A betting exchange acts as a middleman between a backer and a layer. That said, in order for a wager to take place, there needs to be a bettor to back an outcome and a bettor to bet against it, that is, to lay the outcome. Both the backer and the layer need to agree on the odds and stakes before the wager is accepted.
Our first tip is to select a market where the back and lay odds are close together. The tighter the odds, the more money you make. As a reminder, you’ll back a bet at the bookmaker and lay a bet at the betting exchange. This tip has a significant impact on the profitability of your matched betting in 2019 and beyond.
A traditional bookmaker takes 'back' bets. You back an outcome in a betting market and the bookie pays out if your bet wins. However, betting exchanges - such as Betfair - allow you to 'back' or 'lay'. As well as being able to 'back' an outcome, you can also take on the traditional role of the bookmaker and 'lay' it.
In case of a Win by either Team A or B you will get your 10 Euros from the “lay”-bet, less the amount of the “back”-bet (10 Euros “lay”-profit – 6.62 Euros “back”-loss = 3.38 Euros clear profit). In case of a Draw you will get your “back”-profit decreased by the “lay”-loss.
Lay betting is an option on exchanges likeBetfair where bettors can play the bookmaker, offering oddsto sell a bet instead of to back a bet. It is one componentof matched betting, where punters both back and sell bets onthe same game to guarantee winning. How does a betting exchange work? Bookmakers allow customers to place a bet on any ...
So, how does back and lay betting work on Betfair? The whole concept of this bookie bashing game is really not too difficult to fully understand, it’s only a different way of thinking about how you bet, nevertheless, it should be fully and wholly understood when it boils down to profitable lay betting .
So if we were to say “bookmakers lay bets” this would make sense. It’s not just bookmakers though, in the modern world betting exchanges enable people to bet against one another, which is probably why you’re here. For every bet that is matched on a betting exchange, there is one person backing and one person laying.
Back betting means putting your money on something to happen - a horse or a team or a player to win, for instance. Lay betting means betting on something not to happen .