If you were to lay Aston Villa to win, and you were willing to do this with an amount of £10, you are basically offering £10 for someone to bet on Aston Villa to win. You are taking the place of the Bookie, and allowing a punter to place a bet.
When you lay a bet, you are betting against that event happening – so in this example, you are betting against Aston Villa winning the match. If Aston Villa lose or draw, then you are successful. Only if they win, have you lost your money.
You can lay any bets at an online exchange, the most popular ones being Betfair and Mansion. We will discuss these in more detail later on in the article.
Say Aston Villa win, you have to pay out £40. (The £10 lay and then the £30 winnings – £10 lay x odds of 4 = £40).
However if Aston Villa don’t win – they lose or draw, then you get the £10 lay, which was the punters money.
Say that Arsenal are playing Tottenham Hotspur in a football match. The odds for Arsenal to win (when expressed as decimal odds) are 3 (or 2/1). The odds for Tottenham Hotspur to win are 4 (or 3/1). Odds for the draw are 2.25 (or 5/4).
If you think there was going to be a bit of an upset, and you think Arsenal won’t win, you can lay them to win. Say you lay them with £40, at odds of 3. This means that if Arsenal do not win, ie they lose or draw, then you’ve earned £40.
If Arsenal do win, then you’ve got to pay out for the bet – £120. (The £40 lay and then the £80 winnings – £40 lay x odds of 3 = £120).
Earning money from this:
You may now be thinking that this just sounds like another form of gambling, and to be honest it is, but there is a way of using it to guarantee a profit with a little help from online bookies.