Introduction to Laying

Updated: 3488 Other

An Introduction To LayingSTOP ! Before progressing further....The OLBG Betting School has an article on what is meant by the term‘ laying ‘ , and covers some basic concepts with regard to theexchanges.https://www.olbg.com/school/laying_intro.phpIf a complete novice to laying , it

Introduction to Laying
Darren Brett Tipster Competition Manager

Horse Racing, greyhounds and snooker specialist with thirty years experience of writing about sport across multiple platforms. A QPR and Snooker fan

STOP! Before progressing further

The OLBG Betting School has a range of articles on what is meant by the term laying and covers some basic value betting concepts

If a complete novice to laying, it is advisable to familiarise yourself with the betting school articles before even preparing to get your toenails damp in the deep waters of exchange laying. 

This blog is the next step but still primarily to cater for anyone with little or no experience of laying.

Whether that be horse racing, football, or whatever your chosen sport or event. 

My aim now is to impart a deeper insight into laying, along with ( eventually ) its more complicated companion, trading.

giving advice on how to get started along with a few do's, and perhaps more importantly a few do not's.

The first seven years of my working life were in a credit betting office ( I was too young to work in the recently legalised shop ) and although already a small-time punter, my punting inevitably took on a perspective from the other side. 

As a result, laying would become a logical step for me, but it can seem a minefield to those without such a background. 

Introduction to Laying

The mindset required when laying horses is totally different to that needed when backing them due to the fact that most horses you lay will be odds against, up to the maximum you set. 

A maximum should be set but there are many factors governing where to set the bar. 

The two main variables are the obvious one, what you are comfortable with, the second is what may be realistic within the chosen area of your selections.

Whilst I say the first of those is obvious, no two people will have the same opinion. 

It is similar to backing horses - some will say I never bet odds on because the profit is not good enough, others may say I never back an outsider because they do not win often enough. 

It comes down to a matter of personal preference, and always making sure you are getting value prices for your lay bets.

Laying Horses

The mindset required when laying horses is totally different to that needed when backing them.

The second part is perhaps less obvious but is essential if one is to be successful. 

An extreme example to highlight this point would be laying favourites in handicaps of 16 or more runners worth at least £20,000 to the winner and setting a maximum price of 2.50 ( 6/4 ). 

You may get one or two a year but it is more likely that you will get none! The maximum must be realistic in terms of the type of selection one wishes to lay.

I shall use two sports, Horse Racing and Football, for examples throughout although the principles will apply to most sports/betting opportunities. 

From the outset, a distinction will also be made between ‘ instant ‘ events such as a single horse race and ‘ on-going ‘ events such as Cricket test matches, Golf and Tennis tournaments, and World Cups in whatever sport. 

The examples I shall use are a random horse race along with the Premiership Winner and Relegation battles as these will be more easily understood by virtue of their familiarity.

Another fundamental difference between markets can be the number of winners. The Premiership winner market has just one winner whereas the ‘ To be relegated ‘ market has three.

Laying Information

The use of decimal odds will be used throughout the series as they are the style used on the exchanges. 

Introduction to Laying



So 2.00 equates to evens, 5.50 to 9/2, 11.00 to 10/1, etc.


If unsure about decimal odds have a little practice before moving on as you will come across very unfamiliar odds such as 1.88, 2.78, 4.30, and so on. 


If you wish to familiarise yourself with decimal odds then check out the brilliant Odds Conversion Guide.


A common misconception.

What is laying?

Laying a selection is not simply the opposite of backing.

Using racing as an example, let's take an eight race card with every favorite starting at 4.00 ( 3/1 ). If you back them all with a bookie ( £1 on each ) and two win, you will receive 2 x £4.00 in return, breaking even.

Would you break even if you LAID all eight of them to the same stake on the exchanges? almost certainly not!

Even if you managed to lay them all at an average of 4.30 ( SP + 10% ) you would pay out 2 x £4.30 which is £8.60 and then pay 5% commission on the markets where you won money ( this figure can vary but will be used throughout examples for simplicity ).

In this case that would be 6 x £0.05 = £0.30. No commission would be due on the bets where the horses won so overall there would be a loss of 90p ( take £8, payout £8.60 + 30p = £8.90 ).

From this, it can be seen that BACKING the winner 25% of the time is the break-even point but you will lose money LAYING them if more than 22.5% win! It may not seem a lot but it is actually a HUGE difference.

Fortunately, it does not have to end there.

Bookmakers

Bookmakers must offer odds on all events, you as an exchange a layer do not need to follow suit.

Bookies must offer prices on all races ( including Frankel's for example ) but as an exchange layer you do not need to follow suit. The bookie offered to lay the bets at a price and as a punter you accepted.

When laying, you can state your own maximum price for each horse, even electing not to offer odds on some ( or all ) of them. With good judgment, you may avoid one of the winners at the expense of missing two of the losers. Now a slight profit would result.

Did you realise this ?

Looking at that from the opposite angle - if a price is available and you lay a horse at that price, be aware that it is a price at which someone, possibly someone more astute than you as a learner, has already said they are prepared to back it !


The Backers Stake

When you lay a selection you are taking on someone who has already backed the selection

Remember that in practice you will initially lay virtually everything at a higher price than you would be able to back it.

Another word of caution

Having got so far - if either of the following trains of thought applies to you, then laying may be unsuitable for you at this time.

That horse is 5.00 ( 4/1 ), it may win and I shall lose four times my stake.
That horse is 1.50 ( 1/2 ), it will probably win so I am likely to lose money.


That is the crawling stage over, now it is time to stand up and walk but running will come much later!

The next blog in the series will look at examples of a single winner market ( Horse Race and Premiership Winner ) and a multi-winner market ( Premiership Relegation ) and how to set out on the long road to being successful.

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