I don’t wish to restrict this chapter to horseracing~ there are not enough real horse races with just two runners to sustain us. However, the title of this chapter is appropriate to cover any event where there are only two contestants, and only one can win and conversely, only one can lose.
You have read the chapter A Few Pointers, and understood, I hope, how a Bookmaker makes his profit by applying an overround into the odds he offers.In this chapter we are going to explore the possibilities of how we can just BACK or just LAY both contestants in an event where there is only a WIN or LOSE possibility. If we are BACK ING, we BACK one of the contestants with the aim of the BACK odds on the other contestant moving out so that any overround is eliminated. Similar principles apply if we wish to use LAYING only.