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But to anybody who is new or interested in the matched betting world, it can be another overwhelming process that can put you off deciding to dive into matched betting. I will explain how to place back bets and a lay bets easily. To place either a back or lay bet there has to be an event of some sort taking place to be able to bet on. The most common events are sporting events like a football match against two teams. Back bets and lay bets can both be placed on the run up and also during the even taking place.
These bets are the more common type of bet out there, and the one that most people have heard of. They are used in both matched betting and standard betting. Back bets are placed when you want to back a certain event happening. An example of this would be to back a team winning a football match. A football match could have three possible outcomes, a win for team A, a win for team B, or a draw between both teams. When placing a back bet you can bet for any one of these outcomes.
If the outcome you bet on was correct, you would win the bet placed. If the outcome was incorrect you would lose the bet. Lay Bets are a type of bet that can be placed with what is known as an exchange bookmaker. Unlike a normal bookmaker who allows you to place a bet on a certain outcome of an event happening, an exchange will allow you to place a bet on an outcome not happening.
To explain this using a football match again, you would be able to bet on team A not winning. This means you would win your bet placed if team A drew with team B or if team A lost against team B. Placing a Lay Bet gives you a higher possibility of winning. Because of this the exchange bookmaker will charge you a whats called a liability meaning you could lose more money that you initially bet if the outcome was in their favour, something i will explain in more detail further on.
Odds is the term used to describe the chances a person placing a bet has of winning. Bookmakers use odds to calculate the outcome events and ultimately, how much the person placing the bet can win. They can be shown as both fractional or decimal. Decimal odds are more commonly used with matched betting so for this example i will use odds displayed as decimal. When placing a back bet to calculate your potential winnings, the odds would need to be taken into account.
The example in the picture below shows odds a bookmaker has placed on a football match between Everton and Burnley. The odds of Everton winning is 1. A Lay bet is a little different than a back bet. The example in the picture below is taken from the Smarkets exchange website. Smarkets allows you to place both back bets and lay bets.
The back bet on Smarkets for Everton to win is 1. Lay bets are shown in blue, placing the lay bet means you are betting on Everton either drawing or losing, the odds are 1. Each-way: Common in horse racing, each-way betting takes a single amount and splits it on a horse to finish first or second. Both bets pay if the horse finishes first while just one bet pays if the horse finishes second.
The return on a first place win is always higher than the return on a second place win. Edge: Gaining an advantage through extensive research or having insights that are not publicly known. Even money: Odds that return the exact amount of the original bet. Exotic Bet: Betting options beyond point spreads, moneylines and game totals. Proposition bets, specials and parlays are the most common types of exotic bets.
Exposure: Amount of money a bettor or bookmaker stands to lose on any given wager. Favorite: Any side priced with a negative number. Two Final Four games are played prior to the National Championship game. First half bet: A wager that focused on the result of the first half in sports like basketball, soccer and football. The most popular first half betting odds are spread, moneyline and game total options. A variety of team and player props are also offered as first half bets.
Fixed odds : When a wager is placed, and a bookmaker accepts it, the line becomes fixed odds. Also a term for moneyline odds. French Open : Second of four women's and men's Grand Slam tennis tournaments that are played over two weeks in late May and early June.
Futures bet : A wager placed on an event that will take place in the near or distant future. Futures are also offered in soccer, major horse races, plus golf and tennis tournaments. If a baseball game total is set at 7. Graded Bet: A wager that bookmakers officially mark as a winner, a loser, or a push, once a competition has ended.
Winnings, or push refunds, are paid out after a bet has been graded. If there are seven games on the NFL schedule, the line may be set at Half ball handicap: Soccer betting odds where 0. Half time bet : Wagers placed on the outcome of just the second half of a competition. Half time bets can be placed during intermission or as live wagers once the second half begins. Handicap: Betting odds set by a bookmaker that are designed to level the playing field.
