WHAT IS LAY BETTING: Even though betting exchanges have been around over a decade, most bettors don’t know what lay betting is let alone how to place a lay bet effectively.
What is Lay Betting? Simple Explanation by Betdaq
Want to know what lay betting is? You’re in the right place…
By the end of this article you will know exactly:
- What lay betting is
- Understand how lay betting works
- Benefits of lay betting
- How and where you can place a lay bet
Ready? Let’s do this…
What is Lay Betting?
In its simplest form, lay betting is the exact opposite to placing a back bet. Each time somebody places a lay bet they are taking the same position as a bookmaker, taking somebody else’s bet.
Instead of betting for a horse, football team, tennis player or greyhound to win you can also bet they lose. To do this though you will need to use a betting exchange, such as Betdaq.
Simpler than you thought, right?
That’s the usual response from most punters once they understand how lay betting works. If you’ve ever sat with a friend and struck a bet, the person agreeing to take on the initial bet offer would have been lay betting. It’s that simple.
How Lay Betting Works
Before you put any cash down, we understand you’ll want to know how the numbers work.
In fact, the real bit that scares everybody when it comes to lay betting is the format in which odds are expressed.
Decimal odds are nothing to worry about, just keep this in mind;
Sum of bookmakers odds + 1 = Exchange odds.
So for example a traditional bookmakers odds of 5/2 is in fact 3.5 in decimal odds.
Calculation: (5 divided by 2 equals 2.5) plus 1 = 3.5
Or as another example traditional odds of 5/1 would be 6.0 in decimal odds.
Calculation: (5 divided by 1 equals 5) plus 1 = 6.0
Now you understand what decimal odds are it’s easier to see how lay betting works.
The easiest way to explain is through an example:
You think Tell The Tale will lose the 2pm race at Plumpton and want to bet against the win.
On logging into the exchange the odds are 4.0 to lay (or 3/1 in traditional odds). Expressed in the image above by the lay bets button (circled in red).
In order to place a lay bet I click the lay button, the bet slip will then look like this:
How to lay bet
Note: the figures are the direct opposite to if we were placing a traditional bet.
By placing a £10 Lay bet at the price of 4.0 (3/1 traditionally) we are effectively looking to;
- Win £10 if Tell The Tale should lose (our stake).
- Lose £30 if Tell The Tale should win (our Liability).
This is why our liability is listed at £30 on the bet-slip. In order to place this bet you will need to have the liability covered by your balance.
Benefits to Lay Betting
So now you understand how lay betting works, but why would you do it?
If it’s not obvious already, lay betting offers a whole variety of opportunities. It’s far easier to pick a loser than it is a winner. Particularly in a situation where there are many outcomes.
With many horse races having 10+ entrants each day you have an increased chance of picking a loser, only one can win after-all. The key to longer term success is picking selections at the right price. Particularly if you’re betting in-play.
Incorrect pricing is quickest route to success, any professional punter will tell you. Lay betting is just another way to do things. Favourites often lose as you probably already know, some of which at very low prices, offering a great risk to reward ratio in the process.
How to Lay Bet
As we mentioned previously, in order to place a lay be you’ll need to have a betting exchange account. You can get one by clicking here.
You can place a lay bet by clicking the green Lay Icon on any market and completing the betting slip as per this article.
As with any betting activity, lay betting carries risk. Although through effectively identifying inaccurate odds within the market lay betting can prove lucrative.
To get your lay betting account with a complimentary bonus click here!