How Does Lay Betting Work
- Lay betting is an option on a betting exchange which allows gamblers to play the role of a traditional bookmaker. 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.
- Firstly, you need to set up your account and deposit some betting funds. Once you are registered, you are free set to start betting. Simply click on the back or lay bet you want to accept and the amount you want to bet. If you’re happy with the odds on offer, click submit.
- A 'layer' is considered the total opposite of a 'backer' - it basically puts you in the identical position as the bookmaker. Since the introduction of betting exchanges like Betfair, you have the distinct betting advantage of being able to work with Betfair lay betting systems and strategies, allowing you to lay your bets in exactly the same way as any bookmaker does.
- How To Lay Odds Work
- How Does Lay Betting Work
- How To Make Money From Lay Betting
- How Does Lay Betting Work
A lay bet is the opposite of a back bet. Lay bets are the same as saying an outcome won’t happen. Placing a lay bet on a horse simply means you are staking money on it NOT to win. If the horse doesn’t win, you win your lay bet.
Lay betting is the opposite to ‘traditional’ betting. With lay betting, you bet on a team not to win instead of backing them to win. Lay bets can only be placed at an online betting exchange, like Betfair. This guide will show you how important lay betting is to the matched betting process and how it’s not as complicated as it sounds!
What is a lay bet?
Lay betting is an option on a betting exchange which allows gamblers to play the role of a traditional bookmaker. 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).
Lay betting explained
You’ll often see people asking what lay betting is. On first impressions, it can look complex – but it really isn’t. A simplistic way to think about it, is that when you place a lay bet on a selection, you are betting on it not to win.
This is a particularly relevant bet to make in a market that has 3 or more selections. Take a horse race as an example.
Your best friend’s dad has a milkman that apparently knows the cousin of someone who cuts the hair of a famous jockey. The hot news is that a famous horse has come down with a mysterious illness.
You spot an opportunity to make some money. In the old days, this would be a very difficult process that involves backing all of the other horses in the market for varying amounts.
Thanks to lay betting though, you can take someone else’s bet on that horse. Just as long as that horse fails to win, you win. This can be seen in the below image, with the red number showing your potential loss if that selection wins, and the green numbers your potential win if those selections win the race. The horse with the £255 liability is the horse with the lay bet.
How to place a lay bet with Betfair
Now you know what a lay bet is, it’s time to learn how to place one. We’re going to show you step-by-step how to place a lay bet so you can take advantage of these benefits.
We’re using Betfair for our example, but the on screen layout at all betting exchanges is similar. What you will notice are two different boxes. The blue box is your traditional back bet, and the pink one a lay bet.
For the purpose of this example, we are going to show you how to place a lay bet on Paris Saint-Germain. Remember, this the same as backing Paris Saint-Germain not to win.
Once you click the pink box, the selection will show on the bet slip on the right hand side of the screen.
Once you add the selection to your bet slip, you can add the stake. This differs from a traditional bet, because you’re inputting the amount you wish to make available for punters to bet on. For example, just imagine you’re the bookmaker, this is the amount that the customer is going to hand you to place the bet.
The number circled below is your liability, and potential payout if the person taking your bet wins.
The formula to calculate this liability yourself is
So for the below example, that is:
1.08 – 1 = 0.08
£100 (stake) x 0.08 = £8
When you click on the ‘place bets’ button, the money will go into the market and is available for people to match. If there is someone who already has cash in the system at the same price, the exchange will match your bets immediately. Otherwise, you must wait for someone to take the price which you have offered.
If your lay bet wins, you’ll receive the £100, minus a commission of 5%. This is how our betting exchange of choice for this example, Betfair, make their money.
If your lay bet loses, you’ll be down your £8 liability.
How to place a lay bet with OddsMonkey
So we’ve shown you the basics of how to place a lay bet. But as we mentioned previously, lay betting is vital for matched bettors.
Matched betting is a process which turns bookmaker free bets into withdrawable cash, with little, or no risk.
This video will give you a great overview if you’re new to the idea of making risk-free cash.Because lay betting is important for matched bettors, OddsMonkey have teamed up with the number one betting exchange, Betfair, to make life so much simpler.
