Lay betting explained
Betting Exchanges and Lay Betting
Let’s start from the fact that lay betting is available on sports betting exchanges rather than at bookies. So, in order to understand the term, you need to understand how the exchanges work. A modern sports betting exchange is a kind of online portal that allows gamblers to make bets on any sport events. Unlike a traditional bookmaker portal, on the exchange players make bets with each other, while no bookmaker participates in the process as an intermediary. In other words, bets are laid not between a player and a bookmaker, but only between players. Each exchange user can enter his or her account, then choose any sport event and then place a bet with another player.
What Does Lay Mean in Betting?
As a rule, on sports betting exchanges both bets that are in a betting line and even those that are not in the action line are available to gamblers. A player can create his/her own bet, for example, whether 2 goals will be scored in different gates towards 10th minute of a football match – usually, a traditional betting provider won’t accept such a crazy bet. However, despite the availability of all types of bets, there are 2 main types of betting on the exchanges – back betting and lay betting, since they are most understandable and guarantee the highest possible odds.
In fact, when you place your back bet, you back a certain outcome up, acting as a usual player who makes a bet on winning. When you place a lay back, you act as a bookmaker, who wins if the player losses, because the expected outcome does not occur. Thus, the lay betting system can be explained as betting on something that won’t happen instead of traditionally stacking on something that will happen.
What Is Lay Betting? Real-Life Examples
Let’s have a closer look at this via examples. Let’s say that everyone place bets on Brazil’s victory in a final beach volleyball match – they make back bets. But you are quite sure that a Brazilian team won’t win and you make an appropriate bet, which is a lay bet. Those who disagree with you accept the bet with odds assigned by you, and when the Brazilians loose and you win, all the money from other gamblers goes to your account. As you can see, lay betting can be rather simple, effective and profitable for experienced betters.
It is especially true, when it comes to sport events with multiple winning options like horse races. For example, you feel that a certain horse will lose, while you are not sure, which one of other horses will win. Instead of backing all the potential winners, you can place a lay bet on the lost case and then take the money from those gamblers who have backed it, certainly, in case your prediction is confirmed.
Lay Betting Explained in Figures
Now, let’s talk about odds, since in order to win on lay betting you need not only to guess correctly, but also to calculate your odds properly.
When making a back bet, let’s say, on the winning of a baseball team at the odds of 1.5 and the stake of $ 100, you will get $ 150 (100 x1.5), if you are lucky enough and the team does its part well. This means that you risk losing $ 100 in order to get another $ 50. And this is exactly the way you usually bet, when playing through any bookmaker office.
However, in case of placing a lay bet you may need a lay betting calculator to figure out your possible losses and winnings, since the odds are calculated in a different way. Remember that with this type of bets you act as a bookmaker! Thus, when you bet that the team won’t win and you set the odds of 1.5, you accept such a bet from another player at the same odds. In the case we have been considering, in order to accept $ 100 from another gambler, you need to risk losing $ 50, since this is exactly the amount you will have to give to the gambler in case the team wins – then his or her winning will make up those $ 150 we have discussed above. Do you understand how this lay betting calculator works in the opposite direction?
Lay Betting Explained – How to Calculate?
You should also know that those $ 50 you risk losing are called liabilities. So, when placing a lay bet, you should understand what your liability is and how much you would risk losing for getting a certain amount in case of winning – since you act as a bookie, you are free to set the odds, but do it wisely,
But how will this lay betting calculator work in case you win? If the team you laid at loses, you will receive your $ 50 of liabilities plus that $ 100 the other player backed – in total, this will make up the same $150 you would wager, if making a back bet. However, when lay betting you may risk losing less money, and your odds will make up 150/50 = 3. Thus, when betting on the team, which is not going to win, and laying a 1.5 shot, you sort of make the bet on the other team winning or on a draw at the odds of 3.
Generally, in order to transfer your lay odds amount to back odds amount, you need to use the formula – Back odds = Lay odds / (Lay odds -1).
If you need to figure out your liability, you can use another formula – Liability = Stake x (Lay odds – 1).
Though this can seem to be too difficult, actually you can find a sports betting exchange with an online lay betting calculator that will help you to calculate all the figures and to assess risks for choosing the best strategy. Also, you should keep in mind that the exchanges charge their fees, though usually rather low (about 5%).
Lay Betting Explained – Is There Any Winning Strategy?
Sure, each punter will be excited to find a winning strategy that guarantees profit on certain types of bets. However, it is not that easy. While there are plenty of lay betting systems you can stumble across when browsing the Web, no one of them can ensure either small, yet stable wins, or big prizes, obtained regularly. Each of these strategies has advantages and disadvantages, and you can test them by yourself to find the best one for you.
On the other hand, there are tipster services like Lay Betting Code providing gamblers with predictions, which help to achieve higher strike rates when wagering on sports betting exchanges. In fact, there are both free and paid services, generating lay betting tips of all kinds – some of them are focused on a certain field like horse races, while others cover multiple sports, including even table games. Signing up with one of them can be a smart choice, especially for beginners.
Also, experienced punters recommend taking advantage of lay betting systems through applying them to matched betting – a popular way to get real wins from free bets frequently offered by bookies. The concept lies in the fact that you can back an outcome at a bookmaker and then lay the outcome through a betting exchange. With lay betting explained, you can make opposite bets losing nothing regardless of the actual outcome, since one of your bets will compensate for a potential loss from the other bet, including a fee.
Now, you know what to answer when asked “How does lay betting work?” and, what is much more important, how to avail of this betting option and increase your win odds.