General Betting
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Ok guys, i need some help.. otherwise my brain will completely melt. Like I swear to god.
I'm trying to understand lay betting.. and I understand it's betting AGAINST something to happen. Right? But I have read things etc.. and I understand that there's a certain risk involved... but surely there's risk in all betting. :/ And I gather that it is against other people putting the bets on?
I'm very confused, and I'd appreciate some answers as to what exactly it is.
Oh and try and keep it simple, haha.
Thanks a million, Robbie.
I'm trying to understand lay betting.. and I understand it's betting AGAINST something to happen. Right? But I have read things etc.. and I understand that there's a certain risk involved... but surely there's risk in all betting. :/ And I gather that it is against other people putting the bets on?
I'm very confused, and I'd appreciate some answers as to what exactly it is.
Oh and try and keep it simple, haha.
Thanks a million, Robbie.
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Hope I'm not being fished.
If you LAY against the Irish football team Bray beating Dundalk at 2.72 @ £100 - and Bray win, you would lose £172! because you lose your £100 stake, plus your stake times the odds - another £72.
If Bray lose, you Win £100 - your stake,
Whatever amount of money you place in the Lay box underneath where it says 'backers stake' - is the amount you will win if the bet wins, just to the right of that box is the amount you stand to lose 'the liability' if your bet loses, your bet will not be placed unless you have enough money in your account top cover the liability.
If you LAY against the Irish football team Bray beating Dundalk at 2.72 @ £100 - and Bray win, you would lose £172! because you lose your £100 stake, plus your stake times the odds - another £72.
If Bray lose, you Win £100 - your stake,
Whatever amount of money you place in the Lay box underneath where it says 'backers stake' - is the amount you will win if the bet wins, just to the right of that box is the amount you stand to lose 'the liability' if your bet loses, your bet will not be placed unless you have enough money in your account top cover the liability.
The 2 bookmakers have different ideas of who has the best chances of winning. They offer the following Fixed-odds gambling on the outcomes of the event
Bookmaker 1 Bookmaker2
Outcome 1 1.25 1.43
Outcome 2 3.9 2.85
For an individual bookmaker, the sum of the inverse of all outcomes of an event will always be greater than 1.
1.25 − 1 + 3.9 − 1 = 1.056 and
1.43 − 1 + 2.85 − 1 = 1.051
The fraction above 1, is the bookmakers return rate, the amount the bookmaker earns on offering bets at some event. Bookmaker 1 will in this example expect to earn 5.6% on bets on the tennis game. Usually these gaps will be in the order 8 - 12%.
The idea is to find odds at different bookmakers, where the sum of the inverse of all the outcomes are below 1. Meaning that the bookmakers disagree on the chances of the outcomes. This discrepancy can be used to obtain a profit.
Bookmaker 1 Bookmaker2
Outcome 1 1.25 1.43
Outcome 2 3.9 2.85
For an individual bookmaker, the sum of the inverse of all outcomes of an event will always be greater than 1.
1.25 − 1 + 3.9 − 1 = 1.056 and
1.43 − 1 + 2.85 − 1 = 1.051
The fraction above 1, is the bookmakers return rate, the amount the bookmaker earns on offering bets at some event. Bookmaker 1 will in this example expect to earn 5.6% on bets on the tennis game. Usually these gaps will be in the order 8 - 12%.
The idea is to find odds at different bookmakers, where the sum of the inverse of all the outcomes are below 1. Meaning that the bookmakers disagree on the chances of the outcomes. This discrepancy can be used to obtain a profit.
Laying is simply not wanting an outcome to happen.
The simpliest example is on a 'two outcome' event.
Example 1: Tossing a coin.
Two outcomes are heads or tails.
Say you don't want heads - then you are laying heads (which in this example) means you will win if tails comes up.
Example 2: Football match
Three outcomes are Team A win, Draw, Team B win
Say you don't want a draw - then you are laying the draw (which in this example) means you will win if Team A or Team B wins.
The simpliest example is on a 'two outcome' event.
Example 1: Tossing a coin.
Two outcomes are heads or tails.
Say you don't want heads - then you are laying heads (which in this example) means you will win if tails comes up.
Example 2: Football match
Three outcomes are Team A win, Draw, Team B win
Say you don't want a draw - then you are laying the draw (which in this example) means you will win if Team A or Team B wins.
Cheers guys.
So, you need a lot more money to do lay betting than normal betting?
and, you'd lose more money than you'd win, right?
So, you need a lot more money to do lay betting than normal betting?
and, you'd lose more money than you'd win, right?
When you lay , you are acting as a bookmaker.
If you lay @ 10 (9/1) for £ 100 you can win 100 (the backers stake), but you can lose 900.
If you lay @ 1.2 (1/5) for £ 100 you can win 100 , but you can only lose 20.
If you lay @ 10 (9/1) for £ 100 you can win 100 (the backers stake), but you can lose 900.
If you lay @ 1.2 (1/5) for £ 100 you can win 100 , but you can only lose 20.
Laying isn't the same as "acting as a bookmaker" - I should know because I've still got a bike!
Could you please explain what laying is if it isn't acting like a bookmaker ?
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