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With a lay bet you are acting as the bookmaker and you offer odds to a backer. For this reason you need to be registered on a betting exchange such as Betfair to be able to lay horses.
As you are acting as the bookmaker you keep the backers stake should the horse fail to win the race. If on the other hand the selection wins then the backer keeps the stake money and you have to pay him/her their winnings.
With this in mind it's less risky to lay horses with low odds as this minimises your liability if the selection does indeed win. Of course you may get a better strike rate laying the outsiders in a race but it will only take one or two of them to win and your entire betting bank can be instantly wiped out.
From reading the above I am sure that you will agree that some expert advice regarding a daily lay bet could prove very profitable.
