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Now you know how to back and lay on betfair, you can now put the two together to create risk free bets. The strategy for this is to back at higher odds than you lay at, this way you will create a spread in the difference in odds.
Lets say you backed a horse in the morning at the odds of 3.0 on betfair for £50 and just before the race, the odds had shortened to 2.0, you are now in a position to lay the same horse for £50 to create a £50 free bet if the horse wins and a no-loss situation if it loses!
This is known on the exchanges as trading. It is the same overall strategy that stock market traders use, they buy (lay) their stock at a low price and then sell (back) at a higher price, thus pocketing the difference in the spread.
Take a look at the example below.
If we backed Glasson Lodge for £50 at 8.2 we would win £360 if it came 1st.
Now look below at the market 10 minutes later.
Glasson Lodge has shortened in price, you can now lay this horse at the odds of 6. This will give a no risk profit of £110 if this horse wins.
Back Glasson Lodge
for £50 at 8.2 = £360 profit
Lay Glasson Lodge for £50 at 6.0 = £250 Liability
Total profit = £110 if it wins £0 if it loses.
Once you get the hang of this kind of trading, you can take it one step further and lay more money than you backed. Lets use the Glasson Lodge example as above, this time we will back the horse at 8.2 for £50 and when it shortens to 6.0 we can lay it for £68. This will create a win-win situation no matter which horse wins. We will win £20 if Glasson Lodge wins, or £18 if he loses.
Word of caution: Be careful when betting on higher priced horses expecting the odds to shorten, as the odds can also drift in the other direction, leaving you with a big loss on your hands.
I recommend you use a second betfair account for trading, dont mix up your regular betting with your trading as you may get confused. If you do decide to open a 2nd betfair account, please Click here. By clicking through our link, you will help to keep this site a free site as betfair will pay us a small amount for referring you.
Make sure you follow our Staking and odds plan, this will help you maximise your profits and minimise your losses.
This is a great way to make money from trading on the betting exchanges, only problem is, how can you spot which horse is going to shorten in price?
Read the factors that change the odds page for more information about steamers and drifters.
