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The hot news is that a famous horse has come down with a mysterious illness. You spot an opportunity to make some money. In the old days, this would be a very difficult process that involves backing all of the other horses in the market for varying amounts. Just as long as that horse fails to win, you win. This can be seen in the below image, with the red number showing your potential loss if that selection wins, and the green numbers your potential win if those selections win the race.
What you will notice are two different boxes. The blue box is your traditional back bet, and the pink one a lay bet. For the purpose of this example, we are going to show you how to place a lay bet on Paris Saint-Germain. Once you click the pink box, the selection will show on the bet slip on the right hand side of the screen. Once you add the selection to your bet slip, you can add the stake. The number circled below is your liability, and potential payout if the person taking your bet wins.
If there is someone who already has cash in the system at the same price, the exchange will match your bets immediately. Otherwise, you must wait for someone to take the price which you have offered. This is how our betting exchange of choice for this example, Betfair, make their money. But as we mentioned previously, lay betting is vital for matched bettors. Matched betting is a process which turns bookmaker free bets into withdrawable cash, with little, or no risk. Because lay betting is important for matched bettors, OddsMonkey have teamed up with the number one betting exchange, Betfair, to make life so much simpler.
It was developed to make finding suitable matched bets easier. Previously, this would be a long, frustrating process. To get a better return with matched betting, you need to find an event where the bookmaker price is close to the exchange price. You just have to do things slightly differently; making use of the dutching technique, rather than backing and laying.
This post was written by Luke Jordan. Luke founded Beating Betting at the start of and ran the site until February He is passionate about entrepreneurship, marketing and video creation. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment.
Notify me of followup comments via e-mail. You can also subscribe without commenting. What is a Lay Bet? Lay Betting Explained Last updated September 27th, Every single bet you place will involve laying bets off.