OddsMonkey have a tool which we call the OddsMatcher. It was developed to make finding suitable matched bets easier. Previously, this would be a long, frustrating process.
To get a better return with matched betting, you need to find an event where the bookmaker price is close to the exchange price. Our OddsMatcher tool scrapes the data from every bookmaker and betting exchange, and allows you to filter for suitable bets.
In the past, it was a point of reference only. You’d still need to go to the bookmaker and place a bet, and then repeat that process with the exchange. But time is of the essence in matched betting. Prices are constantly changing, so you need to be quick.
So what did we do? We spoke to Betfair, and with some technical wizardry, we integrated Betfair into our platform.
So now, when you’re placing your matched bets, we calculate the amount you need to lay, and the integrated tool places that lay bet with the click of a button!
The above tool also gives you the ‘what if’ calculations of your matched bet so you can see what your potential profit is.
Before now, the biggest risk with matched betting has been human error. But our integration of Betfair takes us one step closer to eliminating that risk altogether!
For more information on lay betting, head over to our ‘Free Guides’ section: https://www.oddsmonkey.com/matched-betting/free-guides/
Gambling is a very popular industry these days. Due to its popularity, different betting option is involved at this market. Besides normal book betting, lay betting is getting popular day by day! It gives a different flavors of gambling that widens various path of entertainment and earning through gambling market.
Theses can be found on write my essay the internet in addition to in libraries, but they are quite expensive so most pupils are not able to afford them.
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Back and Lay Betting meaning explained
If you are familiar with normal betting, that is called back betting. If you place a bet on Liverpool win the EPL title, that is called back betting or simply betting, you will win the bet if Liverpool win the title.
Lay betting is opposite of it. If you place a lay bet on Liverpool win the EPL title, that is called a lay betting or simply laying, you will win the bet if Liverpool does not win the title.
- Back betting is betting on something that is going to happen
- Lay betting is that kind of betting that is not going to happen
How do betting odds work?
A matched betting is a successful combination of back and lay betting! When punter agreed and placed a bet on bookie or lay bettor’s odd,then we can have a matched bet which is ready to play on the market! Before you get to learn more about lay betting this info graphic will show you the relation between back betting and lay betting as well as the working procedure of bookie.
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Content
What is Lay Betting and Laying in Gambling?
What does Lay mean in Betting?
Lay Betting Explained
How does lay betting work?
What is the Lay Bet Stake?
What is Matched Betting?
What does liability mean?
Liability On Multiple Lay Bets On The Same Event
What is the Lay Bet Availability?
Laying Off a Bet
Lay Betting Tips – Profitable lay betting ideas
What is Lay Betting and Laying in Gambling?
Lay betting is making a bet on an outcome that is not going to happen to win that bet.
For example, consider a match between Man City vs Liverpool. Suppose we lay a correct score 1-1, that means we will win the bet if the match does not end at 1-1. So,in this case we will win the bet if the score is anything other than 1-1 . But if the match result is 1-1, then we will lose the bet.
- When you are making a lay betting, it means you are betting on something that should not be happen
What does Lay mean in Betting?
The word “LAY” means ‘’against’’ in betting industry. Lay in betting means making a negative bet on a bets. ‘I bet there is not possible to have 2 goals’,’I bet Usine Bolt can’t finish the line at second position’.
Lay bet only work on the focused outcome. Without this it does not matter whatever happens to other outcomes!
- Lay in Betting means making a bet against an outcome
Lay Betting Explained
Laying a bet is a very unique betting technique in modern gambling industry.It is quite popular these days. It gives you the opportunity to do bet as you like, it gives you the opportunity to sell your bet. In lay bet system a bettor can act like a traditional book maker. Here, instead of backing a bet, you can offer backer to play a bet against you,which is fun!
- Lay betting is possible at betting exchange sites
- At betting exchange, you can back or lay a bet
How does lay betting work?
