If you are familiar with the Betfair exchange then you may have heard of the lay betting system a couple of times.
Perhaps you use it when placing your wagers.
What everyone is familiar with in horse racing is putting your money on the occurrence of an outcome.
That is, in your opinion, there is a high chance that the event occurs.
Lay system is the exact opposite. It contradicts what you already know because this time you are banking on the non-occurrence of an outcome.
What most punters do is laying on a favourite horse that is presumably overpriced in the market.
However, there are different variations to the strategy. It is possible to lay the 3rd favourite.
Sounds profitable, doesn’t it? Keep reading and get to know more about the 3rd favourites on lay system.
How Do 3rd Favourites on Lay System Work?
Hearing it first, it may sound a bit risky and edgy but that is what rewards the most in gambling.
In case you are new to these terms, let’s do a quick run-through. Ideally, there is usually a favourite horse that holds the highest winning probability in regular bookies.
If you are not a Betfair customer right now you can quickly register the account and get £50 Free Bet!
They are willing to take the opposite side of the wager and put money on the loss of such a horse.
Although it isn’t that straightforward, there are lots of considerations and analytics that give them the green light to make such a decision else they would keep losing money.
One major way of knowing is through overhyped horses; there is always that one horse that is pushed by everyone to be the favourite for the race.
A closer look at the form and record of such horses may point out something else. Possibly, the horse is in a rather poor form and could bottle the race.
Sport traders are out for such situations to lay on the favourite and wait for the outcome.
If the horse doesn’t come on top as anticipated, regular gamblers lose but those who employed the lay system in their exchanges get the win.
It sounds a bit off as opposed to what everyone is used to; however, there is another option if you want to play it safe.
Rather than laying on the favourite, you employ the same system on the third.
In a regular race, the top prospects for the win are the first to third favourites. They always have the hype and backing of everyone.
In this case, your eyes are gazed at the third favourite. Such a horse is already overpriced in the exchange which makes it a great pick.
In fact, some great media houses are with great speculation of the probability of the third emerging as the number one.
For no reason, everyone backs up this horse.
Once you’ve carefully analysed such a horse; you consider the overhype and most importantly you spot two other horses with better chances of winning.
In this case, you have yourself a good 3rd favourite lay system.
You could go ahead and place your lay bet.
- It is a safer approach compared to the regular system
- The horse pricing is usually favourable for players
- Great payouts
- Conducting analytics and pinpointing the third favourites for the lay system may be somewhat tedious.
Read also: Betfair Place Market
Tips and Tricks From Experts
Now that you have the knowledge, you should check out these helpful tips.
They come from experts and would go a long way in making your system successful.
- Apply the 3rd Favourites lay system to race with at least eight starters: It is best to apply this system to races with more horses. In such cases, there is a higher chance of your system panning out better.
- You don’t necessarily have to place your orders before the race: Unknown to many, in-play applies to the lay system so you don’t need to make your picks before the race. You could watch the odds and the race for a little while after the race has begun. When it looks more certain, go ahead and pick the third favourite horse on the market.
- Don’t forget to refresh: If you are watching the odds live, it is important for you to refresh. The odds fluctuate and there may be a change in the positioning so always refresh to stay updated.
Bottom Line: Should I use 3rd Favourites on Lay System?
There is nothing stopping you from employing the 3rd favourite strategy in your lay system.
It is a much safer approach for those who don’t want to pick the favourite winner.
Although the payout may not be as large as going all out on the first favourite, you still stand a chance at winning.