Lay bet
A lay bet is a bet that an outcome will not happen, made at a betting exchange. You take the other side of a back bet and pay out at the odds if it happens.
Example
Lay a team at 3.10 for 10. If they do not win you collect 10, less commission; if they win you pay 21, your liability.
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Related terms
Betting exchangeA betting exchange is a market where bettors back and lay outcomes against each other. It takes a commission on net winnings instead of building in a margin.HedgingHedging is placing a second bet against one you already hold, so the result is the same whichever way the event goes. It locks a result and gives up the upside.