What is Back and Lay in Betting?
Gambling is a popular pastime for many around the world. From casino gaming to sports betting, players have lots of options. The best part is that many top online betting sites offer numerous options, giving players a chance to win money. However, before diving into the gambling world, you should consider understanding the various terms and strategies. This will help you play like a pro, and the right strategies can help boost your chances of winning.
One strategy you can use in sports betting is the “Back and Lay” strategy. But what is Back and Lay betting? How does this betting strategy work? This extensive guide will explain everything you should know about the back-and-lay strategy and provide practical examples. So, keep reading to learn more.
Back and Lay Explained
Back-and-lay betting is a form of sports betting that lets you assume the role of a player or bookmaker. You can find various betting options in Back and Lay, such as place bets in horse racing, total under/over innings in cricket, players to score in football and so on.
When you “back” on an outcome in the bet-and-lay strategy, you are simply wagering that the outcome will happen, like in every traditional betting. For instance, if you back Gujurat Titans to win against Chennai Super Kings in the Indian Premier League, your bet wins if Gujurat Titan wins. On the other hand, when you “lay” on an outcome, you are wagering that the outcome will not happen. In traditional sports betting, the bookmaker represents the lay side. However, players can assume the lay side role with sports betting exchanges. But what really happens when you lay a bet?
Placing a lay bet means you are ready to assume the risk and pay players (the backers) their return if their bet wins. So, if you lay a bet at 1.3 odds for $10, you simply agree to pay the backer the $3 profit of the bet if they win. However, if their bet loses, you win their $10 stake.
When using the back-and-lay strategy, you must be cautious of the liability involved. The liability refers to the amount you stand a chance to lose. If you back a bet, the amount you wager is the liability. However, with lay betting, things are quite different. Liability in lay betting is calculated using this formula:
Backers wager amount x (lay odds – 1)
To better understand this, assuming you lay a bet at 1.5 odds for $10, your liability is $5 ($10 x (1.5 – 1). If you lose the bet, you only need to pay the backer $5 in this example. The higher the lay odds, the more your liability becomes. So if the lay odds stand at 5 odds for $10, your liability becomes $40.
Favourites vs Underdogs: What’s the Difference?
Favourites and underdogs are terminologies you may have encountered in any form of sports betting, including cricket betting. The term favourites is used for a team that is expected to win, while underdog is used for a team that is not expected to win. Bookies often use odds to differentiate favourites and underdogs. This means favourites have lower odds compared to underdogs.
Which Sports Suit the Back and Lay Strategy the Most?
The previous sections have answered the question – What is lay and back in betting? This section will discuss the sports that suit this betting strategy. The truth is that Back and Lay betting applies to almost all types of sports. However, the strategy works best for some sports compared to others.
If you love betting on cricket, you will be happy to know you can use the Back and Lay strategy for your next wager. But what is Back and Lay betting in cricket? It is the same as with other sports. You can back a cricket team to win or lay a bet on the team not to win. You will also find Back and Lay options for outcomes like under/over innings, first wicket-taker, top batsman, etc.
Football is another sport where the Back and Lay approach is rewarding. When using this strategy in football, you can back or lay bet on most regular and proposition bet options. These include match winners, under/over totals goals, players to score, team first throw, minute of first goal, etc.
Back and lay betting is also available in horse racing betting, particularly for win bets. You can back on your favourite horse to win a race and get paid based on the offered odds. Alternatively, you can lay on a horse not to win a race and win the backer’s wager.
Example of Placing a Bet Based on the Back and Lay Strategy
Contrary to what some may think, placing a bet based on the Back and Lay strategy is easy. The only tricky part may be finding the right betting exchange that offers Back and Lay betting. However, you have nothing to worry about as OnlineCricketBetting.tv has a list of the best bookies you can choose from. Follow the steps below to place a Back and Lay bet.
- Choose a Betting Exchange
The first step is to choose and create an account with a betting operator that offers Back and Lay betting. You can choose from our recommended bookies that have been vetted and are known to offer top-notch services.
- Choose a Sport and Game
Once you have a gambling account, fund it and choose your preferred sport and game to apply the Back and Lay approach. Remember, you can use this strategy in many sports, including cricket betting.
- Place Your Bet
When you click the event you wish to bet on, you will see a back column and a bet column. Click on the applicable odds for the outcome you wish to back or lay. As mentioned, ensure you factor in the liability when placing a lay bet.
- Track the Game
Track the game once your bet is placed to see if things go your way. Some exchanges let you specify odds and wager amount for lay bets, and you can keep these bets until your specified odds are matched.