Back and Lay in sportbook | Bitcointalksearch.org

Stalker22

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Quote from: Little Mouse on May 08, 2023, 02:54:51 PM

Quote from: Stalker22 on May 06, 2023, 06:15:29 PM

In other words, you're betting on the other outcomes.

It's not about betting on other outcomes. As I read, lay is all about being the bookmaker where I have to pay the winner. I have to pay the "back".

No, that is not entirely correct. As I said before, "back" refers to placing a bet on a particular outcome to happen, while "lay" refers to offering odds on a particular outcome not happening.

Quote from: Little Mouse on May 08, 2023, 02:54:51 PM

Team A Back- 1.03
Team A Lay- 1.04
I don't know anything about the draw outcome though. I haven't tried it yet since I had no idea. I'm not going to place bets on this market either lol.

Yes, if you "back" Team A, it means that you are betting on Team A to win the match. If Team A wins, your bet will be successful and you will receive a payout based on the odds of your bet. However, if the match ends in a draw or Team B wins, your bet will be unsuccessful and you will lose your stake.

On the other hand, if you "lay" Team A, you are essentially betting against them. This means that you are betting on the other outcome(s) to happen, such as Team B winning the match or the match ending in a draw, depending on the specific terms of the lay bet.

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Quote from: Agbe on May 06, 2023, 07:17:07 PM

Quote from: Casdinyard on May 06, 2023, 03:42:00 PM

I don't think it's inherently wrong to ask for help especially from a community as tight-knit as this. The notion that everything is a google search away is a little stupid especially id someone wants something explained to them in a clear way. I don't even think your comment is constructive enough to help OP in the first place, looks like you're trying to fill up comment counts for your signature campaign lmao. In any case, let me just reiterate that Little Mouse did nothing wrong with asking what a back and lay bet is. Regardless if he searched it on google or not. He's basically exercising a privilege he earned by being a part of this community, nothing else.

Hey! guy did I say it is wrong to ask questions here? I only made a suggestion where the answer can be gotten comprehensively. If those terms are explain here, I will also be a beneficiary because I have not heard and seen them before. So where is the insult coming from. Do you think Little Mouse is only your friend? He is also mine and a public figure in the forum. I didn't see any valuable point you made as well. I only asked the site he saw the terms and that doesn't mean he must provide, I can get the terms from google and read the meaning from there. And I don't know why you take it personal, have I offended you before? If you are trying to meet up your quota with spamming the thread, I don't know for that. I am not like that. Little Mouse is my personal person. He is my friend as well.

Same here. I don't know the terms as well, so indeed that it's better if the questions like this are being asked in the forum rather than the curious person just google it directly. Sometimes there are search results that are not direct or there are different answers so it can still give a confusion to that searcher but for those who already know those things, they can provide a better answer and explanation.

I read the post above and I see that some users already gave an answer to the OP's question. Thanks to them because I also already know what those back and lay mean in sports betting and the reason why many of us are not familiar to that is it is mostly found in a fiat sportsbook.

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Quote from: Little Mouse on May 06, 2023, 09:39:39 AM

I'm not an expert when it comes to different terms in sportsbook and gambling. I usually place bets on X to win, X to score etc in cricket and soccer both. I have never seen the terms "back" and "lay" in any Casino. Maybe I didn't notice them. I joined a casino today and found both terms and I'm confused what should I do. It says back (1.03) and Lay (1.04). What does these terms mean? Any easy explanation?

I don't see any connection of that with the reputation of the casino at all, the terms are there in sports betting and they have their meaning and essence. A Back bet is simply a bet placed that indicates that a team or an individual or whatever is playing is going to win, and a Lay bet means that it is going to lose.

For example, if it's a football match between Barcelona and Manchester United, you put a Lay bet on Man Utd which means that they are going to lose the match, and if that happens, your bet is a win. The same could be done with Barcelona with a Back bet which means you think Barcelona will win the match.

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Quote from: Stalker22 on May 06, 2023, 06:15:29 PM

In other words, you're betting on the other outcomes.

