Betting Exchange – Enjoy the Place Markets
Betting exchanges like Betfair don’t just offer bets on horses to win but also bets on horses to place. How could you use these place markets in your favour?
Introduction
In our article „Beauty of Trading The Exchanges„, we introduced you to the Betting Exchange concept and explained the basics of LAY Betting (Lay to Lose). Now in this guide, we’re going to familiarize you with another unique and powerful feature of the betting exchanges, the Place Markets.
What Are Betting Exchange Place Markets?
Place markets are as the name suggests, markets which let you bet on a selection for being ‚placed‘. Eg. a horse to finish 1st, 2nd or 3rd in a 8 runner or larger field.
Now, the first and most essential thing to mention here is that these place markets are totally different to the popular Each Way (EW) betting markets offered by traditional bookmakers. The Each Way bet is actually 2 bets of equal stakes.
The 1st stake is on the selection to win and the 2nd is on it for being placed. So a £10 EW bet costs you £20 in total.
A £10 place bet on a Betting Exchange like Betfair is a single bet and therefore only costs you £10. If the selection finishes 1st, 2nd or 3rd, you collect your winnings and smile.
Consider it for a minute. How often have you been confident that a horse will be placed, but you have not been confident that it will win?
Traditional Each Way Betting
Use the following example. A horse named ‚I will be placed‘ which is available to back with traditional bookmakers at 4/1 (5.0). You are very confident that it can finish within the top 3 in a 12 runner field.
With a regular bookmaker, your alternatives are:
1. Take a risk on it winning and put a win single on it. E.g. £10 at 4/1
2. Place an Each Way bet on it. E.g. £10 EW at 4/1 (5.0). Total stakes £20. The bookies will pay you 1/5 odds on the place element of this E/W bet according to their standard EW rules. In our example which is the horse on the market to back at 5.0 this equates to 1.8
Now, the only result the above mentioned race will be profitable for you is if the horse actually wins. In the two cases you would get a nice profit if it wins. For option 1 you would win £40 profit and for option 2, £48 profit.
But, if as you suspected the horse only finishes in 2nd or 3rd place, you will lose money in both cases. With option 1 you obviously lose your entire stake so you are £10 down. With option 2, you win £8 on the Place side of the EW bet but still lose £2 overall as the win part of the bet would be a losing one.
Enter The Betting Exchange Place Markets
Using the above example and based on the odds of the other horses in the race, you would probably see the Betting Exchanges offering odds of around 1.60 – 2.00 (evens) on this horse being placed. You could therefore put your £10 place bet on around 1.8 and collect £8 profit (minus commission) assuming that the horse finishes 1st, 2nd or 3rd. Only if the horse finishes not in the top 3 you will lose your £10 stake.
We think this has got you thinking and you may probably understand the power in this straight away!
Along with a good staking plan and a sensible selection process, it can be typical to have very long winning streaks when backing horses being placed on the betting exchanges. These longer winning streaks more than compensate for the relatively short prices which are offered on selections to be placed.
A few essential points to keep in mind about place markets:
1. Unlike the betting exchange win markets, Place markets don’t go „In-Running“ once the race starts but this also applies to the traditional E/W bets offered by bookies.
2. If a race is planned as a 8 runner event or even more but several horses become non-runners leaving less than 8 runners, the betting exchanges still offer odds on 3 places. This is different to bookmakers who in these cases adjust their odds on the place payment from 1/5 to 1/4 of the win odds BUT they just pay out on 2 places. If a 5,6 or 7 runner field is shortened to fewer than 5 runners, the betting exchanges will still offer place markets and payout if the horse finishes 1st or 2nd.
3. You can make up the equivalent of an E/W bet on the betting exchanges by putting a bet on the win market and a separate bet on the place market. Based upon the type of race as well as the form of the market, you will often notice that this gives more value regarding the odds than an E/W bet with a bookmaker.
Backing Or Laying On The Place Markets
As explained inour article „Beauty of Trading The Exchanges„, the opportunity to lay a horse is probably the most significant feature of the betting exchanges. You have the chane to lay selections to be placed. In other words, if you have a legitimate reason to consider that a selection will not even finish placed, lay it to lose on a betting exchange. The real great thing about laying on the place markets, is that the odds are always far lower than the outright win odds so your lay liabilities are far lower.
Trading On The Betting Exchange Place Markets
As the place market odds are much lower than the outright win market prices, they also provide an excellent place to discover the ability of trading with very little risk to your balance. Betting Exchange trading is simply the process of betting on price movements for guaranteed profits. E.g. Back a horse at 4.0 and then Lay it later at 2.5 for a no risk bet or guaranteed profit whatever the outcome of the race is.
Summary
Place markets should be used as part of your betting strategy. They provide the chance to earn money frequently with long winning streaks being quite typical. This can help to build your confidence along with your betting bank.
Bookie Each Way bets aren’t always poor bets but in the majority of races, the odds are stacked firmly in the favour of the bookmakers. They love punters taking EW bets on these races because they know its their bread and butter.
To make use of the Place markets, create an account now with the worlds biggest Betting Exchange Betfair and secure your £50 free bonus! Best of luck.
Daniel Huppertz
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