Lay Betting Explained – A Beginner’s Guide To Laying A Bet

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Last Updated on March 28, 2024

By Jacob Potter

Lay betting provides a unique opportunity on betting exchanges such as Betfair, enabling bettors to act as bookmakers by backing the outcome of something not happening. Unlike traditional betting, punters offer odds to sell a bet rather than backing it. This approach is commonly utilized in matched betting, where bettors strategically back and lay bets on the same game to ensure a guaranteed win.

Lay Betting Explained

  • When you lay a bet, you are betting on something to not happen
  • Lay bets are made on exchanges such as Betfair

Lay betting allows you to ‘be the bookie’. Rather than backing a selection to win, lay betting enables you to bet on something to not happen.

For instance, you may not know which side will win the Premier League title but you think you have a good idea which side won’t win it. In this instance, a lay bet might be right for you.

Lay betting would allow you to bet on that team to not win the league. If anyone else wins the Premier League, then you win your bet. If they do win the league, then, of course, you would lose.

What Does Liability In Lay Betting Mean?

Liability is an important concept to understand when learning about lay betting. When you conventionally back a horse to win, the amount of money you can lose is your stake. I.e. if you bet £10 on a horse to win and it comes 3rd, it is only £10 you can lose.

This is different in lay betting.

Think of yourself as the bookmaker. If you lose your bet, the bookmaker keeps your stake. If you win, then the bookmaker has to pay out your winnings. It can be a lot more than your original stake.

This is the same as laying a bet. If the selection does win, you have to pay out the winnings. That potential payout is known as your liability. It is how much you need to pay out if you lose your bet.

Example 1) You lay a horse at 3.00

Lay Bet Example 1
  • You lay a horse at 3.00
  • The backer’s stake is £10
  • Your liability is £20

In this example, if any other horse wins, then you win the losing stake of £10. The horse is priced at 3.00. If the horse wins the race, then your liability is equal to the winnings for the backer. This is £20. It is only the winnings you pay, as the backer’s original stake is returned to them.

Example 2) You lay a horse at 5.00

Lay Bet Example 2
  • You lay a horse at 5.00
  • The backer’s stake is £20
  • Your liability is £80

In this example, if any other horse wins, then you win the losing stake of £20. The horse is priced at 5.00. If the horse wins the race, then your liability is equal to the winnings for the backer. This is £80. It is only the winnings you pay, as the backer’s original stake is returned to them.

Example 3) You lay a horse at 27.00

Lay Bet Example 3
  • You lay a horse at 27.00
  • The backer’s stake is £10
  • Your liability is £260

We wanted to put in this example since it shows how liability can quickly grow. In this case, laying this bet would generate a potential return of £10. At odds of 27.00, probability dictates that this horse is unlikely to win, but if it does, the liability is £260. When laying bets at high prices, one has to consider whether the chance of gaining £10 is worth the risk of losing £260.

What Does Laying Off A Bet Mean?

This is different. Laying off a bet refers to betting against something you have already backed.

Let’s use a football example, say you back Newcastle at 8.00 to beat Chelsea before the match starts. During the game, they take a surprise 2-0 lead. The odds for Newcastle to win this game shorten.

You can choose to now ‘lay off’ this bet. By laying the same bet as you back, you are betting both for it to happen, and for it not to happen.  Because the odds have got shorter, you are heading to a profit. This is similar to cashing out your bet earlier. Laying off your bet allows you to take reduced, but guaranteed winnings.

Matched betting is legal in the United Kingdom. Just be sure to only use sites that are certified with the UK Gambling Commission. All of the sites we recommend follow the criteria.

Best Lay Betting Sites

  1. Betfair – They’ve got one of the best and most in-depth betting exchanges in the UK, and with a sportsbook to match, it’s difficult to fault Betfair when it comes to looking at lay and back bets. Their site is easy to navigate your way around, and it should be your first-choice site for lay betting. Find out more on our page for the Betfair promo code.
  2. Smarkets – They’re one of the best betting sites to use for lay betting, as the process is simple to follow for inexperienced bettors, and they also have a great welcome bonus available for new customers to use when they sign up to their site.
  3. Matchbook – They have 0% commission on all sports for 90 days for new players, and just 2% commission on net profits for UK & ROI customers, which is great to see. They also have a great sportsbook available to their customers, which involves features such as cash out, live streaming, and a great range of betting markets available to use.
  4. Spreadex – They’re a well-established betting exchange that has a solid sign-up offer that new customers can look forward to obtaining. They have minimum stakes of just 1p as well, which is better than other betting exchanges. Sport live streams are also accessible on their site when you meet the wagering requirements involved, which is a real positive to look forward to.
  5. Betdaq – There is a commission rate of 2% on winning bets on Betdaq, and it’s good to see them offering no commission on certain markets and promotions that are available on their site.

How To Place A Lay Bet On Betfair 

Betfair is one of the best betting exchanges around if you’re looking to place lay bets on sporting events from across the globe. We’ve provided you with a step-by-step guide on how to place a lay bet on Betfair.

  • Click here to be directed to the operator’s site.
  • Log into your Betfair Exchange account using the username and password you created when signing up.
  • For this example, we’ll be looking to place a lay bet on Manchester City in their match against West Ham. We’ll click the ‘Football’ heading from the left-hand side of the screen.
lay bets on betfair
  • We’ll then select West Ham’s match against Manchester City.
  • We’ll then click the ‘Lay All’ button, which is typically coloured red/pink with the majority of betting exchanges.
betfair lay bets
  • You’ll then choose your odds and stake for the lay bet.
win market only lay bets
  • Click the ‘Place Bets’ button, which will be coloured yellow.

What Is Lay Betting In Football? 

Lay betting in football is relatively simple to understand. If you place a lay bet in football on a certain team, then you’re essentially wagering your funds on them not to win the match.

We’ve provided an example of a lay bet in football, and how the bet would be a winner if you were lucky enough.

  • We place a lay bet on England in their match against Wales in the World Cup. Our bet would be a winner if England drew or lost the match against Wales.

If England were to win the match, then our lay bet would be a losing bet.

Find out where to place a lay bet on our list of best football betting sites.

What Is Back And Lay In Cricket Betting? 

A back-and-lay bet in cricket is easy to follow, as you’re betting on certain events within a match or tournament to occur or not to occur.

A lay bet is essentially wagering your funds on an event not to happen, so that could be a team to not win a tournament. If your chosen team doesn’t win the tournament, then your lay bet will be a winning bet.

A back bet is where you’re wagering your funds on an event to occur during a tournament or match. In cricket, this could be a team to win a match, or for a team to have a certain amount of runs during the game. If they do win the match or hit the amount of runs required in your bet, then the bet will be settled as a winner.

Summary

When you lay a bet, you are betting on something to not happen. If the selection loses then you win the backer’s stake. However, if it wins then you pay the winnings. This is known as the liability, i.e. how much you will potentially have to pay out.