exchange wagering

[big frank]

this has probably been gone over before but i could use some help.. how are the odds determined ? say for example on saturday i want revenge ran at aqueduct , i thought he was a big play against and he was around 4/5,,, what is the next step to play against him. do i go out and do I offer say 6 or 7 to 5 or does the house set up the odds and you then agree to lay or take. there was also a good example yesterday in ny, hushion had a big chalk that i would have given 8/5 on him... what are the steps involved ?? thanks

[Some_One]

It's just like an exchange, so you can say you want to back IWR at .8 for $10 bucks (meaning you risk 10 to win 8 before commission), and if you can find someone to risk 8 to win 10 on that IWR will lose, you're matched. Since the effective takeout is lower on an exchange, you will usually always be at a price above the track pools, so the betfair SP on IWR saturday (which is a good guide to the approx average price traded on a runner) was 1.2-1.

http://form.horseracing.betfair.com/horse-racing/280112/Aqueduct-US-AQU

[big frank]

It's just like an exchange, so you can say you want to back IWR at .8 for $10 bucks (meaning you risk 10 to win 8 before commission), and if you can find someone to risk 8 to win 10 on that IWR will lose, you're matched. Since the effective takeout is lower on an exchange, you will usually always be at a price above the track pools, so the betfair SP on IWR saturday (which is a good guide to the approx average price traded on a runner) was 1.2-1.

http://form.horseracing.betfair.com/horse-racing/280112/Aqueduct-US-AQU thank you