The exchanges: they’re betting’s X-Factor

WHEN you take an opinion on horses in a race, it's more often the case that you're dogmatic about one that you believe cannot win than one that you think can.

Therein lies some of the beauty of betting on the exchanges: you can lay the selections you don’t fancy. In basic terms, you're playing the role of bookmaker and offering to allow others back the horse (or other selections) with you.

Of course, there are others features and one that is of most interest today is the Back-to-Lay strategy whereby you back a horse with the intention of laying it off at a shorter price to guarantee profit or to get a 'free bet'. The inherent danger - and there has to be one or it wouldn't be gambling - is that the horse you've backed will not trade at the shorter price you're looking to lay it back at.