This is a massive loophole that allows people to bet online on cricket without worrying about being persecuted for it. Now, coming to the question. A ‘back' bet is to bet on something to happen while a ‘lay' bet is to bet against a certain event. Let us take a simple example. 1xbet is offering a betting market on Virat Kohli to hit a century in this next match. You can back this if you think Kohli is going to hit a century or you can lay it if you think he will not.
Lay Betting can be explained as betting on a cricket team not winning the match. For example, placing a bet on Australia not beating India in the Cricket World Cup is a lay bet. Essentially, you are placing a bet on an outcome not to happen. The odds in the lay bet are the prices that backers want to bet on. Based on these prices, you will be matched.
In case of a Win by either Team A or B you will get your 10 Euros from the “lay”-bet, less the amount of the “back”-bet (10 Euros “lay”-profit – 6.62 Euros “back”-loss = 3.38 Euros clear profit). In case of a Draw you will get your “back”-profit decreased by the “lay”-loss.
The Betfair Exchange allows you the opportunity to back and lay bets and Cash Out. We also offer Casino, Poker, Games and Bingo.
Such bets function when the punter acts as the bookmakers, that is, laying a bet against an outcome not happening. Thus, the bettor wins when the outcome doesn’t happen. Liabilities for such bets are calculated using a formula given by the exchange. If a lay bet wins, the bettor receives the winnings in the amount of the backers’ stake.
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Back meaning you want to support the prediction. Lay meaning you want to go against what is predicted in the match. Like every other betting exchange, fancy bet is the local bookie’s term to Cricket spread betting. In the above scenario, we discussed on back or lay.
What Does Back and Lay Mean in Betting? Essentially, back and lay betting is a strand of matched betting. This is where betters take advantage of free bet deals to put money on one outcome, while they effectively ‘sell’ a bet on the other outcome via what is known as a betting exchange. Don’t worry too much about the nitty-gritty!