Back and lay betting is a unique betting strategy that involves taking opposing positions on the same outcome. This article will explain the concepts of back and lay betting, provide examples to make the explanation simpler and more understandable, and discuss when to use this betting strategy.
What are Back and Lay Betting?
Back and lay betting are two opposing types of bets that can be placed on a betting exchange, such as Betfair, rather than with traditional bookmakers. In essence, bettors act as both the punter and the bookmaker in these bets.
- Back Betting: Back betting is the traditional form of betting, where a bettor wagers on a specific outcome occurring (e.g., Team A winning a match). This is similar to placing a bet with a bookmaker.
- Lay Betting: Lay betting is the opposite of back betting, where a bettor wagers that a specific outcome will not occur (e.g., Team A not winning the match). This is similar to acting as the bookmaker, taking bets from other punters.
How Back and Lay Betting Works
Back and lay betting relies on a betting exchange, where bettors can place either back or lay bets on a range of outcomes. To place a bet, a bettor must find a suitable market and choose either the back or lay odds offered by other bettors. If the bet is matched, the wager is on, with the bettor either backing or laying the outcome depending on their choice.
Examples of Back and Lay Betting
Here are some examples in a table format to make the concept of back and lay betting easier to understand:
| Market | Back Odds | Stake | Lay Odds | Stake | Outcome | Back Bet Profit | Lay Bet Profit |
| Team A to Win | 2.0 | £10 | 2.0 | £10 | Team A wins | £10 | -£10 |
| Team A to Win | 2.0 | £10 | 2.0 | £10 | Team A loses or draws | -£10 | £10 |
| Team B to Win | 3.0 | £10 | 3.0 | £10 | Team B wins | £20 | -£20 |
| Team B to Win | 3.0 | £10 | 3.0 | £10 | Team B loses or draws | -£10 | £10 |
When to Use Back and Lay Betting
Back and lay betting can be used in various scenarios, including:
- Trading: Bettors can use back and lay betting to trade positions in the market, locking in a profit or limiting losses by placing opposing bets as odds change during an event.
- Arbitrage: Back and lay betting can be used to take advantage of discrepancies in odds between different betting exchanges, allowing bettors to guarantee a profit regardless of the outcome.
- Hedging: Bettors can use lay betting to hedge their position, reducing their risk exposure by laying off part or all of their initial back bet.
Conclusion
Back and lay betting is a versatile betting strategy that allows bettors to take opposing positions on the same outcome