Discover Lay betting, it's easier than it looks
If you are reading this article, it is highly likely that you are not a beginner in betting. Usually, sports exchanges are not the first choice of players and this is completely understandable, it is a slightly more complicated topic than classic betting. To simplify the explanation of the topic, let’s explain the BACK option. If you have visited the websites of stock exchanges or brokers you have certainly seen two options Back and Lay and wondered what the hell it actually is! So Back bets are exactly what you are surely already familiar with. That is to say, a classic bet you can also make at an online bookmaker or at a stationary point, nothing complicated, if you bet, for example, over 2.5 in the Back option, you can rest assured, it will be settled in the same way as at the bookmaker, that is, 3 goals and more bet won, 2 goals and less bet lost. And that concludes the brief description of the Back option, which was required for the sake of order. So half-jokingly half-seriously you can consider that you already understand 50% of the operation of the sports betting exchange. What remains is “only” the next 50%, i.e. the Lay option, and we will focus on it, of course.
Lay meaning in bettingLay betting explained
Lay bets on any exchange are visible immediately and access to them is virtually the same on any site. They are visible opposite to Back bets. Always Back bets are on the left and Lay bets on the right. Some players also associate them by their colors. That is, blue Back, pink Lay, but note that the colors are different depending on the exchanges. Blue and pink have become entrenched in the minds of players because they are the colors on the largest and most recognizable sports betting exchange in the world, Betfir. On the other hand, at Betdaq, Back bets are marked in yellow and Lay bets in green. However, the colors are just a matter of site design, nothing more. So what does a Lay bet mean?
If you place a back bet, you can be called a player. However, if you place a lay bet, you play the role of a bookmaker. By placing a lay bet on a given event, as opposed to a back bet. You are betting that it will not happen. That is, by placing a lay bet on team X, you are betting that this team will not win. Importantly, any outcome other than the lay bet means that the bet is a winner. After all, you bet that a given outcome won’t happen so if it doesn’t happen that’s enough. If the lay bet turns out to be a winner, your profit is the stake you placed, while if it is a loser, you have to pay out your winnings, the equivalent of which is the product of the stake you placed and the odds.
Let’s use an example for readability:
Event: Girona – Villareal
Lay bet: under 2.5
Odds: 1.88
Stake: €100
Now let’s assume, for the sake of the example, that this match ends with a score of 1-1. This, or a lower score, means the lay bet fails. You bet that the under 2.5 in this match will not happen, unfortunately, it happened. The consequence of the failure, is that you now have to pay the winnings to the players who placed your bet in the back bet. The odds were 1.88, and the risk you agreed to take was €100, so your loss in this case is €88.
Now, on the contrary, let’s assume that the match ends with a score of 2-1. You took a risk that the under 2.5 wouldn’t happen, and the end result was that it didn’t happen. The players placed your bet as a back bet and lost their bets. You won. Your risk was, as above €100. And this is also your profit, as this is the amount the players lost by placing your bet. So your potential profit is always an amount equal to the stake you risk.
Lay betting sites
Sports betting exchanges offering lay bets are far fewer than classic bookmakers. The reasons for this are obvious, most players place classic back bets. However, it’s worth noting that, in the case of sports exchanges, liquidity in the markets is extremely important, for this reason it is more advantageous to consolidate players on the largest sports exchanges, as a lot of small exchanges would not work well. For this reason, a common scheme is white label sites that use provider markets, such as Betfair, Matchbook, Smarkets etc. This is a good solution because it grows the player base and thus there are no liquidity problems in the markets. Priortet for a player interested in lay betting, should be the safety of the exchange and its high liquidity. So what are the current liquid exchanges on the market with a large player base?
PIWI247 is, for the moment, seems to be the best option when it comes to lay betting. Liquid markets powered by Betfair, with a low commission of 3% with no premium fees are a good deal. In addition, there are Pinnacle markets available with them for classic betting. High availability in most locations around the world is also a plus. Another option to consider might be Orbit Exchange, which similarly has a high reputation among players and similar commissions, but a slightly smaller sports offering.
How to place a lay bet
Start with back bets
Most players starting to trade on lay odds already have some (and usually quite a bit of) experience in classic betting. If you are a complete beginner, you may want to consider first, a brief introduction in classical betting before moving into trading. Throwing yourself into the deep end right away may discourage many players to some extent. Of course, every player is different, and for a certain (minority) group of players, skipping classic betting may also work.
Place back bets, but on the sports exchange
if you have decided to start, or are planning to, it may be a good idea to use a betting exchange even if you are still placing classic bets. This will help you become “familiar” with the platform, so you can more easily spot fluctuations in odds, stake flows, etc. later on. It seems that by spending time on the bettin exchange placing back bets, you are also, in some subtle way, acquiring your first dabbling in sports trading.
Gain some theoretical knowledge
Nothing can replace practice and experience, that’s clear, but getting familiar with theoretical knowledge before you start lay betting will allow you to get off to an easier start, without navigating the sports betting exchange like a fog. I assume that you are serious about starting your way with sports trading (recreational players do not very often opt for this form of sports betting) so there is nothing to prevent you from starting, with an introduction to practice just with theory. Or possibly a combination of both paths at the same time.
Choose the right exchange
Choosing the right exchange has a big impact at every stage of betting. It is not good for you to worry about your payouts and other things while trading. That’s why it’s important to choose safe sites with a longer presence in the market. Another important thing is commissions. There is no point in paying high commissions and premium fees if it is not necessary. In the above paragraphs we have presented you with the current best exchanges on the market, which we currently use ourselves. You can also search other resources on our site.
Your first Lay bet!
Once you have learned the theory, chosen the right exchange, there is nothing left to do but to choose and place your first lay bet. This is nothing difficult, however, now the real “fun” begins, this is when you will find out if sports tading is something suitable for you or if you prefer to stay with back betting. It would be wise, in the beginning, to take advantage of the exchange bonus in order not to risk your own funds in your first bets.
Lay tips
Start with low stakes
If you are just starting out with lay betting it is worth starting your adventure with low stakes. This will allow you to go through the period of practical education painlessly, without major financial losses. It is important to set your stake (risk) in relation to the odds. Remember that in case of failure you pay out the winnings to the players who bet back on your bet. High odds increase your risk. Of course, only at the beginning, many strategies based on high odds are widely used and recommended by advanced players, I myself advocate them. However, in the beginning, it is worth counting the risk of high odds beforehand, so that we are not surprised that our account balance is lower than we assumed in case of settling a losing bet.
Test the possibilities
Sports betting exchanges provide ample opportunities to develop a suitable strategy. Since, in addition to being a player, you can be in the role of a bookmaker, you also have some tools that the bookmaker has. It is not worth closing yourself off (at least at first) to the useful features of your chosen exchange. These can be cash out options that will allow us to withdraw from a bet with a profit, or a limited loss. On mollybet software sites there are also options for total stakes for a given bet, back and lay fluctuations on different exchanges and other betting aids that can be useful. The possibilities offered by modern betting systems on exchanges are unmissable and certainly worth (at least) testing in practice.
Stick to good practices
Despite the fact that sports trading takes place on the same page as classic betting, trading is very different from “normal” betting. However, this does not relieve the odds trader from abandoning sticking to good practices, i.e. controlling one’s psyche, not playing off, specializing in a particular sport, keeping an eye on the bankroll or many other factors that have a real impact on trading/betting. Many similar internal and external risks await the sports trader as the betting player. Remember to always stick to good betting and trading practices.