What Is Lay Betting?

• Where Are Lay Bets Used?
• What Are The Benefits of Lay Betting?
• Liability Explained
• What Happens If Your Lay Bet Is Successful?
• Understanding Commissions
• How To Lay A Sports Bet
• Lay Betting Summary

Placing a lay bet simply means you are betting that a particular outcome doesn’t happen. For instance, a punter can bet on a football team not to win a game or a horse not to win a race via a betting exchange.

Lay betting is the polar opposite of back betting, as the former is betting against an outcome whilst the latter is betting for it.

In essence, it allows the bettor to become the bookmaker. Think about the amount of times you’ve told a friend ‘’I bet you that XYZ will lose this game’ - lay betting actually gives you this chance.

If you’re placing a lay bet on a football match, such as Chelsea to not win, then your bet will be successful if the Blues see defeat or share the points in a draw. Should Chelsea lose, however, then your bet will be unsuccessful and you will be liable for the losses.

An unsuccessful bet will see the lay bettor pay the backer back their winnings and this can easily amount to more than the stake, so be sure to place lay bets responsibly.

Lay betting is most commonly done at an exchange but it’s also possible to bet against outcomes at sportsbooks such as Midnite.

Let’s get lay betting explained in more detail so you can find out their advantages, disadvantages, and how to lay bets.

Where Are Lay Bets Used?

You’ll come across lay bets in sports such as horse racing, football, rugby, and a host of other team sports.

They’re common in football as any well-researched fan can tell you who isn’t going to win the Premier League, FA Cup, Champions League, or any other cup competition. There are 92 teams in the English Football League, yet only a handful of these teams can win silverware. This makes lay betting very appealing in the sport.

Multi-team sports are ideal for lay betting, and this is where you’ll see them used the most.

What Are The Benefits of Lay Betting?

One of the clearest benefits of lay betting is the fact that it’s easier to predict a loser than a winner. In events like the Grand National, there can always only be one winner.

Sometimes the winner is easy to predict, however it’s often easier to select horses you’re certain won’t.

It’s not all sunshine and rainbows, however, as lay betting comes with certain caveats you should be well-aware of before you embark on them. Below, we’ll explain liability in lay betting, and how it should be treated with caution and respect.

Liability Explained

Understanding liability is a key component to getting to grips with lay betting. Its inverse, back betting, is easy to understand as it only encompasses your stake money, and the punter only loses their stake money regardless of what the odds are (if the bet fails).

Lay betting, however, is a far riskier venture as your losses are dependent on the odds. If you were to, for example, lay a horse or sprinter to win, then you are offering odds to someone else and to win their stake money, your lay bet has to be successful.

If the bet fails to come in, then you are liable for losses potentially heavier than their stake.

Liability = bet amount X odds - bet amount.

An example of this sum would be £60x5.0-60 = £240.

Your lay liability would be £240 if your bet was not successful and, for instance, Chelsea won the football match at odds of 5.0 and the bet amount was £60.

As you can see, the £240 liability is far more than the £60 bet amount, which is one of the main reasons why lay betting should be approached cautiously. Make sure that you have sufficient funds in your account to cover any liability losses, and only make lay bets if you’re confident and armed with plenty of research.

What Happens If Your Lay Bet Is Successful?

If your lay bet is a success, then you’ll win the backers' stake money, and the liability money will be returned to your betting account.

Understanding Commissions

Lay betting is most commonly done via an exchange but it often comes at a price. Your chosen betting exchange will charge commission for winning lay bets, charged on the net winnings of a bet.

Commissions are part-and-parcel of betting exchanges, however it’s important to note that a commission will not be charged if your bet comes up unsuccessful.

Not all commissions are created equal, however, and they can vary depending on the individual betting exchange and, often, how active your account is. If you use your account regularly, then it’s not uncommon to find lower commission rates.

How To Lay A Sports Bet

To bet against an outcome, you don’t necessarily have to use a betting exchange and it’s possible to lay at a sportsbook. In football this is most commonly done with the Double Chance market.

The Double Chance market effectively allows fans to place a lay bet on a regular sportsbook such as Midnite by covering two outcomes - one of the teams to win and the draw.

As is the case with any bet, you should research the probability of your lay bet coming in, and make intelligent bets based on stats, data, and what the experts are saying. Lay betting can be lucrative, but it does carry more innate risk than back bets.

Lay Betting Summary

Lay bets are made where the fan is betting that an outcome will not happen - such as Chelsea failing to win.

At an exchange, another user takes the bet, and instead backs the outcome you don’t think is favourable, and you win their stake if you’re proved to be correct. However, if the bet loses, then you will be liable for the betting losses - which are often larger than the stake itself.

Fans are able to bet against an outcome at a sportsbook using the Double Chance market.