Back and lay betting terms glossary
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Even if you covered all the outcomes of an event in a sportsbook, you would not make money. The odds are set in a way that the house always wins. Instead, they bet against one another. So, how do betting exchanges make revenue? By taking a small commission on winning bets. Backing and Laying Explained Sportsbooks have been around for centuries.
One of the main reasons for that is that their modus operandi is pretty straightforward. Players get to wager their money on the outcome of a match or a race. If the player wins, the sportsbook loses and the other way around. To make sure the second scenario happens more often, sportsbooks offer odds that always go to their favor. With betting exchanges, you have the option not only to back bets, but also to lay them.
In simple terms, betting exchanges let you assume the role of a bookmaker. A betting exchange acts as a middleman between a backer and a layer. That said, in order for a wager to take place, there needs to be a bettor to back an outcome and a bettor to bet against it, that is, to lay the outcome. Both the backer and the layer need to agree on the odds and stakes before the wager is accepted.
If the backer wins, the layer is liable to pay out their winning. Laying a bet means betting against a certain outcome. For instance, laying Red Bull Salzburg in the Champions League outright means betting that the Austrian side will not win the competition. This is why most lay bets are made on favorites. If your gut is telling you a major favorite like Napoli is going to get knocked out earlier than expected, laying should be your choice.
Apart from laying on outrights, you can also lay bets in individual matches. You can bet that one of the three potential outcomes will not happen, namely home win, away win, or draw. Considering that Napoli are famously tough at home, you might wish to back them not to lose.
If this is your choice, you have two options before you. The trouble is that the bookies have no intention of giving away their money, hence, the odds on your selection are not going to be too attractive. Instead, a much more profitable option would be to lay Red Bull Salzburg at a betting exchange.
The odds in question are the ones those backing this team are getting. You do have the freedom to choose how much money you want to win, which can be higher or lower than the amount backers have already placed. If you go with the figure you see below the odds or a smaller one, your bet will be instantly matched. But, if you want to get bigger profits, you will have to wait until a backer matches your bet. The reason? In the world of betting exchanges, the word liability refers to the amount of money a layer potentially has to pay out to the backer or backers.
So, if Red Bull Salzburg did manage to win this game, we would have to pay out a total of nearly 1. Although this method can be pretty profitable, it does come with a risk. However, Betfair still leads the way in terms of size and popularity. Anyway, back to the important stuff. A lay bet is the opposite of a back bet. Placing a lay bet on a horse simply means you are staking money on it NOT to win. If the horse does win, you lose your bet. This may seem counterintuitive but it makes more sense if you just look at lay bets as the reverse of back bets.
Back and lay betting examples Below are a few back and lay examples to help explain and show the difference. As you can see, back and lay bets are the direct opposite of each other. Back and lay betting comparison The table below shows a comparison between back and lay bets. If Horse A wins, your back bet will win and your lay bet will lose. Whatever betting market you look at, the odds are generally not the same between different bookmakers.
This is especially the case when it comes to back and lay odds. This is clear to see in the example below: Back odds at Coral for a tennis match: Lay odds at Smarkets betting exchange for the same tennis match: You can see the back odds are 3. A discrepancy like this is quite typical and is sometimes bigger than this. Speaking of making a guaranteed profit, many punters use a betting strategy called matched betting that uses the back lay process mentioned above.
Step one — Open your exchange account The first step is to head to your favourite betting exchange. Step two — Find the right market Next, find the market you want to bet on. I want to place my bet on the fourth Ashes Test. Step three — Back or lay bet? This is the important bit. Betting exchanges differentiate between the two by using different colours.
At Smarkets, green represents a back bet and blue represents a lay bet. Another way to distinguish between the two, the lay bets are always on the right-hand side. Betfair and other exchanges use a different colour scheme but you can find out more about that in our betting exchange guide.
Step four — Enter your stake Next, enter your stake how much you want to bet. Step five — Place your bet The next step is to place your bet. Where did it all start? A few years ago, as online gambling became more appealing and more bookies sprang up, so did the competition in the betting industry.
The only way for bookies to attract and keep new customers is to offer them incentives to keep them betting much like this Smarkets free bet. Bettors take advantage of these free bets and bonuses and make a guaranteed profit in the process. So, where does back and lay betting come into this? Enter back and lay betting Back lay betting is the main concept behind matched betting and other low-risk trading strategies.
It allows punters to make a guaranteed profit without putting their own money at risk. This concept can be quite challenging for matched betting beginners so bookmark this page and come back to it, if necessary. The video below will help you understand how the back and lay process works in matched betting.
For almost every matched betting offer you complete, you place two bets. One back bet and one lay bet, on the same market. In this scenario, one bet will always win and one will always lose. By using this back and lay betting strategy, your two bets effectively cancel each other out making matched betting completely risk-free. Before you access a free bet or bonus, you often need to stake a certain amount of money. Matched bettors use the back and lay process to achieve this risk-free.
Check out this article for more information on how matched betting works. Back and lay betting tips So we know what back and lay betting is and we know how to use it.
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