I think you must wonder about how lay betting system works! Where the odds come from! As you can see that the odds in the lay bet provided is not the same as the odds that normal bookie offers! Why is that? I am explaining this to you! This is because the odds do not come from the bookies! The odds directly come from the people like you! Sounds strange! Isn’t it! But it is true! For understanding a lay betting system, first you need a learn about betting exchange. Betting exchange is a place where back bettors and lay bettors meets. One of the good example of betting exchange site is betfair exchange.
Suppose you come to betting exchange to sell your bet about ’Liverpool can’t win the EPL title’ at odd 5.0, then someone come to the same betting exchange and back ’Liverpool to win the EPL title’. If both agrees the same odd, i.e. 5.0, then the deal is done. At this case you are lay bettor and your opposition is back bettor. Now if Liverpool wins the title, then you have to pay the winnings. On the other hand, if opposite happens you will have the backers stake.
- In lay betting system lay bet odd offers by the people, not by the book maker
- This only works when back bet and lay bet odds are matched
What is the Lay Bet Stake?
In a book maker when you book a bet ,normally the bet instantly accepted by the bookie. Here you the bet you stake it the back bet stake and for your back bet stake, the amount bookie promised to give the amount is the lay bet stake! In betting exchange the person who accept the back bet with certain liabilities is also called lay bet stake!
Consider the previous example, you backed £10 for 3.0 odds and you will get £20 profit if England win. This £20 that broker have to pay you is the liability as well as lay bet stake for the book maker.
What is Matched Betting?
When a back bet and a lay bet agrees on same odds then this is called a matched bet. Matched Betting is the key factor of lay betting. How much profit you can gain is depends on this matched betting.
Let us have you an example. Suppose, Liverpool Vs Everton match. You go to one of the betting exchange sites and put a back bet on correct score 2-1. Assume that you want to back this bet at an odd of 10. So you have submitted your odd to betting exchange, now until anyone take this bet it will show as a pending bet! But when someone take this bet for you, then we can call this a matched bet!
- When back bet odd and lay bet odds are same, then it is called a matched bet
What is the Lay Bet Liability?
Understanding liability is important at lay betting! In lay betting, liability is the money you invest to lay a bet! In other words, it is the money that can lose while you lay a bet. It is like, in back betting you put some money on a bet that can you lose, it is same as lay bet also. In lay betting system, this money is called liability! Liability calculation is like following:
Stake x (Lay odds – 1) = Liability
So if the backers stake is £100, lay odd is 1.08 liability should be
How To Lay Odds Work
£100x (1.08-1) = £8
- liability means the amount of money you invested to win the backers stake
Liability On Multiple Lay Bets On The Same Event
If multiple lay bet is placed on different value of same event one might think that every individual lay bet stake needs individual liability! But that is not true at all, instead of individual investment, multiple lay bets on the same events will reduce the liability amount. At this case only biggest lay bet stake will stay as liability and also smallest profit portion will be reduced from the liability! This because only one bet in same event can lose.
For example, consider lay bet on correct score of a football match, for score 1-1 ,if your profit is £15 and liability is £100 and also for the same match correct score 2-3, if your profit is 20 and liability is £200, then the net liability you have will be (largest liability-smallest profit) i.e. (£200-£15)=£185 . This liability you have to carry for the both lay bet combined!
What is the Lay Bet Availability?
Lay bet availability is basically refer to lay bet liquidity in the market for a event.
Above image from betfair shows a perfect example of lay bet availability. Here for FC Minsk (Res) lay side there is $62 available to lay at an odd 2.16, for 2.18 and 2.22 odds $5 is available for each! So total lay bet availability or market liquidity for FC Minsk (Res) is $72 right now. This means if you want instantly take lay bet at an odd of 2.16 you can take maximum $62 lay bet,for other two odd you can take maximum $5 each. This is the lay bet availability right now for this team. Please note that this is only profit that you will make through lay bet. To take this lay bet how much liability you have to carry can calculated from previous paragraph!
Laying Off a Bet
The term ‘laying off a bet’ sounds similar like just lay a bet, but it is more than that!
Laying off a bet means to lay bet a bet that is already backed by you! Let us explain a little bit more clear by an example
You back Everton at 8.00 to beat Liverpool before the match starts. During the game, they take a surprise 2-0 lead. As the possibility for Everton win is much higher now, so the odd for Everton win has become shorter.