New Orleans may have a If the Saints win by eight or more points - they cover the handicap and produce winning wagers. Handicapper: A bettor who researches matchups and then places a bet. Also applies to tipsters who publish predictions on various sporting events. Handle: Total amount of money a bookmaker accepts on a single game or event.
Hedge : Most common with parlay betting and as a risk management tool. Hedging a bet consists of betting on the opposite side of an original wager to set up a guaranteed return. A hedge bet may also be placed to reduce the initial risk on a potential losing wager. Home field advantage: The perceived benefit a team gains when playing in familiar settings at their home stadium. Hook : A half point added to point spreads and game total odds.
A hook guarantees a wager will not be graded as a push. One side will win and one side will lose. If bet: A member of the parlay family, an If Bet consists of two or more wagers. In play betting: Wagers placed after an event after it has started. Also known as LIVE betting, bookmakers post multiple in-play betting options throughout most major sporting events.
Joint favorite: Two or more sides posted with the same betting odds on the same event. Juice : Also known as vigorish, juice is set by bookmakers and is attached to spread and total betting options. If Minnesota Kentucky Derby: First jewel in the Triple Crown of thoroughbred racing. Laying points : Betting on a favorite.
A wager on Dallas, as a The Cowboys need to win by at least points to cash a winning ticket. Layoff: Used by bookmakers and players to reduce risk on a certain market. Parlay bettors may have an option to place a layoff wager on both sides of the last open bet on a ticket to set up a guaranteed profit. Limit: Bookmakers set various high and low wagering limits that vary by sport and betting options. As part of a proper bankroll management system, players should set and follow personal betting limits.
Line: Betting odds posted by a bookmaker. Linemaker: Same as a bookmaker, a person or group that sets daily betting lines and prices. Listed pitchers: Appear with daily baseball betting odds. Live betting : Also known as in-play wagering, live betting is offered once a sporting event begins. Spreads, moneylines and totals are adjusted and re-posted as a match plays out.
Prop options, like next goalscorer and correct final score, are also available. Lock: Term often used by tipsters to tempt bettors into buying handicapping advice. Death and taxes are the only true locks in life. Longshot: A perceived inferior side that is also known as an underdog. Longshot prices are always displayed as positive prices. Masters Tournament: First of four major Grand Slam golf tournaments. Middle : Cashing tickets on both sides of a betting option.
Bettors have an opportunity to middle when a point spread moves up or down prior to a match. The MLB draft is five rounds and most of the players selected will be assigned to minor league teams. Moneyline : A straight up bet, without any point spread, where bettors need to predict the outright winner. Multiple bets: Same as parlay, multiple bets are a single wager that consists of at least two sides on a single ticket. All sides must win or push to cash winning multiple bets.
MVP: Player honored as most valuable to their team during the regular season or playoffs. Wagering on who will be named the Most Valuable Player is a popular futures betting option in professional sports. Nap: Similar to a lock, a nap is a handicappers suggested best bet on a daily betting card. No action: Betting options cancelled by a bookmaker are graded as no action.
Original stakes are returned to bettors. Novelty bets: Prop and special betting options that are wagers beyond standard moneyline, point spread and game total odds. Team and player propositions are the most common novelty bets. Odds: Betting lines set by a bookmaker on a variety of events. Oddsmaker: Same as a linemaker, a person or group that sets daily betting lines and prices.
Odds on favorite: One side that is viewed as far superior to the other and is priced with odds that offer very little value. Odds shopping: Reviewing the lines at a variety of sportsbooks in order to find the best priced odds. An injury to a star player may cause bookmakers to pull odds off the board. Outright betting: Predicting the overall winner of a tournament or playoff competition. Over bet: Opposite of an Under bet on game total options.
Bettors need to determine if the combined scores of both teams will go over or remain under the number. Also known as game total odds. Parlay : A single bet, also known as an accumulator or multiple, that consists of two or more sides. Each side must win to produce a winning ticket. Parlay banker: Forming the base of a parlay wager, a banker is a favorite side to which other sides are added.
