How many times have you told a friend, “I bet you that it won’t rain today”, and they ended up having to buy you a drink? If you can put these quantitative skills to use in order to predict the outcomes of sporting events, you can turn your forecasts into profit – assuming that you have a talent for guessing when something won’t happen.
This is where lay betting comes in. If you don’t know which team will win the Premier League, but you’re sure that Liverpool won’t, you can lay Liverpool. Here, you’re essentially betting against the odds of an outcome, and if any team other than Liverpool ends up winning the league, you win the bet. The following guide will walk you through the details of this often-overlooked strategy.
Six Quick Facts About Lay Betting: A Rundown
- The emergence of betting exchanges increased the popularity of this type of betting.
- When you lay a bet, you bet on an outcome not to happen.
- Laying allows bettors to take on the role of a bookie to cover a favourite losing.
- The strategy involves selling a bet instead of buying a bet.
- A lay bet is also known as arbitration, arb betting, lay bet matching, double betting, and matched betting.
What is Lay Betting
Betting on a football team not to win a game or placing a bet on a horse not to win a race means that you’re laying a team or a stallion to lose at the price offered. Betting that something won’t happen can often be easier than having to predict the exact outcome of a match. That’s why lots of punters decide to bet against the odds rather than in favour.
When you lay a bet, you’re basically taking on the role of a bookmaker and selling the bet. The most popular markets for lay betting are football bets and horse racing, but bookmakers frequently lay odds on major sporting events with a clear favourite. This strategy is also known as arbitration, arb betting, lay bet matching, double betting, and matched betting.
The first thing punters think about with this type of bet is the liability or the risk. It’s crucial to understand that you can lose more than the amount staked when you lay a bet because the overall liability is greater than when you’re backing a winner. For example, if you lay a 2/1 shot for £20 and it loses, you’ll win £20. But if your guess is wrong and it wins, it’ll cost you £40.
Betting Exchange and Lay Betting Explained
So, where do you place lay bets? The most popular venues are internet sportsbooks or betting exchanges. These are platforms that display the betting markets and the various selections with the associated odds for upcoming sports events. But one of its unique components is that punters have the option to pick both winners and losers. It’s a favourite place for those who are into lay betting, and here’s why.
Think of it as a marketplace for selling and buying. Unlike traditional bookmakers, punters take the role of bookies on a betting exchange, set their own odds on sporting events, sell or buy any given outcome, and trade in or out at any time while the event is ongoing.
At betting exchanges, punters bet against each other instead of betting against the bookie. Naturally, it’s the perfect place for lay betting because you don’t have to back a winner. Having the freedom to essentially set the market by offering their own take on prices of different outcomes, punters who use betting exchanges can count on significantly greater fluctuations in prices and more competitive odds. In a nutshell, choosing an exchange over a bookie can get you bigger wins.
Lay Betting System
Experienced punters with in-depth knowledge of betting exchanges will go a step further and employ one of several betting systems to increase their chances of winning. One of these involves back and lay betting. For instance, you can back a horse to win before a race, and during the race, lay the same horse at shorter odds to guarantee a profit regardless of the outcome.
Lay betting tipsters can be a useful asset in these situations by offering accurate and potentially winning tips. They do the leg work for you, which is perfect for those who don’t have the time to be especially thorough. If that’s the case, you should wait for the tipster to provide the selection and then lay it with the exchange.
The alternative approach is to do your own research. To minimise the risk and maximise returns, you’ll need to familiarise yourself with in-play betting and do your homework on each event. Some punters also use a betting calculator to get the exact margins. Developing your own strategy does require a bit of time, but this free lay betting system is the ideal starting point.
Even though British punters tend to be most comfortable with fractions, when you lay a bet in a betting exchange, odds are expressed in decimals. These might seem a bit confusing at the beginning, but you’ll quickly learn that decimals offer more accuracy and transparency.
So, what is a lay bet in terms of numbers? The decimal odds number includes your stake, so it represents the total payout. To put it this way: odds of 2.00 are evens (1/1) – the stake counts as 1.00, and the odds of 3.00 is 2/1. If you want to convert these odds to decimal, divide the first number by the second and add 1.00. Again, if you’re having issues calculating your stake and odds, make sure to use one of the many betting calculator sites or online odd-checkers.
In our guide to lay betting, we’ve given you all the reasons why picking the least favourite players or teams can be lucrative. While covering the odds and systems, we’ve also thrown the spotlight on the alternative to rooting for winners.
This strategy also offers a unique thrill by granting bettors a degree of independence from large bookmakers. They get a chance to win and increase their earnings while setting their own odds and betting against other punters. And when you finally feel comfortable enough with betting exchanges, you can experiment with different systems like back and lay bets.
Can you make money from lay betting?
A lay bet is a wager on a particular event not to occur. As such, if the team you picked ends up losing the match, you’ll win a profit margin on your bet.
Is lay betting legal?
Absolutely. Some of the most reputable betting websites offer this type of bet. The ideal platforms for making lay bets are betting exchanges.
Where do you place a lay bet?
You can make lay bets at any betting exchange, which offers bettors the ability to buy or sell any given outcome in a sporting event.