How Does Lay Betting Work
Now you can lay a bet on Everton win. This will secure your winnings with a guaranteed amount of profit. It is kind of similar to cash out. But it has other use in bonus hunting.
- Laying Off a Bet is basically hedging between back bet and lay bet
- Laying Off Bet mainly used for betting bonus hedging
Lay Betting Tips – Profitable lay betting ideas
Now a day you can lay a bet on almost everything. However, there are several ideas to make profit from lay betting. Here are some great ideas about making money from lay betting:
1.Bonus hunting
This is basically bonus hedging. Making a risk free profit from risk free bet offer and bonus offered from other sites upon deposit or on bet.
2. Arbitraging
One of most common risk free earning using betting exchange is arbitraging. Normally in betting exchange the odds are offered much more higher than the normal book maker. This is a golden opportunity for risk free income through arbitraging technique. Arbitraging is kind of like hedging between two brokers odds!
3.Predict correct score in Football Lay Betting
This system depends on kind of luck but it works most of the time. Just only basic rule is always limit your selection in 2 goals. 1-0,0-1,1-1,2-0,0-2, always stay in those selection and always select that odd that you think that which one will win! From our statistics it is seen that 95% bet you will lose if you use you prediction. Our lay correct score tips has over 98% accuracy!
4.lay the favorite strategy
lay the favorite strategy is a good statistical strategy in football betting. The concept is always lay the favorite team. Here money management and match selection is very important.
5.Pick the wrong horse at Horse Lay Betting
Here we recommend a laybetexpert special tips for horse racing lay bets. As horse racing very hard to predict, it is very easy for you to earn a slow but guaranteed money from laying on horse racing.
- Pick a race with at least 8 runners
- There must be at least 2 runners which have an odd between 3-6 odds
- Now find there need to be more 3 runners which have an odd between 9-11 odds
- From this 9-11 odd runners pick randomly 1 runner to lay the bet.
Example on lay betting horses
How To Make Money From Lay Betting
Here is a live example of horse lay betting
Here 1,2 has 4.2 and 4.9 odds. 3,4,5 runner has 9,10.5,10.5 odds respectively. So as per rules you have to choose a horse from 3,4,5. Please note that you always have to choose from those 3 horse randomly (never always choose only 3 or only 4 or 5)
How Does Lay Betting Work
4.Greyhound Lay Betting at Greyhound racing
Greyhound lay betting tips follow the same betting tips as horse racing. Both have 95% accuracy!
Frequently Asked Questions
Let us take a quick look at some of the questions many people have in regard to lay betting. We are only going to cover the generic questions here. Hopefully you will find your desired query being answered here too.
What is a lay bet?
Lay betting is bet on something that is not going to happen. Like, Match score can’t be 2-0, 3rd horse can’t win the race.
Where can you place a lay bet?
Lay betting is placed at betting exchange. There several betting exchange sites online that offers customers to lay off their bets. Every one has some advantages and disadvantages. Our betting exchange review based on our true experience will help you to choose your own betting exchange!
Why is there commission on lay bets?
In betting exchange book maker has no part in win loss of bettors as the bets always against with real people. That’s why betting exchanges charges a commission to make their earning.
How do bookies lay off bets?
Sometimes small bookies lay off bets in fear of too much winning which cost them more money from their capacity. So they lay off bet or bet against their client to another book maker or betting exchange site!
How to lay a bet?
Go to a betting exchange site. Login and go to your desired game, then check the game events. If there is any offered back bet that is comfortable to you then you can lay that back bet!
How to make money lay betting?
Simple way to make money via lay betting is bonus hunting or via free bet offers. You can match your bonus, then make money from there.
Why do you need lay bets in matched betting?
Most of the matched betting offers requires to bet first using real money before they give free bet to their customers. To secure this real money lay betting is essential. It secures the real cash as well as full fill the bookies conditions to get the free bet offers.
What is a lay bet on betfair?
Betfair offer lay bet via betfair betting exchange. Here you can take lay bet and also back bet.
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