Introduction to lay betting
Lay betting or to “lay a bet” is a relatively new way and popular form of betting which primarily utilises the betting exchange markets in order for people to lay money on event or sports matches to lose instead of the traditional way of backing a winner. Many people get confused on the mechanics of lay betting exchanges because of the natural instincts of human nature to back the winner instead of a losing bet.
What is Lay Betting?
Before online betting became popular the traditional bookmaker would always have a list of winning bets or even placed bets in shop window where potential customers could see what return they could get on placing a bet to win, this could apply to any of the main betting sports in the UK, Europe and America such as Football (Soccer), Horse Racing, Rugby, Tennis, Golf, Baseball, American Football, Greyhound Racing and more. The normal type of bet to win is called “back” where fixed or live odds are presented on the winner of a sports event or other type of betting market such as financial, reality TV shows or political world events.
Lay betting is where you place a losing bet or to bet on something not to happen, for example you don’t think that the horse running at the 3.10 at Doncaster is going to win so you place a losing bet or “lay bet” on that horse. Another example of a lay bet would be that you think that the Greenbay Packers might lost an NFL game on Sunday to the NY Giants so you might lay a bet on the Packers. Professional lay bettors will use various techniques and strategies when deciding on placing a bet to reduce the element of luck such as recent form, quality of team faced and their “gut feeling” to place a winning lay bet.
Lay betting works these days because of the instant appeal of betting exchange markets websites on the internet such as BetFair who are able to generate a huge customer base so that lay betting works as a viable form of betting. A person wanting to lay a bet of a certain amount can only do this if there is a person wanting to back a bet on the same outcome; in essence the betting exchange model works is when 2 people are placing bets against each other for the same event only for two different outcomes.
Example 1 of Lay Betting – Cricket
Many people learn better about lay betting if they can see a live example so in this first demonstration let’s take a popular lay betting market of Cricket. There are literally hundreds of live in play markets for Cricket but let’s keep things simple by showing a simple cricket lay bet. A cricket fan decides to bet on India to lose with a £100 bet on a one day international against Pakistan. With the odds on India to win are 1/5 or a fifth so if he lays on India to lose he will be matched by all the punters who have backed India to win so if he wins his bet of India losing he will get his initial stake of £100 and will win a good return of £500. If India had gone on to win the match he would have lost his £100 stake.
Example 2 of a lay bet – Football (Soccer)
Football betting is one of the most popular forms of betting because of the sheer number of football matches played and of course football is probably the number one followed sport in the world. You can make some real money if you’re careful with your lay bet selection and have a little luck. Let’s take a European Champions League match between Manchester United and Real Madrid. Many football betting websites have live in play markets including anytime goal scorer and you can lay bet on a player not to score.
The odds will differ greatly depending on what player you select. For example an in-form striker will have good odds for a lay bet because he is more likely to score more than anyone else so he could be 2/1 or 2.0 in decimal. This means that if you lay bet on this player to score (not to score) then on a £10 stake you would get back £30 (£20 plus £10 stake back). Expert football fans can often pick out an out form star player who is going through a bad run and back him not to score. These bets can be made on betting exchange websites if there are plenty of bets placed on players to score.
When to place a Lay Bet?
It is often asked when it is best to place a lay bet? There is no definitive answer to this question because of the many variables that occur before and during a sports event. Remember that you are backing to lose, which at first seems a little strange so use your sporting knowledge in an area you know well, football fans know their team like no other, check the injury situations of both teams, recent form and whether the game holds much importance. Many professional lay bettors stay clear from friendly or cup matches. In horse racing there are many software systems or ebooks that claim to guarantee you a winning profit, most of these are fake so be careful and carry out due diligence before you buy any betting program or syndicate.
Can you win at Lay Betting?
There are many guides on the internet that teach the basics of lay betting and spread betting. The best website to use for spread betting on sports is BetFair. They have loads of betting markets you can try out your betting skills including, horse racing, football, American football, tennis, rugby, baseball, golf, rugby league, basketball, volleyball and much more. They also have a forum where tipsters discuss strategies and upcoming live betting events. With a little practice, showing great discipline by sticking to your own rules you can certainly make huge profits in the lay betting markets.