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What is Lay Betting?
Lay betting is simply betting that something won’t happen. In horse racing, laying a horse is picking a horse to lose a race.
Unlike traditional betting where you back a horse to win, laying a horse means that you assume the role of a bookmaker – if the horse loses you win, but if the horse wins you pay out.
If the horse you have layed loses then you will get the backers stake. However, if the horse you have layed wins, then – exactly like a bookmaker – you will have to pay out the backers stake multiplied by the odds.
Lets use an example. You lay a 5/1 horse called Mighty Flight for a £10 stake:
If Mighty Flight loses the race, you win the backers stake which is £10.
If Mightly Flight wins the race, you pay out £10 multiplied by 5/1 which is £50.
What Is A Betting Exchange?
A Betting Exchange is a platform that brings together backers and layers in a market. When you place a bet on a Betting Exchange you are betting against other punters – not a traditional bookmaker. It is these exchanges that allow us to place our lay bets. The largest Betting Exchange in the world is Betfair Exchange.
Betting Exchanges use odds in decimal form. To convert fractional odds to decimal odds you simply divide out the fraction and add one. For example:
11/4 Fractional Odds → 11 ÷ 4 = 2.75 → 2.75 + 1 = 3.75 Decimal Odds
8/11 ractional → 8 ÷ 11 = 0.727 → 0.727 + 1 = 1.727 Decimal Odds
5/1 Fractional → 5 ÷ 1 = 5 → 5 + 1 = 6 Decimal Odds
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