How to Lay a Bet
Lay betting is a unique feature of betting exchanges that allows you to act as a bookmaker rather than a traditional bettor. In traditional sports betting, you bet on something to win, while in lay betting, you bet on something to lose. This means you are taking on the role of the bookmaker and you offer odds to other bettors.
Let’s say you want to place a lay bet on a soccer match between Team A and Team B. You believe that Team A will lose. To do this on Winfair24:
Select the Event
Go to the menu bar at the top and click on the Exchange
At the left you can see the list of the sports events categories. In our example we use a soccer game, therefore we will select soccer.
Now, let’s find the soccer match we want to bet on. For our example we will use the Chelsea vs Arsenal match of the Premier League.
Click on Premier League, find the match and click on it.
Select the Bet Type
Now, before you place your bet, you need to select the bet type. The options are Match Odds, Correct Score, Over/Under 0.5 Goals, Over/Under 2.5 Goals, Asian Handicap, Goal Lines and Both teams to Score. We will use the Match Odds selection for our example. So, find the Match Odds and click on it.
Lay your Bet
In the beginning of our example we said that we believe that Team A will not win, therefore we want to lay Chelsea not to win the match. Whenever you want to assume the role of the “layer” you only need to search for the pink column to place your bets. As you can see, the odds on betting exchanges are decimal odds. If you are used to other types, you can easily use an online odds converter and you will be able to make your decisions. 3.35 odds for a 50 EUR stake means that you are willing to pay out 3.35 EUR for every 1 EUR of someone else’s stake if your lay bet loses. This is called liability.
So, on the Chelsea row, click the pink selection at 3.35 odds in order to be able to place your stake. The Winfair24 exchange supports EURO stakes, so you need to calculate the euro conversion if you use another currency. Let’s say you want to bet 50EUR. At the right of the pink column across the Chelsea row, you can see the offers by other bettors at 3.4 and 3.45 odds. We will choose the offer on the pink column at 3.35 odds and we click on it.
Place your Stake
By clicking upon the pink box at 3.35 the betslip immediately opens and you can see your options. Right next to the odds box you see an empty box at the 0.00 price. This is where to place your stake. Since your stake is at 50 EUR you can either type it by clicking on the empty box or you can choose the number 50 below. As soon as you place your stake, then you can see your potential liability if Chelsea wins the match and your potential profit if the match ends in Arsenal winning or in draw. Always make sure you have topped up your account balance before placing your bets.
As you can see, if Chelsea wins, you will lose your bet and you will have to pay out 117.50 EUR to the other bettor.
If Arsenal wins or the match ends in a draw, you will win your bet and you will receive 50EUR.
Confirm your Bet
Click on the Submit yellow button in order to confirm your lay bet.
Wait for your Bet to be Matched
If someone on the exchange is willing to accept your odds and stake, your bet will return as matched. If not, your bet may remain unmatched until another user is willing to accept it at the odds you have chosen.
This is the basic form of placing a lay bet. If you do not agree with the odds offered and you think they should be higher or lower for the outcome of the event you have selected, you can always click on the odds box and modify them and offer your new bet waiting for it to be matched.
It is also important to note that on Winfair24 you can also go to your Bets list, find your bet and choose to Cash it Out before the event concludes. If you are wondering when it is the right time to cash out a bet, then the general view is that cashing out is a good option if you want to secure a profit before the event finishes because the odds move in your favor or if you want to minimize your losses in case the odds do not go your way.
From our example, you can understand that Lay Bets are wagers on an event not to happen. You set the stake and the odds you want, and you are matched with someone willing to take the opposite position (a back bet)if your bet is accepted. The outcome of the event will determine whether you win your stake or lose it.