We all start by thinking that we can make a lot of money from horse racing, whether it’s back betting or lay betting.
Then, after we’ve tried a few tipster, and a few betting systems, and realised it’s not as easy as we first thought, we begin to look for how to really make a profit from your betting.
Everybody follows this same path.
As you’re now a reader of the Race Advisor, you’ve obviously gone through those first stages, and are now looking to find out how you can make your dream into a reality.
Which is brilliant!
Before you get started again, there are a few questions that you need to be able to answer. You’ve probably already made a decision on these most common ones…
- What sport are you going to bet on?
- How much money are you going to use in your betting bank?
- What size stake are you going to use?
What you probably haven’t thought about is the type of bet you want to place. At this stage in your betting career, most people will be gravitating towards lay betting instead of back betting.
That’s usually because…
- It must be easier to find a loser than a winner!
- I’m going to be finding a loser most of the time
- There won’t be any long losing runs
And to be honest, that’s all pretty accurate.
However, that doesn’t mean it’s easier to make a profit from lay betting than it is from back betting. Never forget that you’re not out to find winning bets, you’re out to make a profit in the long-term. You know that a smaller or bigger proportion of your bets will lose, that’s just the nature of the beast, but what you want is to end up with is profit. Profit is the king.
The Truth… Is Back Betting or Lay Betting Easier To Profit From?
Personally I believe it’s easier to make a profit from back betting.
If you’re relatively new to betting, or haven’t yet met a consistent profit, then you should start with back betting and forget about lay betting.
Back betting in horse racing can be understood by anybody. If you’ve ever made a bet, even a fun bet with friends where no money is involved, then you’ve effectively placed a back bet.
It’s very simple in concept.
A bookmaker offers odds of 2/1, which means for every £1 you bet, if you win they will pay you back £2 profit plus your £1 stake.
Understanding how a lay betting works is much more complicated.
You don’t want to make your betting more complicated than it needs to be!
Keep everything as simple as possible.
Placing back bets allows you to simply divide your betting bank by 100, and start placing bets of that size until it doubles.
This is the quickest way to start betting and staking. Quick and simple.
The same can be done with lay betting, but it’s harder to understand the risk involved, which can cause confusion on how to work out your stake sizes. Confusion in betting means one thing… mistakes. And mistakes mean one thing… losing bets. Which costs you money.
Of course, there are always downsides, and there is a downside to back betting in horse racing.
The biggest downside when considering back betting instead of lay betting, is that back betting will mean you’re likely to have a strike rate of somewhere between 20% and 30%. The reality of this is that you will have losing runs, probably losing months.
Of course, this helps to build your discipline and faith in the method you are using, but it can be difficult at the beginning.
The more losing runs you have, and come out of, the more comfortable you will be with them.
But most importantly…
The reason that it’s harder to make a profit from laying, is that betting exchanges are geared towards back bettors.
Even Betfair claim that their odds are 20% higher than bookmakers.
Logically, if their odds are 20% higher than bookmakers, it’s going to be hard for lay bettors to make a profit. As lay bettors we are becoming the bookmaker, but if the odds are 20% higher than the bookmaker it’s going to be much harder for us to find profitable lay bets. And that’s before Betfair’s commission on our profit!