why in a brand new market does someone try and lay everyone for 1.01?

It's to be first (or near) in the queue, with a bet to back at higher odds to come later. The 1.01 lay can always be cancelled if the back bet isn't placed. hth.

To entice new folk into making a mistake. I'd love to know how much the 1000 layers make off those bets but it's safe to assume they make something.

it's free to do and once in a while someone presses the wrong button and accidentally does their money cold

bf don't give a monkeys about stopping punters being robbed, and this is just one example of many ways in which it can happen

the real question is why more people don't do it, if you are organised then it certainly pays, i've seen countless times where these orders have been matched, they can't all be money laundering schemes

I'd imagine the two biggest reasons are having a big enough bank and having enough patience to wait for someone to make a mistake.

And of course the fact that it can go wrong. Was only a couple of weeks ago when a 1000 layer got stung because the score was changed.

Being first in the queue to lay 1.01 on the horses (and probably every other in-running market) is a huge advantage.

Everybody always creams themselves with "1.01 gubbed" statements when a horse gets beats at that price. This has no doubt fuelled countless attempts at back fitting systems which tell you if you laid every 1.01 etc etc........but the harsh reality is you just wouldn't get matched on the vast majority that get beat because you are too far down the queue.

The man first in will be creaming it though.

and its for that reason i always leave my lays up at 1.02 as it used to annoy me that i sometimes never got my 1.01 matched as i was further down the cue

Great way to leave your "list" on betfair.

Planning on laying several horses throughout the day?

Put up a bets at 1.01

They are all listed in UNMATCHED for you to find and barely affects your cash flow.

Or, in my case, often plan bets on NHL which is at Midnight. If you have ever logged off then the next day remembered you were going to place a bet, it is handy since as you log off for the night, the warning comes up that you have unmatched bets.

Even if you phone in and ask them to check your unmatched, it is there to remind you.

Basically a memo pad on betfair.

Because the first lay bet at 1.01 is going to be the best value lay at 1.01

When something first reaches 1.01 it has a 90 something % chance of winning,and maybe its real chance is 1.02 , in horse racing within seconds its chance may well be 1.001 , the difference in chance between laying a 1.01 horse with a furlong to go and with 50 yards left is huge even though the price is the same , so the nearer the front of the Q the better value your lay is.

Yet again the The Visionary hits the nail on the head.

I would do this but I have not yet sussed out how to be the first one in the queue.

These 1.01 lays/1000 backs are just trap bets imo. They were there before keep bets were introduced, and they are still placed in markets which don't even go in-play.