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Traditional betting deals with wagering on which contestant will win the game. The punter makes his bet at the bookmaker’s odds and if he wins he receives his original stake plus what ever the odds were. This is also referred to as “back betting” because the bettor is “backing” one team over another.
Lay betting, on the flip side, is a relatively new concept in which the punter bets against a team winning the match. This is generally done through betting exchanges and the person making the lay bet essentially becomes their own bookmaker, setting their own odds.
Virtually all lay bets are even money bets. It indicates if punter wins he stands to win two times as much as his original wager, or his original wager times two. Conversely, if he loses the bet, he has to pay the backer the original wager plus the odds. It means that more frequently than not his potential winnings are less than his potential liability.
By way of example, if Person A wants lay bet Ł10 against XYZ team, he shall get the offer on a betting exchange. Person B is certain that XYZ will win, so he matches the bet; matching Person A’s Ł10 wager. As a division of the lay bet, Person A set XYZ’s odds of winning the game at 5. So Person A, the one making the lay bet, has to put up not simply his Ł10 wager, but additionally his potential liability (the main difference between his original bet as well as the odds). In this particular instance the surety is another Ł40 (odds of 5 x Ł10 = Ł50 – the original bet of Ł10 = Ł40). If XYZ loses, Person A gets his original Ł10 back, his surety of Ł40, plus Person B’s Ł10. If XYZ wins although, then Person B not just gets his original Ł10 back, but he also wins the odds, or perhaps the surety put up by Person A, the Ł40.
The main question lots of individuals ask is: should the potential winnings will almost always be less than the potential losses, why would anyone do this? The main reason is simply because it allows the lay bettor to set his own odds. Of course the odds set through the lay bettor have to be reasonable as a way to attract a back bettor to match the bet. Further, since all the exchanges require a lay bettor to deposit both his own wager plus the entire quantity of the potential liability ahead of the bet is offered there’s absolutely no possibility of betting beyond his immediate means.
The ability to set the odds is by far the primary draw of lay betting, so if someone has a system of calculating the odds efficiently, that person can essentially take advantage of the same system that basic bookmakers do. Further, since soccer teams always have hardcore fans that always bet for their own team, as long as lay bettor calculates his odds properly and my explanation reasonably, there’s a great chance of finding a back bettor that is betting more with his heart than with his head. If punter knows how to use lay betting, it can be an incredibly profitable undertaking.
