Understanding Back and Lay Betting on Betfair

Understanding Back and Lay Betting on Betfair

The Australian betting industry has gone through some pretty big changes of late. No longer can you receive sign-up bonuses from agencies in Australia, making it that little bit harder to work the odds into your favour. However, what we do have at our disposal is the Betfair exchange. Unlike your ‘normal’ betting agency where it’s you versus the Bookmaker, Betfair is a peer-to-peer wagering platform. Betfair allow you to both ‘back’ and ‘lay’ bets, which gives you complete control and a totally unique betting experience.

The Betfair exchange can be a little daunting at first, but once you’re used to it and understand the markets, you’ll be able to get the best odds available anywhere in the country.

Over the next couple of weeks, we’re going to be taking you through some of the tactics you can employ to utilise Betfair to your advantage, and hopefully, increase your long-term profits.

We’re starting off with the basics. Today, we’re looking at the differences between backing and laying bets and when it’s the right time to do so.

betfair exchange

Back Betting

Back betting is your ‘usual’ type of betting that you’ve likely been doing with other Australian Sportsbooks. Simply put, it’s betting on an outcome to happen.

Example: I put $50 on Collingwood, who are paying $2.40, to defeat Richmond on Friday night.

This means I’m liable for $50.

Positive Outcome: Collingwood wins, so my back bet is successful. I win $2.40 (layer’s odds) x $50 (my stake) = $120

Negative Outcome: Richmond wins, so my best is unsuccessful. I lose $50.

Most people already understand the ‘backing’ concept, which is the most common way to wager worldwide. This is the only way you can wager your money at Bookmakers, and it’s also offered at Betfair.

betfair back

Lay Betting

Lay betting is a different type of betting experience that the Betfair exchange offers. In contrast to backing an outcome, when you ‘lay’ a bet it means you’re betting on an outcome NOT to happen.

Laying a bet is most popular with racing or sporting events with a big field of contestants. Some people prefer to lay bets rather than back bets, because it’s much easier to pick one horse/sportsperson that won’t win among a big field.

Example: I lay $50 on Novak Djokovic to win the US Open at odds of $3.00 and it gets matched by someone ‘backing’ him.

This means I’m liable for $3 (lay odds) x $50 (backer’s stake) = $150 - $50 (backer’s stake) = $100.

Positive Outcome: Novak Djokovic doesn’t win the US Open and I receive $50 from the punter that backed him to win.

Negative Outcome: Novak Djokovic does in fact win the US Open. I must now pay out $100 ($3 x $50 = $150 - $50 = $100) to the punter that backed him to win.

Laying a bet may seem confusing at first, but it’s actually quite simple and easy to do once you initially wrap your head around it.

betfair lay

 

That concludes our first in a series of Betfair strategy articles. Be sure to check back soon to see more ways to use the Betfair exchange to your advantage, and click on the banner below to create a Betfair account today!

TIPS

EPL 2020-21: Matchday 11 Preview & Betting Tips

Tough week for EPL punters in Matchday 10 with a tone of unexpected results making it very hard to find winners. We now shift our attention to the upcoming Matchday 11, where we’re very confident in a couple of plays that you can find below. Good luck if following! read more

Horse Racing Tips: Friday, December 4th

The Horse follows on from a successful Thursday, with his best bets from around the country for Friday, 4 December. Today, The Horse finds his best racing tips from Mornington, Moonee Valley, Randwick Kensington and Devonport with his free previews here. read more

NFL 2020-21: Week 13 Preview & Betting Tips

It was a fantastic week in NFL betting tips last week as we went 2-1 on best bets and 10-5 overall for the round. The action continues this week as Week 13 gets underway on Monday with a great 12 game slate. See our best bets and tips for every game here. read more

Australia vs India 1st T20 Preview & Betting Tips

Australia took out the ODI series and now we move onto the three match T20 series starting on Friday! See our full preview and betting tips for the first game courtesy of our cricket expert, Jack Tobin. read more

ARTICLES

Best Australian Sports Betting Sites

The best Australian sports betting sites ensure safe and successful online betting for punters. Here's our list of the best betting options in Australia. read more


Performance Ratings & Pricing with Julian Vallance with Sportsbet

Julian Vallance from Sportsbet takes us through some of the key factors which he uses with pricing upcoming horse races such as performance ratings. Check out his video from Sportsbet here. read more


What is Over-Round and How do Sportsbooks Make Money?

Over-Round is an important concept for both punters and sportsbooks. It's how Australian sportsbooks make money! All punters should understand over-round, how to spot it, and how to find better value on the Betfair Exchange. read more


Betfair Commissions and Charges

Ever wondered why you can get such great odds at Betfair in comparison to other online bookmakers? We break down why that is the case and why Betfair isn't just for professional punters here read more


BLOGS

Top 5 Bowlers to Watch in BBL10

The countdown is on until the BBL10 season officially gets underway! We ranked our BBL10 top 5 batsmen to watch earlier in the week, and today we are doing the same for bowlers! Check out our BBL10 top 5 bowlers to watch, courtesy of Mr.Cricket, here. read more


BBL10 Teams: Predicted Starting Lineups

The BBL10 squads are pretty much finalised and the season is not far away! We've taken a look at the squads for each team, and put together our predicted starting lineups taking into consideration availability of Australian national players and the playing schedule of the international recruits. Check out our BBL10 team lineups here! read more


Top 5 Batsmen to Watch in BBL10

The Big Bash League season is just around the corner! In the lead up to BBL10, we will be taking a look at some of the key players who will be hoping to lead their teams to victory! Today, we go through the top five batsmen to watch in BBL10 read more


Top 3 Melbourne Cup Price Push Plays from Palmerbet

The team at Palmerbet take a look at three key chances for the 2020 Melbourne Cup as punters look to take advantage of the Palmerbet Price Push among 10+ other promos available for Palmerbet customers for the "Race That Stops The Nation" on Tuesday. read more


Ladbrokes