It's not about betting on other outcomes. As I read, lay is all about being the bookmaker where I have to pay the winner. I have to pay the "back".

Quote from: BitcoinGirl.Club on May 08, 2023, 02:38:22 AM

@Little Mouse, it would be kind to do a screenshot and post it please? I am interested to see the format of the market.

I am assuming it's a single team-wise market like in a football match for home team there will be to leg.

Team X
Back, Lay?

How about a draw outcome?

It's like as you said.
Team A Back- 1.03
Team A Lay- 1.04
I don't know anything about the draw outcome though. I haven't tried it yet since I had no idea. I'm not going to place bets on this market either lol.

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Check this website. It was explained well and I didn't have a hard time understanding what it means. They also included some bet screenshots in case someone will be confused.
https://www.beforeyoubet.com.au/understanding-back-and-lay-betting-betfair

Quote

Back betting is your ‘usual’ type of betting that you’ve likely been doing with other Australian Sportsbooks. Simply put, it’s betting on an outcome to happen.

Example: I put $50 on Collingwood, who are paying $2.40, to defeat Richmond on Friday night.

This means I’m liable for $50.

Positive Outcome: Collingwood wins, so my back bet is successful. I win $2.40 (layer’s odds) x $50 (my stake) = $120

Negative Outcome: Richmond wins, so my best is unsuccessful. I lose $50.

Quote

Lay betting is a different type of betting experience that the Betfair exchange offers. In contrast to backing an outcome, when you ‘lay’ a bet it means you’re betting on an outcome NOT to happen.

Laying a bet is most popular with racing or sporting events with a big field of contestants. Some people prefer to lay bets rather than back bets, because it’s much easier to pick one horse/sportsperson that won’t win among a big field.

Example: I lay $50 on Novak Djokovic to win the US Open at odds of $3.00 and it gets matched by someone ‘backing’ him.

This means I’m liable for $3 (lay odds) x $50 (backer’s stake) = $150 - $50 (backer’s stake) = $100.

Positive Outcome: Novak Djokovic doesn’t win the US Open and I receive $50 from the punter that backed him to win.

Negative Outcome: Novak Djokovic does in fact win the US Open. I must now pay out $100 ($3 x $50 = $150 - $50 = $100) to the punter that backed him to win.

Back betting seems more simple than lay betting.
Looks like it is mostly used at Racing events where many players are playing against each other and not like just 2 teams or 2 players/fighters which most sports are.
It won't be that easy to win a back or a lay with that many competitors so it will be a competitive pick. I guess those who are only professional at betting on this type of pick will be the ones who can maximize their profits.
For newbies, this will not be a good choice.

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Quote from: adzino on May 06, 2023, 11:38:13 AM

Quote from: Little Mouse on May 06, 2023, 09:39:39 AM

I'm not an expert when it comes to different terms in sportsbook and gambling. I usually place bets on X to win, X to score etc in cricket and soccer both. I have never seen the terms "back" and "lay" in any Casino. Maybe I didn't notice them. I joined a casino today and found both terms and I'm confused what should I do. It says back (1.03) and Lay (1.04). What does these terms mean? Any easy explanation?

A quick google would have answered your question. When you place a "back" bet, you are betting that the team is going to win. The kind of betting you do in most of the sportsbook where you bet in a team that you think will win and if they win, you receive your payout. "Lay" is exactly the opposite When you place a "lay" bet, you bet that this team isn't going to win. You become the bookmaker here. If the team does win, you will payout x1.04 to the players (that backed for that team).

I have been in the gambling for over 15 years and to be honest I never seen such market yet LOL.

@Little Mouse, it would be kind to do a screenshot and post it please? I am interested to see the format of the market.

I am assuming it's a single team-wise market like in a football match for home team there will be to leg.

Team X
Back, Lay?

