Betting has been one thing that has been talked about a lot, but the knowledge regarding various concepts of betting is limited. Traditionally, when betting was more an offline game, the entrants were limited, but various platforms have been launched that allow you to bet and win with digitization.
Likewise, there are various concepts linked to betting, of which the most prominent ones are back and lay betting. Surely, betting is a game of luck, but at the same time, knowing appropriate strategies can help to increase the chances of winning. Back lay betting is one such strategy that is aimed towards increasing the chances of winning.
But, before we understand about the back lay betting, let us see what betting exchange is all about?
Brief About Betting Exchange
Betting exchange is a marketplace where the players can back or lay the outcome. In simpler terms, it is the place where you place a bet either in favor or against an outcome, and depending on the result, your winning chances are calculated.
On the betting exchanges, the bets are placed against one another with no operator in the middle. So, it means that one losing the game will mean the other winning. The betting exchange earns the commission on the winning bets.
In other terms, on the betting exchange, both the backer and layer agree on odds and stakes before accepting a wager. When the backer wins, the layer needs to pay out their winnings. While when the situation is opposite, the backer’s stake is shared with the layer after deducting commission.
Various betting exchanges allow you to place the back and lay betting. So, now that you know the basic details of betting exchange let us look at the back lay betting.
What is Back and Lay Betting?
One of the main reasons that betting has been active for centuries is that it allows the bettor to earn a wager if the outcome he expects matches the actual result. So, let us look at the concepts of back and lay betting.
➥ Back Betting
It is the best form of bet placed in the sports. In simple terms, the bookmarkers or the platform will publish a list of all the options with their odds of winning the game. The bettor will be required to place the bet in favor of one option he thinks will win.
Let us understand the same with a quick example. In a horse race, let us say the chances of winning the race by horse A is 3.0. Now you place a $10 back bet on horse A, and it wins the race, then you will get $30. Now, if the horse doesn’t come in the first position, you will lose $10 entirely.
➥ Lay Betting
A recent and most popular betting option lay betting, is considered to be a bit complicated. So, let us look at what is a lay bet? It is directly the opposite of back-betting. In lay betting, you need to place a bet on the option that it will not win in any manner.
Though considered to be complicated, it is simple to place a lay bet on the option. It is because it is easier to bet which one will lose from all rather than thinking the best out of a few.
In simpler terms, suppose in a horse race, 10 horses are running. You place a bet that horse B will not win the game. If horse B loses the race, you will take the backer’s stake after deducting the platform commission.
There are a variety of ways to generate money on betting exchanges, the most obvious of which is back and lay betting. Although this strategy has the potential to be very rewarding, it is not without risk. After all, back lay betting is merely two different ways to bet.
Either way, it is important to understand the betting game first before placing either the back or lay betting. To be successful, incest sometimes to understand the various options or stakes in the game to know their potential and analyze their history. This way, you can increase the chances of winning in back lay betting.
The back Lay are two betting strategies. A ‘back’ bet predicts something will happen, whereas a ‘lay’ bet predicts something will not happen.
When you lay a wager, you’re betting that something won’t happen. It means in lay bets you bet that in a particular football game, team A will lose.
When a bettor plays the lay bet and wins, he will also get the backer’s stake. But if he loses the bet, then he will be required to pay the winnings.
Not on all the exchanges, but few exchanges allow the bettor to place the back and lay on the same exchange. But before doing so, it is important to understand platform guidelines first.