Betfair operates like no other bookmaker, they allow you to back and lay a horse (or any major sporting event), people set the odds between themselves, and the punter normally benefits by gets the best odds available. Betfair Bookmakers also allows you to bet ‘in-play/in-running' or as the event is happening. This can lead to some amazingly high odds and amazingly low odds. The infamous Betfair 1.01 is the shortest price odds you can back or lay a horse at, it means that you need to bet £100 to get back £1 in returns!
Why would anyone back at such short odds? well, many punters see this as ‘buying money', in other words the 1.01's are such a sure thing that they can't lose! But in reality 1.01's lose more than you'd thing. So if you want to back these 1.01's (or lay them) follow a few simple rules. Never back a 1.01 in a horse race if there is even a sniff of infringement, alternatively it could be a great lay if you spot something early in the race that you think the stewards won't like. Backers of Altay at Lingfield lumped on the cash at 1.01, Altay won the race by four lengths, but after a stewards inquiry Altay's victory was scrubbed for a minor infringement.
You will often see 1.01's on Betfair Bookmakers if a horse gets a big lead in a race, it's worth remembering that if it's a steeple chase or hurdle, tired horse can make silly mistakes at the last fence. Even when there's no fence, horses do the strangest things, remember Devon Loch ~ You've been warned!