How about a draw outcome?

ralle14

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Most of the posts above already gave a good explanation on both the back and lay bets, if it's not enough you should look for the FAQ section of the betting exchange. I was confused as well when I first used a betting exchange but it's worth learning as they always have some of the best odds available and my betting experience was very similar to a sportsbook. I used to think that I have to wait for another gambler to take my bet but then I found out from another user that as long as I don't adjust the odds then my bets would simply get matched automatically which is the same as placing bets on a sportsbook.

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These terms not usually use in the different gambling community but base on my experience we are using the back with the normal betting we do which is the odds or the chance of the team or player to win is higher or what we expected. In terms of Lay people making a YOLO bet this bet is way risky but profitable some games unexpectedly get an underdog and of course with higher odds even small bet once they win you got a huge profit. People mostly doing this in a game have a close to impossible to win on the opposing team.

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Hi Little Mouse, did you see this option in a casino/bookmaker that accept crypto/bitcoin? I am curious to know because it's an interesting way to bet...
As reported correctly by many users, back and Lay are used in exchange betting a kind of p2p betting. I will suggest to understand how it works because there are some crucial differences from the classic bet vs bookmakers (likewise market depth, volatility of the odds, market with/without suspension and so on...)

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Quote from: Little Mouse on May 06, 2023, 09:39:39 AM

I'm not an expert when it comes to different terms in sportsbook and gambling. I usually place bets on X to win, X to score etc in cricket and soccer both. I have never seen the terms "back" and "lay" in any Casino. Maybe I didn't notice them. I joined a casino today and found both terms and I'm confused what should I do. It says back (1.03) and Lay (1.04). What does these terms mean? Any easy explanation?

I think this terminology is mainly referred to in "matched betting" where you are trying to maximize welcome bonuses and walk away with guaranteed winnings. If two sites are offering $100 in free bets, you take advantage by placing bets with only two outcomes at two different gambling sites, lose a little bit of money in the process but then unlock a large amount of money in free bets. Repeat that with the free bets you unlocked and you cover your small loss plus a nice amount on top. That's probably the easiest way to describe how you do it. Outside of matched betting, if you've placed a bet and think the odds of it winning have shifted, you might want to cut your losses by laying a bet elsewhere in a similar manner.

Agbe

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Quote from: Casdinyard on May 06, 2023, 03:42:00 PM

Quote from: Agbe on May 06, 2023, 03:00:31 PM

Op in which game (site) did you see the terms, please can you drop the link if you don't mind. These terms are really strange to most of us. Op this is a technology age, so you would have used the search engine (google) to figure out the terms. But dimonstration has given you his part of the understanding of the terms. Words are formed every day and months and it is our duty to find their meaning in various study platforms. Though this platform is one of them. But personal experience is the best. When you find out the meaning by yourself, you can find out the additional usage of the terms. Probably they might be used in other areas which is useful to you.

So, uhh what is your point exactly? I don't think it's inherently wrong to ask for help especially from a community as tight-knit as this. The notion that everything is a google search away is a little stupid especially id someone wants something explained to them in a clear way. I don't even think your comment is constructive enough to help OP in the first place, looks like you're trying to fill up comment counts for your signature campaign lmao. In any case, let me just reiterate that Little Mouse did nothing wrong with asking what a back and lay bet is. Regardless if he searched it on google or not. He's basically exercising a privilege he earned by being a part of this community, nothing else.

Hey! guy did I say it is wrong to ask questions here? I only made a suggestion where the answer can be gotten comprehensively. If those terms are explain here, I will also be a beneficiary because I have not heard and seen them before. So where is the insult coming from. Do you think Little Mouse is only your friend? He is also mine and a public figure in the forum. I didn't see any valuable point you made as well. I only asked the site he saw the terms and that doesn't mean he must provide, I can get the terms from google and read the meaning from there. And I don't know why you take it personal, have I offended you before? If you are trying to meet up your quota with spamming the thread, I don't know for that. I am not like that. Little Mouse is my personal person. He is my friend as well.

