Laying and Lay Betting
What Is Laying ?
Laying or Lay Betting is a type of sports bet, or wager. The main difference between a Lay Bet compared to a conventional Back Bet is that it is quite the opposite.
The opposite meaning that instead of requiring your selection to win, you want it lose. And if your selection wins, it costs you because you have to pay out the winnings.
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Still Confused ? Indeed you may, and the best way of understanding how a Lay Bet works is by thinking of the role that a Bookmaker plays. The Bookmaker for years has taken your money as you bet, and more often than not the Bookmaker gets to keep your money simply because you don't win. What the Bookmaker is actually doing is Laying your bet. When you back a Horse with a Bookmaker, the Bookmaker is hoping that any Horse will win except your Horse, that means he will not have to pay you out, but if you did win then Mr Bookmaker would have to cough up the cash and pay you. This is the same principle with Laying or Lay Betting, you can claim stake after stake so long as the selections keep losing, but lay yourself a selection that wins and you have to stump up the winnings. |
Where can I place a Lay Bet ?
Currently, the only legal and legitimate way to place a Lay Bet is on a Betting Exchange. The Betting Exchange is a peer to peer network or gamblers which unlocks a whole new world of sports betting. On a Betting Exchange, not only can you 'back' in the conventional method similar to using a Bookmaker, but you can oppose outcomes by placing Lay Bets. This balance of both sides of the betting spectrum is what makes the Betting Exchanges work and eliminates the need for a Bookmaker. Clients are allowed to bet amongst themselves and agree their own stakes, odds and bet types.
Can I place a Lay Bet at a Bookmakers ?
No. Unfortunately for the Bookmaker, he is already threatened by the popularity of the Betting Exchanges, which eliminates the need for a Bookmaker. Bookmakers have been long dependent on punters who wager or place 'back' bets with them for centuries, and because the Bookmaker basically 'lays' your bet, that is the only side of the bargain he has left and certainly will not want offer his customers the chance to lay bets too.
Should I Back or Lay ?
A difficult question to answer and would certainly depend on the selection and the odds. In Horse Racing, Laying is the most logical way to show profit as you stand a much higher logical chance of your bet been successfully. For example if you placed a lay bet on a Horse in a race with 15 runners, you have a 14/15 logical chance of a successfully lay, as opposed to only a slim 1 in 15 chance of a win should you have backed a selection in the same race.
Having said that, Laying like all betting carries a financial risk. If you lay at odds that are too high, you could leave yourself exposed, this could cost you when things go wrong.
The advice then would be to look for value and reasoning. Avoid placing lay bets that are priced too high and avoid backing selections that are priced too low. Avoid Betting completely if you don't have a good valid reason why you think your particular bet will win or lose.
