Lay Betting Explained in 2021
There are countless different betting types that are available to sports bettors today. These different tools are great to have as part of your arsenal when it comes to making different types of bets. Lay betting is one of those betting types that is becoming more popular.
It effectively allows the bettor to become the sportsbook, betting against an outcome happening. This usually takes place on a betting exchange, but some sportsbooks are now starting to offer this type of betting. This guide takes a deeper look at lay betting explained.
What is a lay bet?
With lay betting, you are pretty much betting on a certain event not happening. For example, if there is a horse in a race that you do not think is going to win, you will place a lay bet on it. You will get paid out on your bet if the horse does not win. In this case, you are effectively acting as the sportsbook or exchange.
While lay betting is not offered by many betting sites in the United States currently, it is something that will likely become more and more popular as time goes on. Many popular sports betting exchanges in Europe have this offering and it is starting to come into horse racing sites in the USA.
The perks of using a lay betting system is that you are going to have much more flexibility in your strategy Now you don’t just have to bet on an event occurring, you are able to bet on an event not occurring.
It can also be a useful way to hedge your bets in certain markets. As a bettor, you want to have as much flexibility and choice as possible to make sure that you are always getting the best chance of profiting in the long-term. Lay betting certainly helps you to achieve this goal.
Placing a lay bet: Step-by-Step
If you like the idea of lay betting and are looking to get started, there are a few key steps you need to follow. This process does not take very long, so you will be placing lay bets in no time. Here are those simple steps:
- Find a lay betting sportsbook: Not every sportsbook at the moment is offering lay betting as an option to its bettors. Therefore, you will need to find what platform is available in your state that offers this type of bet.
- Register: When you have identified a platform that offers lay betting, you can then start signing up for an account. This requires you to add the usual type of info, and provide proof of identity and proof of address.
- Add some money: You can now add money to your new account by making a deposit. There are usually a variety of payment methods to use and there may be a welcome offer that requires you to enter a bonus code to trigger the deal.
- Get betting: Now that there is money in your account, you can start the process of lay betting. Check the available markets and find a bet that you like. Add it to your betslip and enter the stake for this bet and you are good to go.
Usual sports for placing a lay bet
Lay betting is something that can be used with most types of sports. As you are betting on an outcome not happening, it is pretty much the flip of every market. For example, with a traditional winner market, lay betting would see you betting that a certain team is not going to win. Horse racing is the most common sport for lay betting currently. A lot of horse betting sites are offering these types of bets, meaning that you can bet against a given horse winning a race.
NBA and college basketball are also popular sports for lay betting. There are a lot of games taking place every season that opportunities arise. With lay betting, you are avoiding the possibility of a draw game without having to take into account overtime. NFL and college football is also a popular option for lay betting.
You may for example think that a team is not going to score any touchdowns at all in a game, so you want to bet on this eventuality. A lot of the time, sportsbooks will have lay betting already but into the markets without you even realizing. This makes for a much more seamless approach.
Examples for lay betting
If you are placing a bet on a horse race that is taking place, you may see it as being very open in terms of contenders. Therefore, you might struggle to find a single horse to bet on. However, there may be one of the favorite horses that you feel sure is not going to win. Therefore, you look at the lay betting options for this horse.
Winning Example of lay betting
If you think that Rising Star is not going to win the race, you might place a bet on the horse losing the race at odds of +110. If you stake $10 at these odds, this means that you will win a profit of $11 and get your $10 stake returned to you if the horse does not win the race.
Losing Example of lay betting
If you think that a certain horse is not going to win the race and you place $10 on it to not win, but it crosses the finish line in first place, this means that you will lose your $10 stake and not get any sort of return.
Lay Betting for beginners: How to bet
If you are getting involved in lay betting as a beginner, there is a steep learning curve that has to be considered. Over time, you will begin to pick up the basics and improve as a bettor. Here are some useful tips to keep in mind when it comes to lay betting:
- Tip 1: Do your research: if you are thinking about betting on a given game, you need to cover all your bases and make sure that you are familiar with all participants. This will give you confidence that a certain team or athlete is not going to achieve something that presents a lay betting opportunity.
- Tip 2: Bet what you can afford: When you are lay betting, it can be easy to go overboard for example, there can only be one winner in a horse race. Therefore, you may start placing lay bets on a lot of different horses in a race. However, this can cause you serious issues and it is usually best to stick to one such bet per race or game.
- Tip 3: Utilise promotions: Getting access to free bets and other types of offers are an ideal way to boost your profits over time and minimize your downside risk.
- Tip 4: Experiment what different markets: There are usually different types of markets where you can place a lay bet. Test these various options out to see which are going to be the best fit for your given needs. This will help you understand exactly what tools you have at your disposal going forward.
- Tip 5: Get access to expert picks: There are a lot of experienced bettors who sell their picks to the public. By having a look at expert picks this allows you to get inside the head and approach of an experienced gambler and see what types of bets they are making. Billy’s List is a free expert picks service and sends these picks to your inbox on a regular basis.
Lay betting for professionals: How to bet
A lot of people manage to make a full-time living through their sports betting efforts. They have learned over time what it takes to be consistent and to profit again and again. Here are most common things you see across the board with these types of bettors:
- Getting the best odds: The easiest way to boost your bottom line is going to be always obtaining the best odds possible. This could mean the difference between being profitable and making a loss over time. All you need to do in order to get the best odds guaranteed every time is to have an account with all of the leading sportsbooks that are licensed in your state.
- Win or learn: Not every bet is going to be a winner, even for successful bettors. Therefore, you should always try to learn from your mistakes and improve upon your betting for future wagers.
- Be patient: Everyone is going to have rough patches where nothing seems to be going right. Experienced bettors don’t let their emotions take over and ensure that they are always making smart decisions.
Lay betting: Try it now at one of the top 5 betting sites
Lay betting is one of the best tools to have at your disposal as a sports bettor. It provides you with great flexibility and can help boost your bottom line. There are many great betting sites that offer lay betting that you can sign up to today.
The age that you need to be if you want to place a sports bet is going to be entirely up to what state you are going to be placing the bet from. Some states will need you to be at least 21 years old before placing a sports bet, while others will only need you to be 18 years old in order to do so.
At the moment, there are not a lot of sportsbooks in the United States that offer lay betting. It is more popular in Europe at the moment through an exchange, but this feature is becoming more popular over time in the USA. Therefore, it seems likely only a matter of time before this betting type is available across the board.
The most popular sport for lay betting is oftentimes horse racing. This is because there is only going to be one winner of the race and you can then bet against some of the other participants. You have a better chance of correctly predicting the horses that will lose a race than the one winner.
The standard free bet is always going to be a good choice because you are playing with the house’s money instead of your own. Therefore, you are not really taking as much risk as you otherwise would be. You will usually get to keep the winnings from this free bet, but not the stake.
There are a lot of different aspects of a sportsbook or exchange to consider. Some people will have requirements for a certain type of payment methods, whereas others will want to have a certain selection of betting markets available. Therefore, there is never going to be a single definitive answer to this question.