Lay Betting Explained
Lay betting is a form of betting offered by a betting exchange whereby the bettor can back an outcome to lose or ‘not to happen’. For example, you may think that Golfer A cannot win the tournament, you ‘lay’ Golfer A and if he doesn’t win the tournament your bet is successful.
A lay bet is simply any bet where the bettor backs an outcome not to happen, or to lose. The bet will be successful so long as the runner finishes anywhere but 1st. For example, the favourite for the race might be $3. If you were to ‘lay’ the favourite at $3 to win $50, you would be risking pay out $100 if the horse wins.
A betting exchange is a trading platform whereby bettors can exchange bets. Bettor A thinks that Team A will win, Bettor B does NOT think that Team A will win. The two bettors trade at a price agreeable to both. A betting exchange is very similar in operation to a stock exchange.
LAY BETTING WITH BETFAIR
Lay betting is available with all betting exchanges. Betfair is the world’s largest betting exchange and therefore has more liquid markets and provides greater availability of lay betting opportunities.
LAY BETTING EXAMPLE
The example shows the market for tennis match between Djokovic and Nadal. The back odds are in blue and the lay odds in pink. The darker pink cell is an example of a lay bet. The bet is to lay Djokovic to win the match. This means that we believe that he WILL NOT win. The cost of putting on
the bet per $1 is 63 cents. If the lay bet is successful and Djokovic loses, the bet will collect $1. If the lay bet is NOT successful and Djokovic wins the match, the bettor will pay 63 cents.
LAY BET EXAMPLE – HORSE RACING
The example shows the market for betting before a horse race. The back odds are in blue and the lay odds in pink. The darker pink cell is an example of a lay bet. The bet is to lay Black Caviar to win the race. This means that we are saying that we DO NOT think she will win. The cost of putting on the bet per $1 is 12 cents. If the lay bet is successful and Black Caviar loses, the bet will collect $1. If the lay bet is NOT successful and Black Caviar wins the race, the bettor will pay 12 cents.
LAY BETTING IS ONLY POSSIBLE WITH BETFAIR
Lay betting is not available with bookmakers as it is not possible to place a lay bet with a bookmaker and be that an outcome will not happen. Only betting exchanges allow you to place a lay bet. The recommended betting exchange is Betfair because the liquidity is so good meaning that if you want to place lay bets you do not have to pay such a premium (higher odds) to do so. Betfair has great deal for new customers who sign through our website. SimplySign here and if your first bet loses Betfair will refund your bet up to $200!