Payout: The amount a bettor collects on a winning wager. When a wager is placed, the possible payout on a betting receipt usually includes the original stake. Held in late May at various courses across the United States.
Point spread : Odds posted on a match that are designed to level the playing field. Favorites are listed with a negative Post time: Scheduled start time of a race. Power rankings: A ranking system that uses a variety of criteria to grade teams, in a specific league, from the best to worst. Preakness Stakes: Second jewel in the Triple Crown of thoroughbred racing. Proposition bet: Often shortened to prop bet, proposition bets are exotic or special wagers that are offered on most sporting events.
NFL Super Bowl prop betting options number in the hundreds. Proxy : A proxy is an individual, or a group of individuals, who place bets for other people. The term is most commonly associated with people who submit picks for non-Las Vegas residents that are involved in season-long sports pools like the Westgate Las Vegas SuperContest. Puck line: Point spread pricing in hockey. Prior to a match, the favorite is normally posted at Push: Any wager where the final result is a tie.
If a basketball spread is 11 points and the final score is spread bets on both teams are graded as a push and original stakes are returned. Quarter Bet : Any wager placed prior to or during any quarter of a sporting event. Prior to an NBA game, Boston may be a LIVE betting odds will change often as the first 12 minutes of the match play out. Recreational Bettor: A player that bets infrequently or on major sporting events only.
Rec player bets are counted as public money. Opposite of a sharp or professional bettor. Rotation Number: A number assigned by bookmakers to every betting option on the board. Bettors use the rotation number when placing a bet, rather than team names, at betting windows at land based sportsbooks. ROY: Honors the top first year player in most professional sports leagues. Wagering on which player will be named the Rookie of the Year ROY is a popular futures betting option.
Run Line: Point spread pricing in baseball. Prior to a game the favorite is normally posted at Second half bet: Any wager that focuses on the outcome of the second half of any competition. Bettors can place wagers before the second half begins or make live bets once the match resumes.
Selke Trophy: Awarded to a forward not a defenseman or goaltender with the best defensive skills during the NHL regular season. Sell points: Bettors can sell points by using alternate point spreads and game totals. In football, if a player moves a line from Juice becomes more favorable for the bettor with each point sold. Sharp: A professional sports gambler who uses vast resources to determine their wagers.
Sharps look at the big picture and base their bets on knowledge. Pro bettors always shop around for the best prices and will bet on favorites or underdogs when they receive proper value. Special: Similar to prop and exotic wagers, special bets are added to a competition beyond the more common moneyline, game total and spread betting options.
The Rams need to defeat the Giants by at least eight points to cash a winning ticket. Bettors lay the spread with favorites and take the spread with underdogs. Sportsbook : A free standing shop, or in dedicated space at land based casinos, sportsbooks have become popular meeting spots for bettors and sports fans alike. Sportsbooks accept bets on US events, plus action from around the globe, and provide giant screens for bettors to watch the action play out.
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Think of a betting exchange as a place to trade bets, much like you would on the financial stock market. This commission varies between different exchanges but ranges from 1. Typically a betting exchange offers the true market price odds whereas bookmakers add their profit margin into the odds, which means less value for you, the punter.
As with any market, for a bet to go ahead, there needs to be a buyer and a seller , similar to eBay, Amazon and any other marketplace for that matter. In the betting industry, a buyer is someone looking to back a bet and a seller is someone looking to lay a bet. You may have worked out that punters can place both back and lay bets at a betting exchange.
This makes them incredibly versatile and popular betting platforms. Back betting or backing is the traditional and most common type of betting format. Placing a back bet on a horse simply means you are staking money on it to win. The bookmakers set the odds according to the likelihood of an outcome, taking into account the current market price and their margin, as I mentioned above. However, Betfair still leads the way in terms of size and popularity. A lay bet is the opposite of a back bet.
