It must be said at once that lay betting is not available with bookmakers. This bet type is offered by betting exchanges. Nonetheless, lay betting is frequently referred to in different betting strategies applied for bookmaker betting. Lay betting is simply betting on an outcome not to happen.
Most detailed information about Lay Betting
Nonetheless, we can still draw some parallels with a bookmaker. Lay betting is an ordinary bet, which means that its result is determined by the outcome of a certain sports event. A lay bet is not affected by any other events.
But unlike ordinary bets placed with bookmakers, you place a lay bet when you predict that a certain outcome will NOT happen.
For example, a bettor may think that a certain football team cannot win the game. You ‘lay’ this team and if the team does not win the match, your bet is successful. A draw is also an acceptable outcome for a bettor. But if the team in question wins the game, a lay bet loses.
Another curious characteristic of lay betting is that a bettor determines the amount they would like to win. Betting websites allow players to only change the size of a bet, but betting exchanges operate differently.
The amount of winnings is calculated automatically based on the amount a bettor would like to win and the current odds. The lower the probability of the outcome, the lower sum of money is at risk.
By placing a lay bet, a bettor accepts the respective terms and obligations. The liability is the amount that you could lose in a worst scenario. You know exactly how much you are ready to risk and how much you could win. If a bet loses, the money is written off a bettor’s account and credited to the account of a bettor who placed a back bet.