Which of the following is the best way to make money from betting:
1. Backing to win
2. Laying to lose
3. Arbitrage where you win whatever the outcome of the event
Answer: Each has its own merits:
Backing to win
Greater returns are achievable but longer losing runs are likely. A reliable source of information is important with proofed results.
Laying to lose
There are more losers than winners so long losing runs are less likely however the liability is greater on losing bets. The best approach is to lay to risk ie decide before placing a bet your maximum liability. For horse racing I prefer to lay in the place market.
This is the safest option but margins can be wafer thin. You are taking advantage of differences of opinion when pricing up a market however what ever the outcome of an event you make a profit. This method requires a fair amount of work to identify opportunities.