Back and lay betting
Every matched bet is a back bet and a lay bet on the same thing. This lesson follows the money through both, so you can see exactly why you end up in the same place whatever happens. By the end you'll know:
- how a lay bet covers every other outcome
- why your lay stake is rarely the same as your back stake
- the order to place your bets in, and why
Quick reminder
- Back bet (at the bookie): you bet something will happen. "Arsenal to win."
- Lay bet (at the exchange): you bet it won't happen. "Arsenal not to win."
When you lay, you're playing the bookie. If Arsenal don't win, you keep the backer's stake. If they do win, you pay them out.
Follow the money
Arsenal are playing Chelsea. To keep things simple, say the bookie and the exchange both have Arsenal at 3.00, and the exchange charges no commission.
- At the bookie, you back Arsenal for £10.
- At the exchange, you lay Arsenal for £10.
A football match has three possible results. Here's what happens to your money in each one:
| Result | Bookie | Exchange | Total |
|---|---|---|---|
| Arsenal win | +£20 | −£20 | £0 |
| Draw | −£10 | +£10 | £0 |
| Chelsea win | −£10 | +£10 | £0 |
One lay bet covers both the draw and a Chelsea win, because both mean "Arsenal didn't win". Whatever happens, one side wins what the other loses.
On its own, that's pointless: you've just moved money around. But when the back bet is unlocking a free bet, breaking even (or close to it) is exactly what you want.
When the odds don't match
In real life, the lay odds are usually a little higher than the back odds. Say you back Arsenal at 3.00, but the best lay price is 3.10.
If you laid £10 again, the results would be lopsided: lose £1 if Arsenal win, break even if they don't. The calculator fixes this by working out the lay stake that spreads the cost evenly. Here, that's £9.68:
| Result | Bookie | Exchange | Total |
|---|---|---|---|
| Arsenal win | +£20.00 | −£20.33 | −£0.33 |
| Draw or Chelsea win | −£10.00 | +£9.68 | −£0.32 |
You lose about 33p either way, so you know your cost before the match even starts. You never need to do this maths yourself. Just enter the odds into the calculator, and it gives you the lay stake.
Real exchanges also take a small commission, which changes these numbers slightly. That's covered in the next lesson.
Common mix-up: laying the wrong thing
You always lay the same selection you backed. If you backed Arsenal, you lay Arsenal.
It's tempting to think "I backed Arsenal, so I'll back Chelsea at the exchange" instead. But that leaves the draw uncovered, and you'd lose both bets if the match ends level.
The market has to match too. If you backed Arsenal to win in 90 minutes, lay Arsenal in the 90-minute match odds market, not a "to qualify" or extra-time market. Different markets settle on different rules, and that can leave one bet running without the other.
The right order: back first, then lay
- Place the back bet at the bookie. Check it's been accepted at the odds you expected.
- Recheck the lay odds. If they've moved, put the new price into the calculator.
- Place the lay bet at the exchange, using the stake the calculator gives you.
- Check the lay is fully matched. The next lesson explains what that means.
Why back first? Bookies can reject a bet, cut your stake or change the price at the last second. If you'd already laid, you'd be left with a lay bet and nothing to cover it. Exchange prices can move too, but you can simply recalculate and lay at the new price.
Recap
- A lay bet covers every outcome except the one you backed, so the two bets cancel out.
- When the odds differ, the calculator sets a lay stake that makes the cost the same either way.
- Lay the same selection, in the same market. Always back first, then lay.
Put it into practice: the Oddsmatcher, which finds close back and lay odds for you.