How does lay betting work on betfair when laying systematic losers for profit? Ever since its arrival the Betfair betting exchange has sent many ripples through the world of betting, particularly the thoroughly modern option that is now available known as lay betting or laying. This has really give bettors something to think about when looking. Placing a Lay bet means you are betting on something not to happen - for example, if you lay a football team to win your bet will be settled as a winner if the team loses or if the game ends in a draw - so two outcomes are playing in your favour. How to place a lay bet. Find the market you want to bet on. Select the event. Lay betting is an option on exchanges like Betfair where bettors can play the role of the bookmaker and back something not to happen. Punters offer odds to sell a bet instead of to back a bet. It is one component of matched betting, where punters both back.

Here are some examples:

• Nature Strip not to win his next race
• Australia not to beat New Zealand in the Bledisloe Cup
• Collingwood Magpies not to win the Grand Final

Essentially, you are offering a price that other people can Back bet with you at.

What do the odds represent?

The odds you will see in the pink column of the market view, the Lay price, is the price that someone wants to place a Back bet at but is yet to be matched (more on matched bets later). You can take this offer straight away rather than putting your own odds up. Alternatively, you can enter your own odds and see if it gets matched later or Lay using the Betfair Starting Price (BSP) which will be matched at the commencement of the given event. If your bet returns a profit, you will be charged a small commission.

Broken down, there are three key components:

• Lay odds – the odds which you are prepared to give someone wanting to place a Back bet.
• Backer’s Stake – the amount you are prepared to let the backer bet with you. This is your potential winnings.
• Liability – (Lay Odds) x (Backer’s Stake) – (Backer’s Stake). This is the amount you are risking.

Here is an example on the AFL:

You don’t think West Coast can win the Premiership and the current Lay odds are $8.00. You enter a stake of $10.00. This means that someone on the other side is placing a $10 BACK bet at odds of $8.00.

In this scenario, your liability is $70, calculated by Lay odds ($8) x backer’s stake ($10) – backer’s stake ($10).

This means that if West Coast don’t win the Premiership, you will make $10 (the backer’s stake). However, If West Coast do win, you lose $70.

Why Lay bet?

Sometimes it can be easier to find a team or horse(s) that won’t win as opposed to finding the winner. In a 14-horse race, there will only be one winner – if you can’t identify that winner it might be easier to find a horse or multiple horses that you know won’t win.

Another benefit of lay betting is the ability to “trade out” of an earlier bet that you may have had or make a “green book” which means to secure a profit regardless of the result. You will learn more about trading further into these tutorials.

Learn how to understand the market view

Now that you know the basics of a Lay bet, it’s time to understand the market view on the Betfair Exchange. It can be overwhelming at first but our simple guide will allow you to navigate it like an expert.

Click the NEXTbutton to progress to market view education or start your Betfair Basics tutorial here.

Next To Jump & Bet Recommendations

How Does Betting Work

·The term 'Lay' betting defines the process of using a betting exchange, like the Betfair Exchange, where the punter believes a selection will not win or place in a specified event, and will therefore offer odds on that not happening. The offered Lay odds will then be matched with a bettor who believes that event will happen (otherwise known as the backer), who is happy with the odds that you have offered for that outcome, and will therefore match your bet.

There are two sides to every bet when you play on the Betfair Exchange. When you place a back bet you are betting on an outcome to happen, whereas if you place a lay bet, you are betting on an outcome not to happen – in opposition to the back bettors. Typically, bookmakers represent the lay side of a bet, so they will offer customers odds which they are willing to lay. However, on the Exchange, customers can play the role of both back and lay bettors themselves, meaning you will be 'matching' bets with fellow bettors, rather than a bookmaker.

How does it work?

How Does Lay Betting Work Betfair

If you are placing a back bet that means you are putting your money on something to happen - a horse or a team or a player to win, for example. Placing a Lay bet means you are betting on something not to happen - for example, if you lay a football team to win your bet will be settled as a winner if the team loses or if the game ends in a draw - so two outcomes are playing in your favour.

How to place a lay bet

1. Find the market you want to bet on

2. Select the event

3. Select the pink box to place a lay bet

4. Consider your liability and potential returns

5. Hit ‘confirm bet’

Liability

Your 'liability' is the amount that, in your worst-case scenario, you could lose. Your return for a win is effectively your stake (minus commission).

A lot of people prefer to lay at odds-on as your liability is then reduced. For example, if you lay a bet at 1.50 for £10 you are liable for £5 and will win £10 if the bet wins.

However, if you lay a bet a [3.5] for £10, you are risking a liability of £25 for the chance to win £10.

What Does +100 Mean In Betting

It is important to ensure you monitor how much you are liable for and to be very careful of where you put the decimal point. If you want to lay a bet at 4.20 make sure it is just that and not 42, otherwise it will be an expensive mistake should your selection win as you will be laying the bet at odds of 42, rather than 4.20, ten times the intended odds.

Betfair will only let you risk as much as is in your account and at the best available odds for you as a backer or a layer.

How To Lay Odds Work

Dutching Calculator

You can use the dutching calculator to ensure an equal payout or liability on all selections. Click ‘Payout’ or ‘Liability’ then enter the maximum you would want to risk before clicking ok. You will then see how much you need to stake on each selection in order to get an equal payout or liability.

Betfair Starting Price (BSP)

You can lay your selections at BSP. If you can’t already see the option for BSP, you’ll need to turn it on in ‘Settings’. Just like with any other bookie, you won’t know what the Betfair SP is until the race goes off. However you can get a guide to the expected BSP by enabling BSP in your settings and then the forecast prices will appear on your market view. If you think your horse’s price is likely to drift before the race, and you don’t want to miss getting your bet on, this could be the way to go. BSP offers tremendous value and tends to offer around 90%+ better prices than official SP returns on all UK and IRE horseracing.