Lay betting has become an essential strategy for many bettors looking to hedge their risks. Unlike traditional betting, where you back a particular outcome, laying a bet means you are betting against that outcome happening. This strategy can be a bit complex, especially when trying to determine potential liabilities and returns. However, once you grasp the basic calculations, you will be able to make more informed betting decisions.
In this article, we’ll explore how to calculate lay bets, delve into the intricacies of lay bet liability, and even give you insights into the best lay bet calculators available online. And finally, we’ll touch upon the interesting subject of converting back odds from lay odds.
How to Calculate Lay Bets
Lay betting is a concept used in sports betting, especially on betting exchanges like Betfair, where a bettor can bet against a certain outcome — essentially taking on the role of a bookmaker. Calculating lay bets involves understanding two primary components: the odds at which you’re laying and the stake you’re willing to risk. Let’s break it down with an example:
Imagine you’re laying a horse at odds of 4.0 (or 3/1 in fractional odds), with a stake of $10.
- Potential Profit: If the horse loses, you win the bettor’s stake. So your profit is the original stake, which is $10.
- Potential Liability: If the horse wins, you will have to pay out. The liability can be calculated as: (Lay Odds – 1) x Stake = (4.0 – 1) x $10 = $30.
How is Lay Bet Liability Calculated?
Lay bet liability is the amount you stand to lose if the event you laid a bet on occurs. As in the example above, the formula is:
Liability = (Lay Odds – 1) x Stake
It’s crucial to always keep track of your potential liability, as it is typically more significant than the stake you put down.
The Best Lay Bet Calculators Online
With the advent of technology, there are numerous online tools available to aid in lay bet calculations. Here are three of the most reliable lay bet calculators online:
1. Betfair Bet Calculator
The Betfair Bet Calculator is a free tool that allows you to calculate your lay stakes, liabilities, and potential profits for lay bets on Betfair. It is easy to use and provides accurate results.
To use the Betfair Bet Calculator, simply enter the following information:
- Back odds
- Lay odds
- Commission
- Back stake
The calculator will then display your lay stake, liability, and potential profit.
2. Smarkets Bet Calculator
The Smarkets Bet Calculator is similar to the Betfair Bet Calculator, but it can be used to calculate lay bets for any betting exchange, not just Betfair. It is also free to use and provides accurate results.
To use the Smarkets Bet Calculator, simply enter the following information:
- Bet type (back or lay)
- Stake
- Odds
- Commission (if applicable)
The calculator will then display your potential profit or loss.
3. OddsMonkey Lay Bet Calculator
The OddsMonkey Lay Bet Calculator is a more advanced lay bet calculator that can be used to calculate lay bets for a variety of different betting scenarios, such as matched betting and arbitrage betting. It is not free to use, but it offers a number of features that make it worth the subscription fee.
To use the OddsMonkey Lay Bet Calculator, you will need to create an account and subscribe to one of the premium plans. Once you have subscribed, you can start using the calculator by entering the following information:
- Bet type (back or lay)
- Stake
- Odds
- Commission (if applicable)
- Lay bet scenario (matched betting, arbitrage betting, etc.)
The calculator will then display your lay stake, liability, and potential profit.
Read also:
Which Lay Bet Calculator Should You Use?
The best lay bet calculator for you will depend on your needs and budget. If you are just starting out, then I recommend using the Betfair Bet Calculator or the Smarkets Bet Calculator. These calculators are free to use and easy to use.
If you are more experienced with lay betting and need a more advanced calculator, then I recommend using the OddsMonkey Lay Bet Calculator. This calculator is not free to use, but it offers a number of features that make it worth the subscription fee.
How to Calculate Back Odds from Lay Odds
To calculate back odds from lay odds, you can use the following formula:
Back odds = 1 / (Lay odds - commission)
Where:
- Back odds are the odds of the outcome you want to bet on.
- Lay odds are the odds of the lay bet.
- Commission is the fee charged by the betting exchange.
Here is a simple example:
Lay odds: 2.1 Commission: 5%
Back odds = 1 / (2.1 - 0.05) = 1 / 2.05 = 0.49
Therefore, the back odds are 0.49.
Note: The back odds will always be lower than the lay odds, due to the commission charged by the betting exchange.
Here is a more complex example:
Lay odds: 3.0 Commission: 2%
Back odds = 1 / (3.0 - 0.06) = 1 / 2.94 = 0.34
Therefore, the back odds are 0.34.
Conclusion
Lay betting introduces an exciting dimension to the world of gambling. It allows bettors to take the role of the bookmaker, offering odds rather than taking them. Understanding how to calculate lay bets and their associated liabilities is crucial to employ this strategy effectively. With the rise of online betting exchanges and tools, it has never been easier to calculate and place lay bets, ensuring you make informed betting decisions.
Whether you’re a seasoned bettor or just starting, the concept of lay betting offers an opportunity to diversify your betting strategy. With the knowledge from this guide and the assistance of online calculators, you’ll be well on your way to mastering lay bets. Always remember to gamble responsibly and ensure that you’re clear about potential liabilities before laying a bet.