If you’ve never used Betfair before, you’ve been missing out on a whole new way to bet. Betfair is a betting exchange, and it gives you the opportunity to do what is known as lay betting.
Many people don’t understand how lay betting works at first, but it’s actually pretty easy. So we’ve put together this step by step guide explaining how to lay a bet on Betfair.
Before you can bet, you need a Betfair account. If you don’t have one yet, you can open one for free by clicking the button below. It takes 2 minutes to register and you can also claim the Betfair new customer offer which is a great way to get you started.
When your account is open, make sure you’re logged in. Now we can get started…
In this guide we’re going to look at how to lay a horse on Betfair, since horse racing is still one of the most popular sports for lay betting. However, you can place lay bets in any sport in exactly the same way. So if you want to place a lay bet on football, tennis or anything else, the following steps still apply.
To place a lay bet you need to be using Betfair exchange, not the sportsbook. You can only place lay bets via the exchange.
You can access the exchange through the menu at the top of the Betfair website.
Now you need to choose the horse that you want to lay. By placing a lay bet we are saying that we do not think this horse is going to win. In this example, let’s pick the 14.00 at Leciester and say that we don’t think Tara Celeb will win. We choose to lay it by clicking the pink box next to the horse. The current lay price is 4.2.
Next we need to choose the stake. In this example we will choose £2 which is the minimum stake on Betfair.
This is where lay betting is different. When we lay a bet, the stake is the amount we can win if our bet is successful. Our liability is the amount we will have to pay out if our bet is not successful. This can be more or less than the stake, depending on the odds we lay at. The liability is shown on the betslip.
Once we’re happy, we click Place Bets to confirm.
Our bet is placed and the main part of the screen has changed. Look at the red or green number underneath each horse. This shows our profit or loss if that horse wins the race.
We can see that if the horse we layed (i.e. bet against), Tara Celeb, wins the race we will lose £6.40. But if ANY other horse wins, we will win £2. Betfair exchange is also one of the betting sites that offer cash out. Now that we have an open bet, this option is displayed at the top of the screen. We don’t have to use it, but it’s there if we want to.
As you can see, a lay bet is the exact opposite of a back bet. Betfair is the biggest betting exchange and gives you the opportunity to place lay bets on nearly any event you can imagine, which is one of the reasons why they are so popular with punters.
It is easiest to think of lay betting as you becoming the bookmaker. You have to pay out if the horse (or football team etc) wins, but you keep the backer’s stake if it doesn’t win. You have many more potential outcomes in your favour, so you are more likely to win a lay bet. Betfair will never limit your account because you are winning money from other users, not from Betfair themselves. And of course, you never see a poor bookmaker….
If you are ready to give lay betting a try, why not open your Betfair account now and claim that sign up bonus…
We hope this guide has been helpful. If it has, please help by sharing it with your friends so that others can benefit as well. Good luck with your lay betting!