A lay bet is a wager placed against an outcome, meaning you bet that a specific result will NOT happen.

Lay betting is mainly available on betting exchanges, not traditional sportsbooks.

How it works

• You act like the bookmaker

• You offer odds and accept another bettor’s stake

• You win if the outcome does not occur

Example

• Lay Team A to win at odds 2.50

• Opponent stakes $100

• If Team A does not win, you profit $100

• If Team A wins, you pay out $150 (liability)

Key characteristics

• Requires covering potential liability, not just stake

• Useful for trading, hedging, and value strategies

• Common on exchanges like Betfair

Important note
Lay bets involve asymmetric risk: losses can be significantly higher than the potential profit.