Back and Lay bets in sports
Sports exchanges look intimidating for newcomers to the field, but they are actually easy to learn because there are two types of bets – Back and Lay. Each user decides whether to back an event, or take on the role of bookmaker and bet against other players. Next, let’s take a look at the two betting options and their features.
Back bet – supporting the event
A “back” is a type of bet that is used to denote the support of an event, i.e. we expect it to be successful. It is most often found on the left and is colored blue.
For example. Hence, you trust the home team and bet in their favor. If Arsenal win, the bet is successful, otherwise (X or 2) – you lose.
Naturally, there are back bets for a draw and success for the visitor.
Calculating the profit from a back bet is extremely easy. The odds are multiplied by the value of the bet to form the total payout.
If you consider yourself to be a good analyst as well as sports fan be sure to check our brief straight-to-the-point spread betting review.
Lay bet – against the market
What is specific about sports exchanges is that any participant can step into the role of a bookmaker and make opposite bets, i.e. bet against other players. This action is performed by the “Lay” bet.
What does it mean to bet AGAINST a market? If we consider the above example, choosing the “Lay” option for a final mark of 1, it follows that we expect Arsenal NOT to win. The bet is only settled as a win if the ‘ballers’ have lost or drawn.
Calculating the potential winnings is more complicated than for the BACK bet and is similar to that for the American odds.
You enter an amount in the “Bet” field on the electronic slip that represents your expected winnings, and the system notifies you how much you owe to fight to win it.
For example, with odds of 2.40 and an expected win of €100, €140 will be taken from your account.
There’s an even option where no one takes the trophy. You can learn more about the Draw / X in betting brief review.
Sports exchanges generate revenue thanks to commissions. They range from 2% to 5%, depending on the conditions and the popularity of the product.
It is important to include the commission when calculating winnings from back & lay bets.