Lay the Field”.

In order to understand better the term “lay” and how lay bets are placed in betting exchanges, please read Lay Betting on Horses

What is Lay the Field Strategy?

Lay the field is a betting strategy that is used mainly in horse racing, but it can be applied in other sports as well. In this strategy bettors do not bet against a single horse to win. They bet against the entire field. This means that they are betting against multiple outcomes and they make sure to lock profits regardless of which outcome will occur in the end. Bettors who use this strategy focus on the odds they offer and the number of horses they bet against.

How does Lay the Field Work?

The simplest example of lay the field strategy is to match two horses at odds under 2.0 with even stakes. This cannot be done pre-game, because it is very unlikely that two horses will be priced at same odds before a race starts. In order to achieve this, bettors need to match the horses during the race. They need to do it in-play.

Set Up the Bets

Bettors need to pick a horse race and place lay bets on all horses in a race at odds less than 2.0. The odds price needs to be the same for all horses.

In-Play Positions

Before the race begins, it is almost certain that none of the horses will have odds below 2.0, so this strategy needs to be applied in-play, meaning during the race. As soon as the race starts, bettors need to monitor the odds. If a horse’s odds drop to 1.75 for example or below, the lay bet will be matched by another bettor that is willing to back the bet.

Different Scenarios during the Race

If horse 1 takes the lead its odds will drop as it will be considered the favorite. Then the lay bet placed against it is very likely to be matched by a backer. Let’s say the odds are set at a price of 1.75 and the stake is 10 EUR. In this scenario the liability of the lay bet is 7.50 EUR [Liability = (Odds – 1 ) * stake]. If horse 1 wins the race, the lay bet loses and the bettor loses 7.5 EUR. If any other horse wins the race, the lay bet wins and the bettor wins 10 EUR.

If horse 2 passes horse 1 and takes the lead, its odds will also drop as this horse will now be considered the favourite. The lay bet placed against it will be likely matched by another bettor willing to take the back side. If horse 1 or horse 2 wins, the bettor wins in the end 2.5 EUR (the difference of the stake of the lay bet against each of them). If any other horse wins, the bettor wins 20EUR which is the combined stake of the lay bets against all other outcomes. J

If the race is coming to its close and suddenly horse 3 takes the lead and the lay bet against it is matched at odds 1.75 for 10 EUR, then it does not matter which horse wins, because the lay bets against these horses have been matched. In this case, the bettor wins 12.50 EUR which is 20 EUR won of the two horses that lost the race minus 7.50 EUR for the lost lay bet on the horse that won the race. If any other horse wins, the bettor wins 30 EUR which is the combined stake of the lay bets against all other outcomes.

The worst case scenario is a horse taking the lead from the beginning of the race and finishes it without competition.

In Short

Lay the field is a very useful strategy for horse racing betting, as it ensures a profit regardless of the outcome. It is a strategy that relies on changes in odds during the race so bettors need to be able to find betting exchanges where they allowed to place lay bets on horses and to do it in-play. As soon as they make sure they have covered all possible winning scenarios, they can lock their profits. Of course, betting is unpredictable and nothing is guaranteed. Finding betting exchanges to lay the field on horses is difficult, but Betnfair is one of the very few that offers the lay option and also offers important features for laying the field, such as live streaming and in-play.

If you are ready to try your strategies in horse racing betting at Betnfair, register and ask for your account now!