Laying is the other side of the BetFair equation. It's essentially what the bookmaker is doing when he takes your bet on the highstreet.
You think something will happen, they think it won't and will offer you odds accordingly.
It's similar to the process of purchasing life insurance. You stake a monthly premium on your own death, the insurance company doesn't think it will happen and will offer you odds (or the sum assured as it's known) accordingly.
On BetFair the ability to lay as well as back events has opened up far more interesting betting opportunities for the average punter, and a number for the professional as well.
As with backing, you can also set the odds you're willing to offer on an event, putting you in control and ensuring you are only involved in a bet at a price that suits you, not the one you're being offered.
A huge advantage of being able to back and lay bets has been that it allows a customer to take both sides of a betting equation (without going over and under the spread using an Asian style sports book). This means that there is profit to be made in changes to the odds on an event on both short term and long term markets. Finally it also opens up the potential of Matched Betting and Advantage Play Betting where profits can be achieved through the use of bonuses and moneyback specials.
Again, let's hand over to BetFair now to exaplain how to lay a short priced favourite (this is a very useful technique, if the favourite doesn't start well, their price will increase and you can go green).
You think something will happen, they think it won't and will offer you odds accordingly.
It's similar to the process of purchasing life insurance. You stake a monthly premium on your own death, the insurance company doesn't think it will happen and will offer you odds (or the sum assured as it's known) accordingly.
On BetFair the ability to lay as well as back events has opened up far more interesting betting opportunities for the average punter, and a number for the professional as well.
As with backing, you can also set the odds you're willing to offer on an event, putting you in control and ensuring you are only involved in a bet at a price that suits you, not the one you're being offered.
A huge advantage of being able to back and lay bets has been that it allows a customer to take both sides of a betting equation (without going over and under the spread using an Asian style sports book). This means that there is profit to be made in changes to the odds on an event on both short term and long term markets. Finally it also opens up the potential of Matched Betting and Advantage Play Betting where profits can be achieved through the use of bonuses and moneyback specials.
Again, let's hand over to BetFair now to exaplain how to lay a short priced favourite (this is a very useful technique, if the favourite doesn't start well, their price will increase and you can go green).