I get asked by people I meet to explain lay betting. Lay betting is the complete opposite to traditional betting with the high street bookmaker. With lay betting you are being the bookmaker. You need a betting exchange to be able to do this.
I provide my subscribers with up to three lay tips each day. We require these horses to lose for us to win. On the exchange we have taken a bet from another person, effectively make us the bookmaker. The exchange will take form balance the whole liability of the lay. If the horse loses then we get the liability money back along with the punters money.
For example if the odds to lay on the exchange are 3.0 (2/1) and we take a wager of £10. The exchange will take £20 from our balance. If the horse wins the race then we lose our £20. However if the horse loses then we get our £20 back, along with the wager’s £10. The exchange will take a small commission in the region of 2%. In this instance that is 20p commission, so we would get £9.80 along with our £20.
If anybody needs more help then please drop me an email to [email protected]