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Laying to Lose Bets - Contrary to bookmaker and totalisation
systems, betting exchanges offer the opportunity to lay, which is to bet
that a selection will not occur. This is the position bookmakers have
traditionally taken when offering a bet to somebody to back that the
outcome will win. For example, if someone thinks Team A will win a
competition, he may wish to back that selection. A bookmaker offering the
punter that bet would be laying that selection. The two parties will agree
the backer's stake and the odds. If the team loses, the layer/bookmaker
keeps the backer's stake. If the team wins, the layer will pay the backer
the winnings based on the odds agreed.
As every bet transacted requires a backer
and a layer, and the betting exchange is not a party to the bets
transacted on it, any betting exchange requires both backers and layers.
When you lay a selection to lose you agree
to pay the backer, the person who has bet the selection to win, the sum he
has staked x the odds you have offered. If say you offered odds of 3/1 (4
Decimal) then if the selection wins you would have to payout the amount
backed x 3, so if 10 points were back you would lose 30 points.
If the selection were to lose you would win
the 10 point stake.
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