Traditional betting deals with wagering on which contestant will win the game. The punter makes his bet at the bookmaker’s odds and if he wins he receives his original stake plus whatever the odds were. This is also known as “back betting” because the bettor is “backing” one team over another.
Lay betting, on the other hand, is a relatively new concept in which the punter bets against a team winning the match. This is generally done through betting exchanges and the person making the lay bet essentially becomes their own bookmaker, setting their own odds www.itcscore.com.
Virtually all lay bets are even money bets. This means if punter wins he stands to win twice as much as his original wager, or his original wager times two. However, if he loses the bet, he has to pay the backer the original wager plus the odds. This means that more often than not his potential winnings are less than his potential liability.
For example, if Person A wants lay bet £10 against XYZ team, he will make the offer on a betting exchange. Person B is sure that XYZ will win, so he matches the bet; matching Person A’s £10 wager. As part of the lay bet, Person A set XYZ’s odds of winning the game at 5. So Person A, the one making the lay bet, has to put up not only his £10 wager, but also his potential liability (the difference between his original bet and the odds). In this instance the surety is another £40 (odds of 5 x £10 = £50 – the original bet of £10 = £40). If XYZ loses, Person A gets his original £10 back, his surety of £40, plus Person B’s £10. If XYZ wins though, then Person B not only gets his original £10 back, but he also wins the odds, or the surety put up by Person A, the £40.
The main question many people ask is: if the potential winnings are always less than the potential losses, why would anyone do this? The primary reason is because it allows the lay bettor to set his own odds. Of course the odds set by the lay bettor have to be reasonable in order to attract a back bettor to match the bet. Further, since all the exchanges require a lay bettor to deposit both his own wager plus the entire amount of the potential liability before the bet is offered there is no possibility of betting beyond his immediate means.
The ability to set the odds is by far the primary draw of lay betting, so if a person has a system of calculating the odds efficiently, that person can essentially benefit from the same system that basic bookmakers do. Further, since soccer teams always have hardcore fans that always bet for their own team, as long as lay bettor calculates his odds properly and reasonably, there is a great chance of finding a back bettor that is betting more with his heart than with his head. If punter knows how to use lay betting, it can be an extremely profitable undertaking.