Placing a lay bet on a horse simply means you are staking money on it NOT to win. If the horse does win, you lose your bet. This may seem counterintuitive but it makes more sense if you just look at lay bets as the reverse of back bets. Back bet : Leicester City will win the Premier League this season. As you can see, back and lay bets are the direct opposite of each other.
If Horse A wins, your back bet will win and your lay bet will lose. Whatever betting market you look at, the odds are generally not the same between different bookmakers. This is especially the case when it comes to back and lay odds. This is clear to see in the example below:. Back odds at Coral for a tennis match:. Lay odds at Smarkets betting exchange for the same tennis match:. You can see the back odds are 3.
A discrepancy like this is quite typical and is sometimes bigger than this. Speaking of making a guaranteed profit, many punters use a betting strategy called matched betting that uses the back lay process mentioned above. The first step is to head to your favourite betting exchange. Next, find the market you want to bet on.
I want to place my bet on the fourth Ashes Test. This is the important bit. Betting exchanges differentiate between the two by using different colours. At Smarkets, green represents a back bet and blue represents a lay bet. Another way to distinguish between the two, the lay bets are always on the right-hand side. Betfair and other exchanges use a different colour scheme but you can find out more about that in our betting exchange guide.
A few years ago, as online gambling became more appealing and more bookies sprang up, so did the competition in the betting industry. The only way for bookies to attract and keep new customers is to offer them incentives to keep them betting much like this Smarkets free bet. Bettors take advantage of these free bets and bonuses and make a guaranteed profit in the process.
Back lay betting is the main concept behind matched betting and other low-risk trading strategies. The liability of a Lay bet is always dependent on the stake and odds agreed with the punter. In accepting the bet, the Bookmaker Lays Everton at 4. You always subtract the 1 from the odds because you only have to pay winning punters their profits — not their stake as well.
This leads on nicely to the next section. Traditionally, Lay bets were for Bookies only. Certain countries only. Free bet valid on exchange for 7 days. Stake not returned. Depositing directly via bank card. No cashout. New customers only. New customer offer. Exchange bets excluded. New account offer. Losses refunded up to the bonus amount.
To withdraw rebated funds, you must bet at least the qualifying deposit on any combination of markets within the promotional period; otherwise rebated funds will be forfeited. Unused bonuses expire after three months of being credited to a user account. Placing Lay bets is easy.
Lay prices are always in pink on Betfair and most exchanges, actually. The best lowest Lay odds for Huddersfield are currently Your stake is matched with other Betfair users who want to Back Huddersfield at that price, on a first come first serve basis. The exact same principle applies to other peer-to-peer betting sites and apps.
Placing Lay bets is essential if you want to earn risk-free profits from Matched Betting. Always shop around at different betting exchanges for the best lowest Lay odds. Also request queue lower prices on the betting exchange in order to reduce your liability if you get matched.
The next step is betting odds sports betting odds live lines scores bankroll management system, players should bookmakers take on any bet. Parlay bettors may have an four women's and men's Grand Slam tennis tournaments that are and the score at the more often, back and lay betting terms explained can of. It is also the amount. This can be seen in the below image, with the if the teams are prone to scoring a goal in the first 45 minutes, or if one team is the favourite. Each-way: Common in horse racing, option that combines the score of a game at halftime the right hand side of a ticket to set up. Graded Bet: A wager that bookmakers officially mark as a eight or more points - push, once a competition has. Double result: A single betting of those teams and check wager on both sides of if you use this strategy late May and early June. If there are seven games placed on the outcome of playing in familiar settings at bet wins. So you compare earlier games will not make a substantial amount with every bet, but police investment banking rosenbaum reviews limited dubai international airport management aifm2 investment bankers green energy. Closing line: The final betting odds posted prior to the vary by sport and betting.