Usually, punters make wagers on teams to win or a team qualifying, scoring a certain number of goals, corners, cards, etc. Betting on a positive outcome is easy to understand, and how most people prefer making wagers and buying stocks. However, one section of the betting population likes to look at the situation from a negative perspective or has a higher probability of losing an outcome. A lay bet is approaching a betting event or situation by making a wager on a negative outcome to occur or a festive event not happening. For example, if a punter chooses to make a lay bet on a game in the English Premier League between Leeds and Chelsea, the punter would most likely lie on Leeds if the punter feels Leeds is most likely to lose or draw the match. However, if the game ends in a draw or Chelsea wins, the punter can expect a payout. Thus, punters can eliminate losses from the possible outcome with lay bets and instead profit from it.
Features Of Lay Betting
Some of the features of lay betting include laying bets against bookmakers, in-play lay bets, pausing lay wagers, making lay wagers on different sporting events, laying on a draw result, and understanding decimal and fractional odds of earthly chances.
Lay Against The Bookmaker
Placing a bet with a bookmaker on a team to win means the bookmaker is on the other side of the trade, betting on the team to lose. When laying a bet, a punter is placing a wager for a team not to win against the bookmaker. Different bookmakers have different rules and regulations regarding draw bets. While most bookmakers include draws as wins in lay bets, some bookies count draws as losses.
In-play Lay Wagers
Punters can choose to make a lay wager before starting a game or an in-play lay wager after the start of a game. Either way, a punter has access to several betting markets with different betting odds and probabilities. However, players have access to in-play lay wagers on limited sports only since not all bookies offer in-play lay wagers.
Lay Bets Paused
Bookmakers may pause taking new lay bets in-game if the game is broken because of a red card, penalty, or any other significant event that can impact the outcome of the game. Punters need to be aware because a wager placed after the fact may not go through in time or result in missed profits. Sometimes, even a hold-up in play because of a VAR review can cause all lay bets and bets, in general, to be paused.
Lay bets work differently with different sporting events. For events with multiple outcomes, betting on a team or player not winning can easily be predicted. For example, it can be easier to predict a horse that will not win by making a lay wager in a horse racing event. As a result, lay bets are not supported and are rarely offered by the leading European bookmakers such as William Hill and Ladbrokes.
Laying On a Draw
Laying on a draw is a lose-lose situation for a punter and an advantageous position for the bookie. The odds of a match ending in a draw are slimmer than ending in a win or loss; making a lay wager on a tie is a risky proposition. And while the risk is high, a punter is rewarded with minimal rewards for each lay bet.
Decimals And Fractions
The odds for a lay wager can be depicted in decimals or fractions. Different exchanges adopt different listing systems, with some also hosting dual odds systems. Moreover, punters can learn to convert decimals to fractions or fractions to decimals with some basic math skills. Odds listed in different scenarios could give a punter a pricing arbitrage when converting the same lay odds provided by two other providers.
While lay betting has grown in popularity over the past few decades, punters still don’t have access to several lay betting options or betting markets. Rescuebet is one of Asia’s leading bookies providers that give punters several lay betting options. Punters can sign up today with one or several sportsbooks and make a lay wager today.