how do pro losers work??

[wb]

hi everyone. up until now i have only been betting on the A+ bets, and have made a small profit. can anyone explain briefly what the pro-loser bets are and how it works? could'nt quite get my head around it.
I would not mind getting on board. thanks :wink

[tophatter]

It is laying system. You are betting on horses losing rather than winning.

[mathare]

Pro losers are a lay system.

With the A+ bets (and most systems) you want the horse named to win. Here we want the named horse to lose. A+ bets are backing the horse, pro losers are laying the horse.

With a backing bet the most you can lose is your stake. You put £10 on at 3/1 and you can either lose £10 or win £30.

With a laying bet the most you can lose is your liability. This can vary from horse to horse, depending on how you stake the lays. You may lay a horse at 3/1 to a £10 stake. The most you could win would be that £10 stake but the most you can lose is £30.

Laying is the opposite of backing. Think of it like being the bookmaker to anyone backing a horse if you will. But you get to set the odds you offer (you might try and get away with offering 5/2 on a horse the bookies have priced up at 3/1 for example, although it may not get matched). This can only be done on the betting exchanges.

Basically two people of differing opinions (one who thinks the horse will win and one who doesn't) place a bet between themselves with one (the layer) offering the other (the backer) odds on the horse winning. If the layer is correct and the horse loses he takes the stake money off the backer, else the backer gets odds x stake as normal. Exchanges arrange all the bets for a 5% (or lower) commission fee on winnings.

[wb]

so basically the horses that keith out gives should lose??
is betfair the only site available for this?

forgive my ignorance, i spent years in the bookies but im still a bit new to betting on the computer. (i live in ireland and hate paying the tax! so i want to bet online from now on)

thanks

[presto]

you can lay them on any exchange, but betfair is by far the best. the only other viable option is betdaq,

[wb]

cheers mathare, thats a pretty good explanation.

hope i get the hang of it and get a few winners, or losers rather!

thanks again

[wb]

i guess your profit would depend on how much you offer, but is there a good 'loose rate' for the horses displayed?

[tophatter]

The horses have a strike rate of around 88.5% if you go up to 16.00. If you only lay up to 11.00 it it about 86.5%. Basically the lower the horse the more often it will win, the bigger the price the less often and the trick is to make sure the horses you lay with a price of 9.00 wins less often than 8 times out of nine and a horse at 13 wins less often then 12 times out of 13. That is why it is a longterm game based as much on turnover as anything.

[andyp]

please forgive my ignorance on this subject, as i also would like to get into the pro losers but was a bit in the dark with this subject until i have read this. what if i gave odds of 3/1 on horse and some big time punter came and put £10,000 on it... how would i afford to pay it? or do i get to choose a maximum stake?

[mathare]

or do i get to choose a maximum stake?Exactly that Andy, yeah.

You specify the odds you are offering and the maximum stake you will take at those odds. Betfair won't let your liability exceed the amount in your account anyway

[andyp]

Cheers mathare, i got a bit worried for a minute then! is it relatively easy to set up then on Betfair?

[mathare]

is it relatively easy to set up then on Betfair?An account or the bets?

The former can easily be done through the links on the Win2Win pages. The bets are easy to do to but take time out to read the tutorials on Betfair and ask any questions you need to on here

[Merlin]

If your new to laying it is better to practice first..........or paper trade.....you dont need an account to do that....you just play imagine I layed this or that.......

As some can vouch, if you play without proper guidance and basic knowledge, you can get your fingers burnt very easily.....

But Keith and the other guys will put you right.........nevertheless, still practice with paper trading , starting tommorow.......:yikes:

[tophatter]

Yep Melin is right - I aint joking when I say that it will take you a good few days to go through all the advise re staking etc which is available so I would definatley say no harm is done by paper trading. You aint going to make a fortune overnight, so what difference does an extra few days make paper trading rather than using real dough - You will find that by cutting no corners re the studying and learning you will make that few days money a lot quicker than you would otherwise.

I post my results as Base Bets and Percentage points - I dont even measure as money (probably because it would scare me!) - So paper first, Peanuts second and hopefully those peanuts turn into something more substantial at the same rate as your experience. If you cant make paper or peanuts turn into more paper and more peanuts then why should you be able to turn big pounds into bigger pounds?

[Win2Win]

Merl, we'll be in Miami sometime in the next 12 months, so we may have a surprise visit to yours with a plane full of Filipino's, so get the customers ready :laugh

[Merlin]

:laugh:laugh:laugh....sorted boss....:yikes:

[andyp]

Thanks, I am gonna start laying horses in the near future.. i am just a bit busy at the moment and like you have said it takes time, so i will wait for a while and study hard whilst taking on board any valuable advice you guys can offer. cheers