What Is ‘Lay Betting’?
”Lay betting’ is a wagering option that enables a bettor to act as the sportsbook and take the opposite side of a wager. It is often used in exchange betting, where bettors can lay certain outcomes to other bettors. This allows bettors to effectively become bookmakers and make a profit from the difference in odds.
Examples of Lay Betting
Lay betting can be particularly appealing to bettors who might be struggling to pick a winner, but absolutely believe that something is not going to happen instead. If you take Super Bowl LVII as an example – you could’ve laid the Buffalo Bills as winners because they were favorites throughout the season but had multiple red flags which suggested they might not be good enough to win.
One of the keys to lay betting is to find an appealing selection to lay. In this example, the Buffalo Bills were a good choice as many bettors would’ve backed them to win and would want to take the bet. If you had selected someone like the Chicago Bears or Houston Texans then very few would want to place a wager on them winning that year.
If you do decide to partake in lay betting and act as a sportsbook, you do run the risk of having to pay out!