Betting on the exchanges

1) If you have not already done so you need to sign up to a betting exchange, we are using Betfair as our example.

Go to Betfair.com

2) All the betting exchanges have tutorials on how to place lay bets, but an example is as follows: For Betfair we need to first select Horse Racing from the left hand menu

3) We lay British horses, so select GB.

4) For this example we're going to lay a horse at Lingfield.

5) A list of times comes up. Select the correct time.

6) In this example we're Laying a horse called Luxuria. Click the Pink button to lay this horse.

7) Your stake is the amount you wish to bet on this horse. Enter it in the box at the top. This is the amount you will win if the horse loses the race. Your total liability is the amount you will have to pay out if this horse happens to win the race. See our articles on how to manage your bank for details on how much to bet. When you have entered your amount click the 'Place Bets' button.

8) Wait! That's all there is to it. At the end of the day's racing check to see how much more money is in your account!