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Related article: Understand how arbitrage betting makes you money.
So, what exactly is a lay bet?
Normally, you would be familiar with a normal bet known as a back bet. This is where you bet on a bookmaker site, for example, Bet365, on something to come true.
For example, if you bet on a horse with the bookmaker, you’ve just placed a back bet. I.e backing a certain horse to win the race.
A lay bet is simply the opposing side of the bet. A lay bet is betting that the same horse, football team, or whatever sports you’re betting on to NOT win.
Let’s break this down a little more 😊…
Let’s say you receive an arbitrage alert on a horse called “Billy No Mates” at odds of 15.0 and you’re told back this horse to win.
So we placed our bet on Billy No Mates to win with the bookmaker. So, step one of two (placing our back bet) is now complete.
Now, onto the lay bet…! A lay bet will mean we also bet on Billy No Mates to NOT win.
How to place your lay bets.
We use Betfair’s betting exchange website to place lay bets. The lay odds will always be shown in pink. See the example below:
Struggling to find the lay market on Betfair exchange? Simply search for the horse name under the search table in the exchange section to get there faster.
Keep: Where to place your lay bets. How to calculate your lay stake. Learn the maths behind profiting with arbshooters.com
How to lay bet and profit with arbitrage betting
Making profits with arbitrage betting occurs every time the back odds with the bookmaker are greater than the lay odds in the betting exchange.
In our example above, we’re told to back the horse “Billy no mates” with the bookmaker at (back) odds of 15.0. The screenshot above shows the current lay odds are 8.2 on the exchange.
Let’s say we placed a £30 back bet for the horse to win, but how much do we stake for our lay bet? The arbitrage calculator indicates we need to enter a lay stake of £55.01. As shown below, highlighted in pink.
As a result of placing a back bet of £30 on the horse to win and a lay bet of £55.01 for the horse not to win – we have covered both outcomes of the race and profited at least £23.91
Cool video explainer: What does liability mean when lay betting in betting exchanges?
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