Continuing our glossary of betting terms, the phrase ‘lay betting’ has become very prevalent in recent times but what does it actually mean?
In very simple terms, when you ‘lay’ a bet, you are betting on a horse, team or individual to lose. So, in any betting market you can make a lay bet on a horse if you think it is going to fail and the same applies for a tennis player, football team and so on.
While the term has been brought to our attention by Betfair, it has been around for centuries and it forms the basis of the type of ‘gentleman’s agreement’ that has been at the heart of gambling since it began.
If, for example, a friend says that he bets you £10.00 that his favourite football team will win the FA Cup, by accepting the wager you are, in effect, betting that they will lose.
When you consider odds in this respect, they mirror the prices that you would get in a traditional market. Therefore, the favourite to win a horse race will offer the longest odds and the best potential profit if you were to consider a lay bet. By the same principle, the rank outsiders to win the race will be at the shortest price to lose.
Quite often, betting terminology is simple to explain and perhaps a lay bet is the most simple of all. Once you’ve understood it, the practise offers a lot of opportunities for gamblers to make a considerable profit.