What is a Lay Bet?
Lay betting is an option which allows gamblers to play the role of a bookmaker using Betting Exchange Markets. You set the odds of the bet, and you potentially win the backer’s stake if the selection loses. If the selection wins, you lose the backers stake multiplied by the price of the selection (minus the stake amount; also, in most cases the Betting Exchange Market will take a commission on your winnings). Lay betting is a vital component of matched betting. You, as everyday matched bettor, are using both back and sell bets on the same game to guarantee your winning.
As a summary, we can say that it is a type of bet that is placed when you are selling a bet, rather than buying a bet and is generally placed by bettors who play the role of bookmaker. Therefore the term of “lay betting”.
How does lay betting works?
The best way to describe the working way of lay betting is that you should think that you are effectively backing a selection not to win. So, let’s explain it by using an example. In early days, if you get some inside information that a key team player from your favorite NBA team is going to under perform due to medical issues, you would have backed the opposite team to win, which is risky. But by laying on your team, you are effectively backing your favorite NBA team not to win.
What is a betting exchange?
To make it clear, these selections aren’t available on a traditional bookmaker’s website. The reason for this is because a lay bet is only available on a betting exchange such as Betfair, Smarkets, Betdaq, etc. A betting exchange is a peer-to-peer betting platform that matches the bets of two users. They make a profit by taking a small commission from the winning side of the bet.
In other words, we can say that is a big marketplace for gamblers, and similar to a stock market, except people are dealing in winners of a sporting event rather than stocks and shares. The main difference between a traditional bookmaker and an exchange market is that on a betting exchange you are betting against other gamblers, while on traditional bookmaker platform you are solely betting against that bookmaker.
As a result, using a betting exchange market, will give you more control over the price you back at, and can also mean greater value.
Is lay betting popular?
As always, in the betting industry, always will be a controversy topic. Is the same with lay betting, especially when we talk about lay betting around Horse Racing. With traditional gambling, fixing a horse race is really hard because the intention of every horse is to win. But, when you lay a selection, you are backing it not to win. This raises ethical questions because it then becomes much easier to fix a race for a specific horse not to win.
This controversy has only strengthened the popularity of lay betting and this negative publicity is not going to stop of people who want to make money, isn’t it? It is perceived that lay betting increases your chances of winning because basically you are effectively backing 9 other horses to win.
Our tips for lay betting
From our experience, we can recommend couple of things that everyday gamblers can do to ensure that they get the most from their lay betting and also avoid any costly mistakes:
(1). When you input a price that you wish to lay, ALWAYS double check that you have put it in correctly. A mistake such as, you input 31 instead of 3.1, that could prove to be a very costly mistake to your budget.
(2). To avoid this costly mistakes, are exchange markets, such as Betfair which supplies a ‘What If’ function on their betting platform, so you will see what your potential liability is, and what the potential win is for each selection. So, is a good practice to check those values with your calculator before you place your bet.
(3). Get very familiar with the terminology and the know how from your betting exchange platforms, before you start laying impressive sums. Because, as you learn, probably already, lay betting is one of the most useful tools in the matched bettor’s arsenal.
Matched betting is a process where gamblers make thousands of pounds in risk-free profit by leveraging the value in free bets offered by bookmakers and if you want to learn more follow our link to our highly recommended Betting Zone. [click here] or if you are already confident your can get started. [click here].
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