Stalker22

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Quote from: Casdinyard on May 06, 2023, 04:56:58 PM

Quote from: Wiwo on May 06, 2023, 04:36:03 PM

In my understanding in sports bets, these are all redirected to the odds calculation and its potential reward, this is most popular in most of the online casinos and if you do not mind the simple way to take them is that both 1.02-1.04 are all odds representing the selected bets in whichever ways it all ball down to the odds.

In other not to get myself confused, I always opt for the direct winning games selections, most especially in football matches.

It's not like these betting options are available with all bookies. i haven't seen any crypto sportsbook offer these types of betting options. ~

You probably won't come across such betting options in typical bookmakers. "Back" and "lay" are terms that are commonly used in betting exchanges, which are platforms where bettors can bet against each other instead of betting against the house.

Quote from: Casdinyard on May 06, 2023, 04:56:58 PM

It's always just the regular you choose who you're rooting for and sometimes, especially in specific types of matches like boxing or UFC fights we get to choose how they would win. In football matches I've seen this betting be done but only in fiat and live sportsbook games, so the statement still stands. It seems like this betting dynamic is slowly losing its relevance to the general public in favor of much easier to understand and execute options such as direct winning as you have said.

It is very simple. When you "back" a team or a player, you are placing a bet on them to win. On the other hand, when you "lay" a team or a player, you are essentially betting against them. This means that you will win your bet if the team or player you laid does not win. In other words, you're betting on the other outcomes.

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Quote from: swogerino on May 06, 2023, 10:48:58 AM

Quote from: Little Mouse on May 06, 2023, 09:39:39 AM

I'm not an expert when it comes to different terms in sportsbook and gambling. I usually place bets on X to win, X to score etc in cricket and soccer both. I have never seen the terms "back" and "lay" in any Casino. Maybe I didn't notice them. I joined a casino today and found both terms and I'm confused what should I do. It says back (1.03) and Lay (1.04). What does these terms mean? Any easy explanation?

I have not seen such terms in reputable casinos and maybe the casino where you are seeing is not one of such but in most casinos where I play I only see money lines which should be the equivalent of back and I am assuming Lay should be the equivalent of Asian Handicap.

I advise you to stop playing in such casinos as the terms are quite confusing even for me which I am playing from a long time,you should play in the casinos that have a great ANN thread here in this very section as by playing in those casinos you even risk even worse things,like not getting your money.Anyway if you tell us the name of the casino we can give better insights.

Wow! Isn't that so quick!! I think the confusion here is about explaining what "Back and Lay" means and not of a casino us reputable or not.

Let's not forget that terms, promotions, options and more can vary based on sports or games or casino as the developers design. It's just a matter of what actually goes which ever the case may be and not if its reputable or not.

Maybe if the OP can be a little more precise on what game, those who are familiar with it can easily pick it up and have an explanation to such term and why the odds are placed the way they are. Definitely them both are opposing option of the other but, what does it mean?

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Quote from: swogerino on May 06, 2023, 10:48:58 AM

I advise you to stop playing in such casinos as the terms are quite confusing even for me which I am playing from a long time,you should play in the casinos that have a great ANN thread here in this very section as by playing in those casinos you even risk even worse things,like not getting your money.Anyway if you tell us the name of the casino we can give better insights.

You can always google the terms to make it not confusing. Honestly, this is the first time I heard of the terms and its use and I easily comprehend what it means according to the explanation of the earlier reply.

This is also a new hand experience for me if ever I decided to use that feature and play. I think that it is a good experience to try and play a game that is new to us.

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Quote from: Casdinyard on May 06, 2023, 04:56:58 PM

Quote from: Wiwo on May 06, 2023, 04:36:03 PM

In my understanding in sports bets, these are all redirected to the odds calculation and its potential reward, this is most popular in most of the online casinos and if you do not mind the simple way to take them is that both 1.02-1.04 are all odds representing the selected bets in whichever ways it all ball down to the odds.

In other not to get myself confused, I always opt for the direct winning games selections, most especially in football matches.

