The Back and Lay bets have created quite a buzz in the market lately. It is because the back and lay bets provide better value for money, better odds, and even provide matched betting. This, in turn, ensures that customers would earn better profits.
Back and Lay betting is a renowned strategy that helps enhance your odds when you wager on sports. Bangladesh is one such sports-crazy nation that has seen an immense growth of online gambling companies.
Bangladesh is a Muslim majority nation. Thus, physical casinos and betting companies are banned due to their strong anti-gambling laws as well. But, the majority of the online gambling companies are located outside the country. So, they do not fall under Bangladeshi jurisdiction.
What are Back and Lay Bets?
Now, let us first understand the concept of Back and Lay Bets. First, we will go through the idea of a Back bet, and then Lay Bet.
A back bet is betting on an event that is going to happen. It is a traditional form of sports bet. That is in practice for a long time now. Let us take an example of a Bangladesh Premier League match between Sylhet Sunrisers and Comilla Victorians.
Let’s say you bet an amount of BDT 2000 on Sylhet Sunrisers to win at an odds of 4.0. In this case, you are ‘backing’ Sylhet Sunrisers to win at any cost. If the team wins, you earn BDT 2000*4.0= BDT 8000 as a reward for the bet.
But, in case your team loses, then you lose the entire sum that you had bet and you would get nothing back. That means the back bet is staking money on your favorite team to win at all costs.
The concept of Lay bet is a bit more complex to understand. Lay betting is where the punters bet against each other and not against a common bookmaker. Thus, the lay bet is opposite to the concept of a back bet.
In the lay bet, you bet on your favorite team Sylhet Sunrisers to win. But in back betting, you need to bet on Comilla Victorians to lose. Now, as long as the Comilla Victorians lose, you win the bet.
The concept of Lay bet is not much in practice. But it could be a more effective way to bet, as you do not have to bet on a single team to win.
How do you calculate Back and Lay bets?
How to Calculate a Back Bet?
The profit of a back bet can be calculated by multiplying the decimal odds with the backer stake. Let’s say, you are backing Bangladesh to win against the West Indies for BDT 20 with the odds of 2.5, the returns will be calculated as:
Returns = Stake * Decimal odds
BDT 25 = BDT 10 * 2.5
Profits = Return – Stake
BDT 15 = BDT 25 – BDT 10
Here, you place your bet against the bookmaker, if your bet lands, you win the money which the bookmaker lost.
How to Calculate a Lay Bet?
In a lay betting exchange, you can take the role of a bookmaker. When you enter the stake in a lay bet, you also manage the backer stake. To calculate a lay bet, you must assume the reverse process of the bet.
The stakes are kept as profit and the bet is now a liability. Now assuming the same situation of Bangladesh beating West Indies at odds of 3.0.
Thus, Liability = Backer Stake (Odds-1)
BDT 20* (3-1)
BDT 20*2 = BDT 40
Now, the player has to risk BDT 40 to win BDT 20. It is important to note that you are betting the entire BDT 40 with a higher risk.
How does Back and Lay Bet work?
The Back and Lay bets are available at a marketplace known as Betting Exchange. Here, you can bet on a certain outcome to happen (back), or it won’t happen (lay). The important thing that you must remember is that you would never win big in the back and lay betting.
It is because the odds are set in such a way that it benefits the platforms, rather than the users. So, even if you cover all the outcomes of an event in a sportsbook, the platform owners would always tweak the rules for their benefit.
How do you win Back and Lay Bets?
In the Back and Lay bet, the bettor will place a bet on a higher odds selection and then look to lay the same selection at a lower price. Once the lay element is matched. The bettor makes a profit, regardless of the outcome.
What is the difference between Back and Lay odds?
The main difference between both bets is- For the back bet, you are ‘backing’ an outcome to happen positively for you. While, in the lay bet, you bet an outcome not to happen.
Any top-rated betting exchange offers back and lay bets. Sports betting is betting on luck, rather than the outcome. Before placing a back and lay bet, always calculate the winning probability first, by using the back and lay betting calculator.
This will help you understand your winning chances before you make a bet. Also, practice safe and responsible betting and do not bet with your emotions.