Puzzled re Pete Webb comment on Auto Lay the Field

[bastuncriochnatha]

Looked at Peter Webb's clear instructions on automating Lay the Field - https://www.youtube.com/watch?v=mu7cPQfrqMQ .My understanding, I'm afraid, breaks down at position 10:39 on vid (Peter rounding up the outcome of the example race). He says "We can see here that the potential we had was that if any of these won we would have won £30 (£10 set as Laybet in the automation)and if any of the others had won we would have lost nothing". As I see it, 3 horses matched the Lay @ 3 - therefore breakeven as stated. Afraid I do not understand how £30 could have been won. Does "if any of these won we would have won £30" mean the horses that matched the Lay? Does "if any of the others had won we would have lost nothing" mean any horse that did not match? Any horse that wins by definition matches the Lay of 3. Even if 4 horses had matched I cannot see how £30 would have been won.
If anybody could take the trouble to clear this up for me it would be very much appreciated.

Regards
bastuncriochnatha

[Dallas]

As horse 1 is layed at 3.0 you have
-£20
+£10 on the rest

as the second is matched you now have
-£10 on each of the two matched
+£20 on the rest

after the third is matched
£0 on the three with matched bets
+£30 on the rest (£10 from each of those layed)

[bastuncriochnatha]

Much obliged. Nice and simple when viewed like that. Thanks again

[bastuncriochnatha]

Looking at the explanation please consider:

As horse 1 is layed at 3.0 you have
-£20
+£10 on the rest
(As I see this, I have £0 on the rest as nothing yet matched ie no loss/win. This result necessarily yields -£20)

as the second is matched you now have
-£10 on each of the two matched
+£20 on the rest
(I see that I now have -£20 when, as has to be, one wins, and +£10 on the remaining matched non-winner ie net -£10)

after the third is matched
£0 on the three with matched bets
+£30 on the rest (£10 from each of those layed)
(I see one necessarily wins so -£20. The remaining 2 matchers yield +£10 each, therefore net £0)


However, had a fourth horse matched then (-£20 + £10 +£10 +£10 or net £10 win)

Where is the £30 coming from?

Please forgive me if I am being obtuse on this. Surely it cannot be the case that my matched non-winners yield more than £10 for the original £10 laid?

Regards

[rik]

Dallas explanation is correct, you add all lay bets matched on non winners together to get your total.

[Dallas]

When you back a horse if it wins you make a profit but lose if any other horse wins
Laying is the opposite, as soon as a horse is layed if that one wins you lose, but if any other horse wins you will have a profit of what ever your lay stake was.

So you lay the fav for £10 @ 5.0 you will lose -£40 if it wins but make a profit of £10 if it loses (in other words if any other horse wins)

[bastuncriochnatha]

I thank both Rik and Dallas for their kind replies. No problem at all with the reasoning which is in accord with my last post above.
Regarding the difference between betting and laying..please be assured that I have an understanding of that
However my question was not answered.

So to finish and not trouble anybody any further:

Using Lay The Field strategy, I'm sure we can all agree, the following rule applies AND IS AXIOMATIC :

For a fixed LTF bet at given odds then in order for a profit to be made then the number of horses matched needs to be the odds +1.

For instance:

£10 LTF bet at odds of 3 requires 4 horses to match for £10 profit ( 1 wins = -£20; 3 other matches = £30; Profit £10)
and.... 5 horses to match for £20 profit ( 1 wins = -£20; 4 match = £40; Profit £20)
and ... 6 horses to match for £30 profit... etc etc etc ..see final below....

£10 LTF bet at odds of 3. If 3 horses match ...then BREAKEVEN ..as stated in vid.

In order for £30 to be made it would require 6 of the field in that video to match.


Regards and thanks

[Dallas]

3 horses matched would created a breakeven position on each of them and £30 profit on all the rest (£10 from each of the 3 layed)

If a 4th horse is layed then it becomes £10 profit on the 4 matched and £40 on the rest (£10 from each of the 4 now layed)

advancing upto 6 being layed you'd now have £30 on all those 6 and £60 on the rest (£10 from each of the 6 layed)

Each time a runner is layed the bet gets adjusted but for all those not yet layed the amount of the lay stake just keeps adding up, for example if you randomly layed 4 horse at different prices for £10 each as each bet is matched the P/L will adjust for them - but for all those not layed you will win £40 (£10 from each lay bet)