Back and lay betting has become very popular in cricket betting, allowing punters to wager on a given outcome to happen and not to occur. By concurrently placing both bets, you are assured some profit irrespective of the actual results.
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While some traditional bookmakers offer back and lay betting, cricket betting exchanges always allow you to back and lay outcomes. But you need to know the main differences between the two types of betting by studying the table below.
| Parameter | Back Betting | Lay Betting |
| Purpose | It entails supporting an outcome to occur | It involves negating the occurrence of an outcome |
| Player acts as | An ordinary punter in traditional betting | The bookmaker by betting against the bettor |
| Maximum risk | You risk losing your stake | Amount you pay a backer |
| Who sets odds | Other bettors through forces of demand and supply | Other punters, as dictated by forces of demand and supply |
Back Betting Explained
This means wagering on a certain outcome to happen. It’s different from traditional betting as you choose among the odds other bettors have offered on betting exchanges, unlike in the former, where odds are set by the bookmaker.
You should use back betting in cricket when you are confident that something will happen in a match or event and the odds are in your favour. So, you need to select the betting market you would like to back, enter your stake, and submit your bet. Your bet will then be accepted provided there is sufficient market liquidity (the amount of funds available to match your bet). Otherwise, only a part of your bet shall be accepted, or it will be declined.
Example of Back Betting in Cricket
In a T20 match between India and England, you can decide to back India to emerge victorious at odds of 3.5 with ₹1,000. If your back bet is matched and India goes on to win the match, you will get ₹3,500 (3.5 odds x ₹1,000). In this case, your profit will be ₹2,500 (₹3,500 - ₹1,000).
If there aren’t enough funds to match your bet and only ₹500 is matched, the balance of ₹500 is voided and credited back to your account balance immediately the match commences. In this instance, your profit will be ₹1,250 – total winnings (3.5 x ₹500) less your stake of ₹500.
But if there is no layer that your stake of ₹1,000 could be matched with, it will be added to your account balance upon the start of the match.
In case India loses, you will lose all the stake that will have been matched. What’s more, a betting exchange will apply a percentage commission on your profit.
Lay Betting Explained
Lay betting entails wagering against an outcome. So, you say that it will not happen, and as a result, you take the position of a bookmaker. You, therefore, need to be sure that an outcome won’t occur when placing a lay bet.
The main advantage of lay betting is that it gives you an opportunity to earn profits from several outcomes, unlike in traditional wagering, where you must get the correct predictions to win. The other merit of lay betting is that you can use it to hedge against your losses. However, the risk of incurring losses in lay betting is higher due to the unlimited liability involved.
Example of Lay Betting in Cricket
If you decide to lay India at odds of 3.0 for a stake of ₹1,000, you will walk away with the backer’s stake if the match ends in a draw or England wins. But if India wins, you will lose your liability (the total amount you will have risked to lose) of ₹2,000 [(lay odds -1) x backer’s stake].
Before laying on India, you should make sure that your betting exchange account has a minimum of ₹2,000 because the funds will be deducted from it. But the good thing is that your liability will be displayed on your screen for you to decide whether or not it’s worth risking.
Back and Lay Betting Strategies in Cricket
There are various strategies you can employ when placing back and lay bets in cricket. Understanding them beforehand is, therefore, crucial.
- Hedging. This approach entails placing a counter bet against the original one to minimise your potential loss or guarantee you some profit, no matter the outcome. But you only apply the tactic once your chances of winning seem to diminish with time.
- Backing early, laying later. This strategy is all about backing a cricket team or player when odds are higher and then laying them when odds decrease to be guaranteed some profit, whichever the outcome will be.
- High-Volume strategy. In lay betting, this tactic involves making numerous bets, especially when wagering on an individual player’s performance, consequently increasing your liability exponentially as you will be betting on several other players.
Now that you know the strategies you can utilise in back and lay betting, you will have an improved wagering experience.
Things To Consider When Using Back and Lay Betting in Cricket
Back and lay wagering is a very risky undertaking, just like any other form of online sports betting. You should, thus, take into account the involved risks when backing and laying cricket events, including:
- Unrestricted volatility. Odds often keep fluctuating on betting exchanges, making it hard for bettors to predict outcomes with accuracy.
- Overtrading on live events. You should plan on the time you will spend on a betting exchange. Otherwise, you may find yourself spending your entire day backing and laying live events due to their exciting nature.
- Non-existent exchange liquidity. Exchange liquidity of is the focal point of back and lay betting, and hence, a lack of exchange liquidity means that your bet can’t be matched, leaving you frustrated.
Besides these considerations, you should remember that you are wagering real money and practice responsible gambling.
