Understanding Lay Betting Simplified: A Guide for Beginners
Pulling Back the Curtains on Lay Betting in Sports
Looking to delve into the intricate world of arbitrage betting? Brace yourself, because understanding lay bets is crucial for any sports punter. Let's break it down.
The gist between a lay bet and a standard wager is pretty simple. In a traditional wager, you bet on a player or team to secure a victory during a match or race. But when it comes to lay bets, the twist is palpable — you're betting that a player or team WON'T emerge triumphant. Essentially, you're emulating the role of a bookmaker by taking wagers from other sports enthusiasts.
Let's Use an Example: Say Chelsea and Arsenal are facing off in a Premier League game.
a. A traditional bettor would place a 'back' bet for Arsenal at, say, bet365. If Arsenal wins this battle, the bettor pockets their winnings from bet365.
b. Now, if you're placing a lay bet on Betfair for Arsenal, you're in the running for a win if Chelsea emerges victorious or the game ends in a draw. As long as Arsenal doesn't clutch the victory, you'll be laughing all the way to the bank on Betfair.
Betting on Arsenal to lose is akin to betting on Chelsea to win or draw the match. If you can amalgamate a lay bet at a betting exchange with a standard bet at bet365 or another bookie, you can pocket a profit irrespective of the outcome, a strategy known as arbitrage for which you can discover more about here.
Lay bets can be placed at various betting exchanges like Betdaq, Betfair, Ladbrokes Exchange, Smarkets, WBX, and Matchbook. It's important to remember that you don't bet against the exchange; instead, your opponents are other users on the exchange. So, for every bet made at an exchange, there must be a layer and a backer. To calculate your returns on a lay bet, take advantage of our free lay bet calculator.
If you successfully lay a bet on Betfair, it will be matched on the exchange. The bet can no longer be cancelled unless the exchange grants explicit permission, which is rare and only happens in unusual circumstances.
Though it's improbable to find the same odds at which bookmakers offer their lays, especially for popular markets, you may strike luck with the quieter markets if you exercise patience and request a lay price, ensuring it's the current best offer, and wait for it to be accepted by another lay bettor or surpassed by a better offer.
Several terms are associated with lay betting, including:
Backer's Odds: The odds of your lay bet that the backer will place. The higher these odds, the higher the risk for the layer.
Backer's Stake: The total amount you want to potentially win from a lay bet, for instance, £100. If you layed Arsenal, you stand to win £100 minus commission if Chelsea wins or the match is a draw.
Commission: The percentage of your winnings that betting exchanges take to remain afloat. By default, Betfair charges a flat rate of 5%. However, this percentage diminishes as your betting activity increases at the exchange.
Liability: In the case of a lay bet, the liability always depends on the stake and the odds you lay. A loss would amount to four times (5-1) your stake for the lay if the backer's odds are 5.
Lay betting is an intriguing sector undergoing growth, especially among arbitrage aficionados. Betting exchanges continue to grow in popularity, reflecting the burgeoning interest in lay betting. However, lay betting has faced criticism in the horse racing industry, leading to instances where individuals directly involved with horses have been convicted of laying horses on Betfair.
When you lay a selection, you are in fact betting against it winning. To determine the equivalent back odds for your lay selection, use the formula 1 / (odds - 1) + 1. Alternatively, you can employ our user-friendly back/lay odds converter for your convenience.
Navigating the Advantages of Lay Betting
The most straightforward method of exploiting lay betting involves matched betting. This strategy seeks to benefit from bookie offers, allowing you to place a qualifying back bet followed by a lay for a minimal loss, then use your free bet to secure a guaranteed profit. This tactic works if executed properly.
There are several different types of bonuses, such as extra place offers, bet boosts, and racing refunds, which can be leveraged for matched betting profit.
Lay Betting in Football
The advent of betting exchanges has revolutionized sports betting by allowing users to bet directly against each other in an effort to secure a profit. Given football's overwhelming popularity across the globe, football lay betting has surged in popularity over recent years.
Cynics may wonder how profits can be gained by laying football outcomes since there are no guarantees. However, as with any betting endeavor, adopting strategies can increase your chances of fleeting success.
With that in mind, let's explore some lay betting strategies in football:
Lay the Underdog
This layout is utilized in games where there are clear favorites and underdogs. It necessitates laying bets against the underdogs. By using live betting and in-play odds, you can capitalize on their momentum when they appear to be taking control of a game.
If, for example, Liverpool is playing Southampton, Liverpool will be favored and likely command quite low odds. However, if you bank on Southampton to stage a comeback, laying them could prove profitable if they manage to turn the tide or secure a draw.
Lay the Draw
Laying the draw on a football match is a particularly advantageous strategy because it becomes a profitable winner only if the match concludes either with a victory for one of the teams or a draw. Predicting a draw in a football match is challenging, as most teams now focus on scoring goals to thrill their fans and make their managers' dreams come true.
Assuming you have a match between Arsenal and Man City, Man City will be hailed as the hot scorers while Arsenal will struggle in the face of their offensive might. Normally, you'd back City to win because they score consistently, but laying a draw bet guarantees a profit should City score at least once, as you can cash out and secure some returns as soon as one of the teams finds the back of the net.
Reaping the Benefits of Lay Betting
Lay bets can offer rewards if employed astutely, particularly in football with the emergence of betting exchanges. Many inexperienced bettors rush in without a well-thought-out strategy, which can lead to frustration. However, adhering to a solid plan can pave the way to long-term success.
Brian Webb Driven by his passion for horse racing and soccer, Brian heads our website, providing a comprehensive resource for sports bettors. He seeks to marry sophisticated tools and expert advice to improve betting strategies. With decades of experience in horse racing betting behind him, Brian's mission is to help others navigate and thrive in the world of sports betting.
- Understanding lay bets is essential for any sports punter looking to delve into arbitrage betting.
- A lay bet is placing a wager that a player or team won't emerge victorious, effectively emulating the role of a bookmaker.
- For example, if Chelsea is playing Arsenal in a Premier League game, a traditional bettor might place a 'back' bet for Arsenal at bet365. In contrast, a lay bet on Betfair for Arsenal means a win if Chelsea emerges victorious or the game ends in a draw.
- Lay bets can be placed at various betting exchanges like Betdaq, Betfair, Ladbrokes Exchange, Smarkets, WBX, and Matchbook. The opponents in a lay bet are other users on the exchange.
- If you successfully lay a bet on Betfair, it will be matched on the exchange and cannot be cancelled unless the exchange grants explicit permission, which is rare.
- Lay betting is an intriguing sector that has grown in popularity, especially among arbitrage aficionados, due to the burgeoning interest in betting exchanges.
- To navigate the advantages of lay betting, strategies such as matched betting can be employed, where you place a qualifying back bet followed by a lay for a minimal loss, then use your free bet to secure a guaranteed profit.
