Soccer Betting - What is Lay Betting and How Does it Work?
Traditional betting deals with wagering on which contestant will win the game. The punter makes his bet at the bookmaker's odds and if he wins he receives his original stake plus whatever the odds were. This is also known as "back betting" because the bettor is "backing" one team over another. Lay betting, on the other hand, is a relatively new concept in which the punter bets against a team winning the match. This is generally done through betting exchanges and the person making the lay bet essentially becomes their own bookmaker, setting their own odds. Virtually all lay bets are even money bets. This means if punter wins he stands to win twice as much as his original wager, or his original wager times two. However, if he loses the bet, he has to pay the backer the original wager plus the odds. This means that more often than not his potential winnings are less than his potential liability. For example, if Person A wants lay bet £10 against XYZ team, he will m