What Is Lay Betting – Let Us Tell You
Many people ask us What is Lay Betting so I want to make sure that the process of laying is clear as it can be somewhat confusing.
Laying was brought into existence for the normal punter with the advent of betting exchanges. A layer is somebody who offers odds an event. Traditionally this would be only available through bookmakers who offer you odds on an event and take the risk of having to pay you out should the event end in your favour.
Betfair changed the face of betting by creating a market that allowed the normal punter to offer odds on an event, thereby effectively betting on an event to finish unfavourably for the person who is placing the bet with them.
In horse racing, when you lay a horse then you are betting that the horse won’t win the race (or place if you are doing it in the place market). However the odds you are offering (when you take them on Betfair) are what you are prepared to risk that the selection won’t win. For example if you take odds of 5.00 (4/1) to lay on a horse for £1 then if this horse goes on to win, you will have to pay out £4. The punter who matched your 5.00 odds bet £1 at odds of 5.00 so if the horse wins they will be expecting you to pay them out £4 plus their £1 stake back. If the horse loses then you take their £1 stake as your profit.
This is how laying works. You take over the part of the bookmaker and so you have to pay out when the horse wins.
We hope this post has helped you understand what is lay betting.
For more information on what lay betting is and an example please visit – Lay Betting Explained