·The term 'Lay' betting defines the process of using a betting exchange, like the Betfair Exchange, where the punter believes a selection will not win or place in a specified event, and will therefore offer odds on that not happening. The offered Lay odds will then be matched with a bettor who believes that event will happen (otherwise known as the backer), who is happy with the odds that you have offered for that outcome, and will therefore match your bet.

Firstly, you need to set up your account and deposit some betting funds. Once you are registered, you are free set to start betting. Simply click on the back or lay bet you want to accept and the amount you want to bet. If you’re happy with the odds on offer, click submit.

Lay betting is making a bet on an outcome that is not going to happen to win that bet. For example, consider a match between Man City vs Liverpool. Suppose we lay a correct score 1-1, that means we will win the bet if the match does not end at 1-1. So,in this case we will win the bet if. Placing a Lay bet means you are betting on something not to happen - for example, if you lay a football team to win your bet will be settled as a winner if the team loses or if the game ends in a draw - so two outcomes are playing in your favour. How to place a lay bet. Find the market you want to bet on. Select the event. The Betfair Exchange allows customers to bet against each other rather than a traditional bookmaker. By matching customers, rather than taking the risk itself, the Exchange provides the option to 'lay' - betting on something not to happen. How does it work? The Betfair Exchange is.

There are two sides to every bet when you play on the Betfair Exchange. When you place a back bet you are betting on an outcome to happen, whereas if you place a lay bet, you are betting on an outcome not to happen – in opposition to the back bettors. Typically, bookmakers represent the lay side of a bet, so they will offer customers odds which they are willing to lay. However, on the Exchange, customers can play the role of both back and lay bettors themselves, meaning you will be 'matching' bets with fellow bettors, rather than a bookmaker.

How does it work?

If you are placing a back bet that means you are putting your money on something to happen - a horse or a team or a player to win, for example. Placing a Lay bet means you are betting on something not to happen - for example, if you lay a football team to win your bet will be settled as a winner if the team loses or if the game ends in a draw - so two outcomes are playing in your favour.

How to place a lay bet

1. Find the market you want to bet on

2. Select the event

3. Select the pink box to place a lay bet

4. Consider your liability and potential returns

5. Hit ‘confirm bet’

Liability

Your 'liability' is the amount that, in your worst-case scenario, you could lose. Your return for a win is effectively your stake (minus commission).

A lot of people prefer to lay at odds-on as your liability is then reduced. For example, if you lay a bet at 1.50 for £10 you are liable for £5 and will win £10 if the bet wins.

However, if you lay a bet a [3.5] for £10, you are risking a liability of £25 for the chance to win £10.

It is important to ensure you monitor how much you are liable for and to be very careful of where you put the decimal point. If you want to lay a bet at 4.20 make sure it is just that and not 42, otherwise it will be an expensive mistake should your selection win as you will be laying the bet at odds of 42, rather than 4.20, ten times the intended odds.

Betfair will only let you risk as much as is in your account and at the best available odds for you as a backer or a layer.

Dutching Calculator

You can use the dutching calculator to ensure an equal payout or liability on all selections. Click ‘Payout’ or ‘Liability’ then enter the maximum you would want to risk before clicking ok. You will then see how much you need to stake on each selection in order to get an equal payout or liability.

Betfair Starting Price (BSP)

You can lay your selections at BSP. If you can’t already see the option for BSP, you’ll need to turn it on in ‘Settings’. Just like with any other bookie, you won’t know what the Betfair SP is until the race goes off. However you can get a guide to the expected BSP by enabling BSP in your settings and then the forecast prices will appear on your market view. If you think your horse’s price is likely to drift before the race, and you don’t want to miss getting your bet on, this could be the way to go. BSP offers tremendous value and tends to offer around 90%+ better prices than official SP returns on all UK and IRE horseracing.

Welcome to my Beginner's Guide explaining the concept and benefits of lay betting which has grown in popularity in recent years with fans of horse race betting who are interested in winning money from a losing favorite with betting exchanges like Betfair and Betdaq. The traditional bookmakers like nothing better than a losing favorite, no wonder they are not keen on taking bets from clients wishing to 'lay a horse', unlike betting exchanges who are more than happy to accept lay bets.

HOW DOES LAY BETTING WORK?

Lay betting or to 'lay a horse', as it is commonly known refers to betting on a horse - usually the first favourite - to lose a race. However, unlike traditional horse race betting where you 'back' a horse to win, by 'laying a horse' you effectively become a bookmaker - so if your horse wins you have to pay.

EXAMPLE LAY BET: ALTIOR

You lay Altior @ 6 in the King George VI Chase at Kempton on Betfair for a GBP5 stake - see screenshot below. The liability is the stake multiplied by the horse's laying odds minus the stake (GBP5 x 6 - 5 = 25), thus you will lose GBP25 if Altior wins the race. But if Altior loses, as predicted, your payout will be GBP30 (GBP25 liability + 5 stake). After entering the stake, Betfair automatically displays your liability - so there is no need to worry about doing a mental calculation. And to see the potential winnings, just click the Payout button

WHY HAS LAYING A HORSE TO LOSE BECOME POPULAR?

One of the main reasons it has become popular is because it offers greater flexibility than traditional horse race betting. And sometimes it can be difficult to pick the winner of a race and a lot easier to pick a horse that won't win. And of course, it can be very profitable, you get much better odds laying the first favourite in the betting than backing it to win. And bookmakers, as we all know, make their profit from losers especially a losing favorite. On average, favourites win 35% of horse races.

WHICH BETTING EXCHANGE SHOULD I LAY A HORSE WITH?

Betfair is the world's largest online sports betting exchange, and is the preferred choice for anyone interested in winning money from lay betting because it is usually able to offer better odds than Betdaq. You can also, safely and speedily, place lay bets from your Android or iPhone by downloading the appropriate Betfair Mobile betting app. Betfair deduct 5% commission from net winnings only, on Betdaq commission is 2%. The minimum Betfair Exchange stake is GBP2. Betfair accepts the following currencies: AU$, DKK, EURO, GBP, HK$, SEK, US$. (Languages supported: English, Danish, German, Portugese, Russian, Spanish, Swedish). NB: US residents are excluded from opening an account with Betfair and Betdaq.

LAY BETTING SOUNDS COMPLICATED?

It can be complicated, as well as requiring a few hours familiarizing yourself with the layout and terms of the betting exchange site before you feel confident enough to place a lay bet. Although there are many horse racing lay betting systems offering information on making money from losers my personal preference is for False Favourites, written by Jonathan Burgess. This step-by-step guide, with illustrated examples of actual races where Jonathan laid the favourite. And additionally it shows the different selection criteria used to identify a weak favourite to lay in flat, all-weather and jump racing. The guide also shows how to place a lay bet with Betfair. Priced at GBP14.99, it is considerably cheaper than Easy Money From Losing Horses (GBP63.44) - which has just 46 pages compared to the 200 pages of False Favourites. Jonathan has also contributed articles on horse racing betting advice for the official blog of Betfair Education. So if you are looking for an inexpensive, easy-to-understand, comprehensive guide to horse race lay betting from a respected author please visit False Favourites

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How To Do Lay Betting