What Is Lay Betting?
You will find the option to place lay bets on all the best bookmaker exchange sites. They work whereby the bettor can act as a bookie themselves, offering to sell the bet, instead of backing a particular outcome themselves. What does this mean? Here is Lay Betting explained in our bet guide:
Well, you will have made statements at some point in your life such as I bet, he does not score that goal, I bet the team does not with him out injured etc. These are all examples of lay betting and it is betting on something that will not happen.
Lay betting has excellent odds attached to winning with high chances of them coming in. The problem with this form of gambling is if you lose. When your choice does not win it means that you will have to pay the bookie which may end up being far greater than the amount wagered. It is why you need to very careful on the amount that you decide to place a lay bet.
This form of gambling has caused controversy due to the punter backing something/someone on losing. By putting a lay bet on one choice to win you are then putting money against all the other competitors. Betfair exchange is possibly the most popular form of it, Betfair’s lay betting rules have drawn in popularity and caused others to follow in their footsteps.
The odds for using this type of bet differ a great deal between bookmakers. If you are going to be betting this way you need to get prices from all the top sportsbook sites so you can compare the odds. It is the only way you can be certain you’re getting the best value for the punt you wish to make. The best sports for Lay Betting are football and horse races, great for events including: Premier League and Cheltenham Festival.
Lay Betting Advantages and Disadvantages
Bookmakers spend millions each year carrying out extensive research to make sure that they set the odds correctly, so they make a large profit. They are extremely successful at it and make vast sums each year. They are able to put the odds in their favour but at great risk and lay betting gives punters the chance to be their own bookie.
The benefit of lay betting is that you can back almost the whole field and not just putting a bet on a single individual. By going this, you are increasing your chance of the wager winning. It is also used by gamblers to make a guaranteed profit. This is done by the odds of your choice decreasing significantly. It is a fantastic way to bet on tournaments to get high odds as they decrease the further along the tournament goes.
It is seen by many as a risky form of betting due to in many cases the financial liability if the bet does not payoff is far greater than the profit it would make if it won. Your chances of winning may greatly increase but so does the downside if you lose.
How To Place Lay Bets Step By Step Guide?
- Search for the best betting exchanges online and find one that you like.
2. Choose the market you wish to place a bet on.
3. Select the lay bet option on the choice that you wish to place a wager on.
4. Displayed automatically will be the best-accepted prices or you can enter the price of the odds that you are willing to offer to punters.
5. Enter the amount you want to stake and then you will see the potential payout along with the total liabilities. The amount of profit you make is always the total of the entire amount stacked by matched bettors.
6. Confirm the bet and then the betting exchange will inform you once a bettor has been found that matches the terms set.
Examples of Lay Betting
If the England Football team are due to face Brazil and you do not fancy them to win. You place a lay bet with a stake of £200 at 2.02
The total liability if your bet does not work out is £204 which you will lose if England win.
You win the bet if England draws or lose and you will receive the stake amount of £200 plus the liability of £204 minus the commission of 5%. In total, you will receive a profit of £190 if the bet wins.
You place a £50 stake with a bookmaker such as 888, on Andy Murray to win Wimbledon with odds of 16/1. If the bet comes in, you stand to make a profit of £800.
Murray makes it to Wimbledon semi-final and is available at 3.45 for punters to place a lay bet at an exchange. If you were to place a lay on him that would guarantee you profit. By using laying betting with a £200 stake you would be guaranteed to make a minimum of £140.
If Murray does not make it through to the semi-final you will make £140. This is made up of the £200 lay bet minus commission of 5% along with deducting the initial £50 stake. The profit will increase further to £310 if he managed to win Wimbledon.
Lay Betting Exchanges
When you are devising your strategy for placing bets once of the best ways is to incorporate betting exchanges into your plan. They will give you far greater options and it is possible to get a lot higher value. By using your knowledge of the sport along with carrying out detailed research it is possible to spot lots of opportunities to take advantage of exchange sites. If you fancy your chances of winning by playing the bookie then using one of these will allow you to do it with ease.
Lay Betting Conclusion
You will find lots of books and information on what is lay betting, and everyone has their own view along with strategy. With the popularity of betting exchanges increasing every year, lay bets are becoming more widely used.
If you are going to be using this form of gambling it is advisable that you hedge your bet to cover the liability. Been able to spot guaranteed profits through hedging is the best way to be successful over the long term.