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BACK & LAY BETTING EXPLAINED
Part of Trade Ninja "EXPLAINED" series!
Trade Ninja “EXPLAINED” series aim to help explain some popular Betting / Trading terms/areas.
Back & Lay Betting
Back and Lay betting are two different types of betting commonly used in betting exchanges, where punters bet against each other rather than against the bookmaker.
Back betting is the traditional form of betting where a punter bets on a particular outcome to occur. For example, if you back a horse to win a race, you are betting that the horse will come first. If your bet is successful, you win your stake multiplied by the odds of the selection.
Lay betting, on the other hand, is the opposite of back betting. It involves betting against a particular outcome to occur. For example, if you lay a horse to win a race, you are betting that the horse will not come first. If your bet is successful, you win the stake of the person who backed the selection.
In a betting exchange, there are two types of customers: backers and layers. Backers are customers who want to back a particular outcome to occur, while layers are customers who want to lay a particular outcome.
For example, if a backer wants to place a bet on a horse to win a race, the exchange will match the bet with a layer who is willing to lay the same bet. The exchange acts as an intermediary between the two customers, taking a commission on the winnings.
Back and Lay betting allows customers to take on the role of a bookmaker, setting odds and accepting bets from other customers. This provides customers with greater flexibility and control over their betting, allowing them to profit from both winning and losing selections.
Back and Lay betting are two common types of betting that you can use when placing a bet on a sports event or a horse race.
Back Betting
When you place a back bet, you are betting on something to happen, just like a traditional bet. For example, if you think a football team will win a match, you can place a back bet on that team to win. If the team wins, you will win your bet, and if they lose or draw, you will lose your bet.
Example:
Let’s say you want to bet on a tennis match between Roger Federer and Rafael Nadal. If you believe that Nadal will win, you can place a back bet on Nadal to win. If Nadal wins, you will win your bet, and if Federer wins, you will lose your bet.
Lay Betting
Lay betting is the opposite of back betting. Instead of betting on something to happen, you are betting on something not to happen. In other words, you are acting like a bookmaker and accepting bets from other people. If the outcome that you bet against does not happen, you win your bet, and if it does happen, you lose your bet.
Example:
Continuing with the same example, if you believe that Federer will not win the tennis match, you can place a lay bet on Federer not to win. If Federer loses or draws, you will win your bet, and if he wins, you will lose your bet.
Summary
In summary, back betting involves betting on something to happen, while lay betting involves betting on something not to happen. Both types of betting have their own risks and rewards, and it’s up to you to decide which one to use based on your knowledge and confidence in the outcome.
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