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Since the dawn of betting sports betters have faced the constraint of an ability to exclusively bet on a specific player, animal or team winning with a given bookmaker. Only by betting on every other competitor winning could you change this golden rule!
If we imagine a horse race, this would equate to backing every single horse except the one you expected was going to lose! Can you imagine any better way to make your betting boring? Just think for a moment about betting 45 horses in the Melbourne Cup just so you could bet the one that you knew couldn’t win!
The opposite of normal betting is often called ‘lay betting’. By laying a bet, you’re basically assuming the role traditionally taken by the bookmaker.
Laying odds
So how does laying odds actually work? By placing a bet you’re matching exactly the opposite of what’s being offered to the person backing the bet. So let’s say you lay odds of 1-4 that a horse will lose, you’re actually giving 3-1 to anybody looking to match your bet.
Be very cautious when you’re laying bets for outsiders! Let’s say that you bet on an outsider to lose with odds of 40.0, you’re committing to paying $40 for every $1 that the punter bet against you! So, on a bet against you of just $2 you’re stuck paying a massive $80. Remember if the bet rises to $100, you’ll be left with a hefty bill of $4000!! You can elect to limit your liability on an exchange, effectively capping any laid bet to a maximum of say $2. But then you face the prospect of a profit that is hardly worth while at all.
Laying a football bet
Betting lays is suited perfectly to betting on football. It can be enjoyable for the sheer range of options. You can lay against the exact score line, the first player to score, the list is almost endless. Clearly, laying football bets give you a lot more room to move than horse race betting.
To lay a bet on football, just follow these steps:
1. Start your account on a reputable exchange (if you haven’t already).
2. Select the part of the site focused on football betting, and search for and select the game you’re interested in.
3. You’ll now see a selection of the betting markets that are available. How important the match is will determine the number of markets you’ll have access to. Lay the bet you’re interested in.
4. Determine the amount you’re looking to bet and the exchange service will work out your maximum liability.
5. Confirm your bet – GOOD LUCK!!
But fast forward to the birth of the internet and its online sportsbooks exchanges, and the world of betting with its classic constraints, and we see that everything has changed, and largely improved. In these technological times, you can bet directly on a selection of losers! Just scoot over to any of the many sportbooks and you’ll come across plenty of betters willing to bet against you and bet that the horse, player or team will indeed win. Be on the look out for those rip-off sportbooks.
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