Definition of a Lay Bet

A lay bet is a type of bet used in betting exchanges like Bet-fair. In simple terms, lay means to bet against an event happening. You bet on something happening which may or may not happen.

For example, you can bet that a football match will not result to a goal. You can also bet against the number of cards dealt by a player in a game. These kinds of bets are very popular in betting exchanges because more punters are betting on the same outcome, thereby encouraging bookmakers to place higher odds on the outcome.

How is Lay betting Started?

Lay betting was started in the late 1980s when a number of bookmakers started to offer betting on football matches. The betting exchanges were responsible for making the betting possible. People had initially used the services of bookmakers to place bets because they were much simpler than betting exchanges. In the same way, today people use betting exchanges to place bets on a variety of sporting events.

Any person, regardless of knowledgether, can place a bet. The lay simply backs a certain event to not happen. The person, who bets that an event will happen, has laid a certain amount of money. The event indeed exists, but the lay bettor lost the bet and a sufficient amount to pay the winnings back to the person, who placed the lay bet. The lay bettor will be happy about this because he/she gets to keep the winnings in addition to the lay bet.

However, if the event wins, the bettor, who placed the lay has to pay out a proportion of the winnings in addition to the lay bet. The principle of lay betting was introduced in order to encourage people to bet on football matches. The punters were offered attractive odds during the time of lay betting, which would make it easier for them to bet and also to track the performance of the game. Eventually, the betting exchanges were established and largely simplified. Many betting exchanges replace the bookies, making it easier for punters to place bets and offers new betting opportunities. Today, betting exchanges offer a variety of new betting opportunities. However, some of the exchanges have wagering requirements, which need to be paid with winnings. Other exchanges don’t charge for losing bets.

The Situs Togel Online Terpercaya competition between betting exchanges and other betting opportunities occasioned a lot of changes in the betting environment. The big betting exchanges like Bet-fair and Betdaq replaced the conventional bookmakers, who used to offer unbalanced odd and even bets and house edge to create an environment that is not friendly to the punter. The exchanges also offered better odds due to competition, and some betting exchanges charge a commission of up to 5% on net winnings. In addition, the betting exchanges usually offer much better odds than the bookmakers due to technical and marketing limitations.

In the end, the concept of betting exchanges was just more convenient for the market, and it is not necessary to visit bookmakers to place your bets.