BACK & LAY BETTING EXPLAINED

Back and Lay betting are two different types of betting commonly used in betting exchanges, where punters bet against each other rather than against the bookmaker.

Back betting is the traditional form of betting where a punter bets on a particular outcome to occur. For example, if you back a horse to win a race, you are betting that the horse will come first. If your bet is successful, you win your stake multiplied by the odds of the selection.

Lay betting, on the other hand, is the opposite of back betting. It involves betting against a particular outcome to occur. For example, if you lay a horse to win a race, you are betting that the horse will not come first. If your bet is successful, you win the stake of the person who backed the selection.

In a betting exchange, there are two types of customers: backers and layers. Backers are customers who want to back a particular outcome to occur, while layers are customers who want to lay a particular outcome.

For example, if a backer wants to place a bet on a horse to win a race, the exchange will match the bet with a layer who is willing to lay the same bet. The exchange acts as an intermediary between the two customers, taking a commission on the winnings.

Back and Lay betting allows customers to take on the role of a bookmaker, setting odds and accepting bets from other customers. This provides customers with greater flexibility and control over their betting, allowing them to profit from both winning and losing selections.

Back and Lay betting are two common types of betting that you can use when placing a bet on a sports event or a horse race.