A back to lay betting strategy is where you place a bet with the bookmaker and lay the same outcome (same (place a bet that the reverse will happen) with a betting exchange. This way, you have a bet covering all outcomes and you usually do it at odds that guarantee a profit regardless of what happens.
Lay betting is only possible on an exchange website, like Betfair Sports. Exchange betting involves different people offering other people odds, based on their beliefs about what will happen. Exchanges give bettors the chance to bet against a result (laying the outcome) and cover all the possible outcomes with only two bets - one back bet and one lay bet.
Unfortunately, when betting on an outcome not to happen, you must, when placing the bet, enter the ‘liability’ of your bet in your stake. This means that your stake, because you are betting against the outcome, must be larger than it would be if you were betting for an event to happen. However, the bonus is that the likelihood of the outcome happening (if you lay it) is greater.
The ‘liability’ depends on the probability of an outcome. For example, in a horse race, the liability of a 20/1 shot is extremely large, because the likelihood of the horse not winning is very likely. Therefore, it is probably better to lay the favourite in a race if you do not think the horse is going to win because the liability will be smaller.
Laying horses is often part of a good horse racing betting strategy, but some horse races offer better lay betting opportunities than others, so you do need to tread carefully. It is best to find a race that is both hard to call and also likely to produce a number of short odds favourites. This is because the lower the odds on the race favourites, the smaller the liability generated by the lay bets. And your lay bet is more likely to be a winner in an unpredictable race.
Horse racing aside, laying can be a good way to win money in other sports such as football and golf. In football, there are, of course, a smaller amount of outcomes and unless there is a strong favourite – the kind that you might see in an FA Cup game – the odds of a lay bet will probably not be that appealing. However, it is definitely worth examining the exchange markets on Betfair Sports, because there are usually many options.
Perhaps the one drawback of a lay bet is that there are limited opportunities to use it. The lay bet is usually only provided for certain markets, and these are often win/lose. Don’t let it put you off though, as there is value to be found in this useful strategy. Be sure to visit Betfair Sports today to see how you can fare laying with a betting exchange.