People incur losses due to a lack of knowledge more often than bad luck. This holds when it comes to Sports Betting too, especially cricket betting.
How many times have you visited a betting platform and did not understand the various betting options available? And recall the number of times you have lost money just because you did not know what kind of bet you were placing?
Back and Lay betting often ignites similar confusion among the online cricket betting players.
In this article, we will explain the difference between back and lay betting in cricket betting in a simple and easy to understand language and how you can make money from it.
So, just read along…
Back And Lay Betting: Different Explained
Just like there are two sides to a coin, there are two sides to a bet as well. One is Back and the other is Lay. A back bet is an old-fashioned sports gamble on an outcome you predict will occur, whereas a lay bet is a type of gamble where you put your money on the non-occurrence of the event.
Consider it a modern-day version of a gentleman’s wager that would have taken place centuries ago. The first bettor would predict that the horse would win, while the second would predict that it wouldn’t. They exchange handshakes and make a bet together. The contemporary version of that wager is called “back and lay.”
Back Betting In Cricket Exchange Betting
Back Betting is the most simple and traditional way of betting. If you have ever placed a bet in your life, chances are you placed a back bet.
Back Betting simply means you are backing for a certain event to happen.
Let us say a punter wants to bet on India winning the T20 World Cup, which is a back bet. Another example can be a person betting on Virat Kohli to score a century in a test match against Australia. You will win the bet if and when the event happens. In this case, you win when India wins the T20 World Cup or Virat scores a century .
To summarize, Back betting means betting on a certain event to happen.
What Happens When A Back Bet Wins?
Since you are betting on the event to come true, you will earn a profit if it happens. Continuing with our above example, if you placed a bet of $10 on Virat scoring a century with the odds of 3, you will win $30 if he scores a century. And you lose $ 10 if he does not score a century.
You will get a profit return on your back bet. When a back bet is successful, it pays out the stipulated odds.
Liability In Back Betting In Cricket Exchange
Liability simply means the money you will owe to the bookmaker in case you lose your bet. Let’s understand this with a simple example:
GUGOBET offers odds of 2 on Rajasthan Royals winning the match. If you place a $10 bet on Rajasthan Royals winning the match then any two of the following events can occur –
Rajasthan wins.
If Rajasthan wins, then GUGOBET will return you $20 ($10*2) which includes your stake ($10) and winning amount ($10). In this case GUGOBET is liable to pay $10 to you out of their pocket.
Rajasthan lose or draw
In this case you lose the bet. Hence, GUGOBET will keep your $10. Here you were liable to pay GUGOBET the bet amount since you lost.
This is how the liability works in Back betting.
Lay Betting In Cricket Exchange Betting
You would have already guessed by now that Lay betting is just the opposite of Back betting.
Lay betting means betting against an outcome. It essentially means that you bet for an outcome to not happen
Some prominent examples of this can be predicting a team to lose, a player not getting to triple digits, a particular bowler not taking any wickets in the match, and so on. Let’s take the same T20 World Cup example:
If you back Australia to win the world cup, you will only win the bet if Australia wins and the other 7 teams lose (Probability – ⅛)
On the other hand, if you place a bet against Australia winning the World Cup (Lay bet) you will win the bet if any of the other seven teams win. (Probability – ⅞)
In this case you can easily find the chances of winning the Lay bet are a lot higher.
To summarise the difference between back bet and lay bet:
Back bet: You bet $10 that Australia will win the T20 World Cup
Lay bet: You bet $10 that Australia will not win the T20 World Cup
While Back betting is traditional, Lay betting is a comparatively new concept. Traditionally, the bookmaker provided users with the odds and users placed the bets for a certain event to happen. At the backend, the bookmaker essentially placed a lay bet to counter your bet.
But if you bet in Exchange Betting, which is one of the best features on GUGOBET you can set your odds. Your betting slip will be filled only after another user places a counter bet at the same odds. In Exchange Betting, the bettors bet against each other.
When you place a Lay bet, you play the role of a bookmaker.
What Happens When A Lay Bet Wins?
A lay bet earns a profit when the event does not come true. So, a bettor will be entitled to a profit return only if Australia fails to win the T20 World Cup, as mentioned in our above example. When a lay bet wins, it pays out by offering profit returns like other betting kinds.
Liability In Lay Betting In Cricket Exchange
Now, as mentioned earlier in the article, you play the role of the bookmaker in Lay betting. So you become liable to pay the counterparty in case the lay event doesn’t play out.
The amount that you would need to pay if you lose your lay bet becomes your liability.
The betting exchange will deduct the liability amount from your balance until the event is played out. Once the event is over, the exchange will return back the money or transfer the money to the counterparty based on the outcome.
If you place a $10 lay bet with the odds of 1.5, then your liability will be $5 (10*(1.5-1)) and If you win, you will receive $10. Your net profit/loss will be $5.
To calculate your liability, all you have to do is see it from a back bet side.
The back bettor will have to stake $10 dollars at the odds of 1.5 for your bet to match. If he wins he will receive $15 ($10 – original amount, $5 – winning). This $5 winning amount is your (bookmakers) liability. And if you win, you will receive his $10 stake.
How Does A Betting Exchange Work?
The betting exchange enables users to compete against one another and form their markets—one backing and one laying—instead of being constrained by the odds provided by bookmakers and simply having the option to back the outcome.
When a bettor chooses to “lay” a bet, they are essentially challenging the likelihood of a specific outcome. By assuming the bookmaker’s role, they offer odds to other bettors who wish to “back” that particular outcome. This allows users to actively trade positions and adjust their bets based on real-time odds fluctuations and game developments.
Let us understand this with an example:
There is a match going on between the Mumbai Indians and the Chennai Super Kings. You say M.S. Dhoni will hit more than three sixes, whereas your friend says he won’t. You guys agree together and strike up a bet of INR 200.
So, if Dhoni hits more than three sixes (back bet), your friend will pay you INR 200, whereas if Dhoni does not (lay bet), you will have to pay your friend INR 200.
In essence, a betting exchange matches bettors who have different perspectives on a particular outcome, and they then agree on their bets and the odds through the exchange.
One of the key benefits of the betting exchange concept is the freedom for users to operate as either bettors or “bookmakers,” allowing them to both back and lay a result.
Cricket Exchange Betting Strategies
The fact that the exchanges frequently offer higher odds than traditional sportsbooks is one of the possible benefits of betting through this strategy.
Another strategy used by seasoned gamblers to secure a certain profit is to simultaneously place a lay and a back bet. This is done in the real-time betting markets, where odds constantly change whenever a cricket match starts.
One example of this strategy could be this:
Before the match between India and Australia starts, you place a bet on Australia winning the match (back bet). As the match progresses, you feel there are fewer chances of Australia winning, and hence you also put your money on Australia not winning the match (lay bet).
With Back and lay betting, you are highly likely to earn a profit as compared to a single bet.
Conclusion
The choice between back and lay betting depends on individual strategies, risk appetite, and analytical insights. Back and lay betting (Cricket Exchange Betting) is an intriguing and practical system after you have more experience, so we advise starting with a few hypothetical wagers.
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