What is Back and Lay in Betting?
Do you know what is back and lay in betting? There are two categories of betting agencies, bookmakers and exchanges. In traditional betting, the bookmaker offers odds that you can bet against. In exchanges, other users determine and offer the odds and you bet against them. If you are an enthusiastic player, this is an excellent ground to bring out the best in you. If you play against a bookmaker, they lay odds against an outcome and you can only play by backing the outcome. In a betting exchange you can choose to lay the odds and have other users betting against you. Back and lay in betting is what happens in betting exchanges which is an interesting twist of the commonly known betting systems. You may also get a chance to place a back bet on your earlier bet thus giving you a no-lose probability.
What is a back bet?
A back bet is where a punter places his stake on the probable outcome of a bet. That is known as “backing” the outcome or betting for it. In winning, the punter gets his stake times the odds. The player bets against other players unlike in a traditional sportsbook where by one bets against the bookmaker. The one who lays the odds is in effect proposing a certain outcome and the back is the one who opposes the same or rather bets on a different outcome of the same game.
The betting exchange provides a well designed website that offers a conducive environment for the players to meet and exchange their bets. They charge a commission (approximately 5%) on the winnings only, so this is not factored in the odds as in traditional bookmaker sites. The loser does not have to pay a commission.
Sometimes it is easy enough to play with traditional bookmakers whereby you just back the outcomes against the bookmaker. However, in large tournaments, this becomes difficult since you cannot just back each outcome. To get a chance to oppose outcomes then you will benefit from exchange membership. One strategy to minimize losses is to keep your “lay” bet amounts small. The other is to place your “back” bets as soon as possible after the first goal so as to maximize on the highest odds. The potential payout on a back bet is a product of the odds times the wager amount while the potential loss is the wager amount. When you lay the bets, your potential profit is equal to your wager amount while the potential loss is a product of the wager amount times the odds minus one.
What is lay betting?
In a betting exchange, back and lay in betting go hand in hand. Lay betting is whereby the punter takes the place of the bookmaker. You will then bet against a specific outcome as opposed to betting for it. When laying your bet, you will also choose what odds to offer if you are not happy with the odds on offer. By this, you have “lay” the bet and others can then “back” the same by placing their bets on it. You are able to view the maximum stake that the backers can place.
Lay betting gives one a chance to get a double winning chance. When you bet against a team for instance, you also win if the other team wins and if there is a draw. It is therefore important to follow the teams’ performances and the Premier League fixtures to have a fair understanding of the games. In simple terms, you are selling your bets for a given price at an odd that you set. However, you must consider what is on the exchange at the time in order to get bets otherwise you may not get any.
We play to win and so, we need to invest time in understanding how the betting environment works. We must know the field as well as the betting market. By understanding the game, we can then develop a winning strategy. One must check the performance of the teams and see how they scored in earlier games in order to play and win. While many people are stuck in the common betting against bookmakers – who have an advantage by the way, you get to create your game, have fun and win. In high profile games such as the English Premier League, there are very many players and you can be assured of getting people to back your bets.
Strategy is the key to have a fulfilling experience. While you may not always win, there are sure proof ways of winning in the market. First, you have to search for a game and check the scoring history of the teams.
– If Celta wins, you win £10, if Real wins, you win £10 but if there is a draw you lose £37.
Once the game is in motion, the scores will determine the odds movement. If one team scores, the odds could go up. At this point, you can then place a back bet on the upcoming probable outcome; in this case a draw. This gives you a much higher chance of winning. While you may not win big, you can rest assured that you will be in profit. By taking the opportunity for a back bet, you can be covered on all sides ensuring that you net a small profit regardless of the outcome.
Research is important before the game to get a fair expectation of the game and minimize the risks. You also monitor the game as it progresses as you get added chances to win. You may not be an expert in statistics but in this, you may also consider previous game statistics that will be a pointer to the best odds and bets to offer.
Unique to betting exchanges is the matching that happens when your offer gets paired up to another punter. If no match is found then your bet remains “unmatched”. You can choose to go with the available odds or offer new odds when you take the lay bet position. By taking the available odds means you will be paired up automatically. Every win or loss at an exchange automatically therefore corresponds to a loss or win for the paired punters. If unmatched, the bet amount is refunded at the end of the game.