It's not like these betting options are available with all bookies. i haven't seen any crypto sportsbook offer these types of betting options. It's always just the regular you choose who you're rooting for and sometimes, especially in specific types of matches like boxing or UFC fights we get to choose how they would win. In football matches I've seen this betting be done but only in fiat and live sportsbook games, so the statement still stands. It seems like this betting dynamic is slowly losing its relevance to the general public in favor of much easier to understand and execute options such as direct winning as you have said.

I do totally agree with the fact that you mentioned that this betting style doesn't exist on cryptocurrency casinos because things are changing lately, and on stake, one can choose between any odds, even some game features allow you to stake on the goals scores within the match regardless of which club score them.

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Quote from: Wiwo on May 06, 2023, 04:36:03 PM

In my understanding in sports bets, these are all redirected to the odds calculation and its potential reward, this is most popular in most of the online casinos and if you do not mind the simple way to take them is that both 1.02-1.04 are all odds representing the selected bets in whichever ways it all ball down to the odds.

In other not to get myself confused, I always opt for the direct winning games selections, most especially in football matches.

It's not like these betting options are available with all bookies. i haven't seen any crypto sportsbook offer these types of betting options. It's always just the regular you choose who you're rooting for and sometimes, especially in specific types of matches like boxing or UFC fights we get to choose how they would win. In football matches I've seen this betting be done but only in fiat and live sportsbook games, so the statement still stands. It seems like this betting dynamic is slowly losing its relevance to the general public in favor of much easier to understand and execute options such as direct winning as you have said.

Wiwo

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In my understanding in sports bets, these are all redirected to the odds calculation and its potential reward, this is most popular in most of the online casinos and if you do not mind the simple way to take them is that both 1.02-1.04 are all odds representing the selected bets in whichever ways it all ball down to the odds.

In other not to get myself confused, I always opt for the direct winning games selections, most especially in football matches.

Casdinyard

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Quote from: Agbe on May 06, 2023, 03:00:31 PM

Op in which game (site) did you see the terms, please can you drop the link if you don't mind. These terms are really strange to most of us. Op this is a technology age, so you would have used the search engine (google) to figure out the terms. But dimonstration has given you his part of the understanding of the terms. Words are formed every day and months and it is our duty to find their meaning in various study platforms. Though this platform is one of them. But personal experience is the best. When you find out the meaning by yourself, you can find out the additional usage of the terms. Probably they might be used in other areas which is useful to you.

So, uhh what is your point exactly? I don't think it's inherently wrong to ask for help especially from a community as tight-knit as this. The notion that everything is a google search away is a little stupid especially id someone wants something explained to them in a clear way. I don't even think your comment is constructive enough to help OP in the first place, looks like you're trying to fill up comment counts for your signature campaign lmao. In any case, let me just reiterate that Little Mouse did nothing wrong with asking what a back and lay bet is. Regardless if he searched it on google or not. He's basically exercising a privilege he earned by being a part of this community, nothing else.

Agbe

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Op in which game (site) did you see the terms, please can you drop the link if you don't mind. These terms are really strange to most of us. Op this is a technology age, so you would have used the search engine (google) to figure out the terms. But dimonstration has given you his part of the understanding of the terms. Words are formed every day and months and it is our duty to find their meaning in various study platforms. Though this platform is one of them. But personal experience is the best. When you find out the meaning by yourself, you can find out the additional usage of the terms. Probably they might be used in other areas which is useful to you.

Casdinyard

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These are sportsbook terms. Whenever you place a bet, especially in fiat and Live Sportsbooks, you are given the chance to bet for or against the team you choose. This is where the back and lay terms come in. When you bet on a back, you are betting that the team you chose is going to win. The multiplier is how much you're going to fork after the victory. If you are playing a Lay bet however, you are betting that the team you chose isn't going to win, which some might say "you are betting as the sportsbook" since most sportsbook do this. Now, the multiplier that is set on the lay bet is what you will pay the winners in case your bet fails. If you do win, that's what you'll get in return, similar to back bets.

Topic: Back and Lay in sportbook (Read 253 times)