Bet typesGlossary
Lay bet
Also known as: Laying
A bet that a selection will NOT win, offered on betting exchanges (Betfair, Smarkets). The layer takes the role of the bookmaker — accepting another punter's back bet at agreed odds. Lay stake is what you win if the selection loses; liability is what you pay out if it wins. Liability = lay stake × (lay odds − 1).