Lay betting is essential for matched betting, where you bet against an outcome instead of backing it. It allows you to hedge against free bet offers and guarantee profits, regardless of how the event turns out.
A lay bet is a bet placed on the outcome of an event not happening. For example, if you place a lay bet on a team to lose, you’re betting against their victory. The term “lay” means offering odds for someone else to take, effectively acting as the bookmaker.
In lay betting, when you place a lay bet, you’re taking the opposite side of the back bet. For example, if someone places a back bet on Team A to win, you could lay that bet, betting that Team A will not win (either Team B wins or the match ends in a draw).
Matched betting involves using back bets (bets for an outcome to happen) in combination with lay bets (bets for an outcome not to happen) to lock in a profit, no matter the result of an event.
When using lay betting for matched betting, you’ll generally place a back bet at a bookmaker on one outcome (e.g., Team A winning) and place a lay bet on a betting exchange (e.g., Betfair, Smarkets, or Matchbook) against that same outcome.
Overlaying is when you lay a bet with a larger stake than your back bet, increasing your liability but providing a chance to make more profit. Underlaying is when you lay a bet with a smaller stake than your back bet, reducing your liability but also limiting potential profits.
A lay bet calculator is crucial for determining how much you need to lay on the exchange to cover your back bet. It helps calculate your lay stake, your potential profit, and the liability of your lay bet.
Lay betting is an essential tool for matched bettors. It allows you to bet against an outcome and hedge your bets to guarantee profits from bookmaker promotions. Whether using a lay bet calculator or learning how lay bets work, understanding this concept is key to making the most of your matched betting experience.