Lay betting is when a sportsbook lets you place a wager on the outcome of a sporting event, without interfering in the action.
While this may sound like a dream come true for sports fans, it can actually be a pain in the ass! We’ll tell you exactly what you need to know about how lay betting works, so you can place your bets with confidence!
The Basics
To start, let’s cover the basics. A wager is simply a bet, but for the sake of lay betting, we will refer to the action as a “race” or “competition”.
A bookmaker takes bets from customers and sets the odds for betting on various sporting events. A bookmaker is also responsible for collecting the bets and ensuring that they are settled (added up correctly).
After the game is over, the bookmaker will credit your account based on the outcome of the contest.
A reputable bookmaker will give you the best odds possible on any given sport. You might be tempted to go with the 1.85 odds for the Patriots -vs- Redskins game, but if you’re actually looking to win some money, you’ll want to go with the 3.40 odds offered by the bookmaker.
As mentioned above, most bookmakers will offer some sort of lay betting, where you can wager on the outcome of a football game without having to choose between the two teams. In some situations, you may be able to find odds that are even or in your favor. However, if you’re looking to truly lay down some cash, you might have a rough time finding odds that will suit your needs.
When Do You Place Your Lay Bet?
The answer to this question entirely depends on you. Some people like to back their favorite team all the way until the end, while others might only want to place their wager at the beginning of the 4th quarter. However, if you’re looking to maximize your return on investment, you might want to avoid putting down bets on close games. It’s always better to choose your spots wisely and take advantage of the situation.
What Should You Look Forward To?
While it might not seem like a pleasant experience to lay down big wagers on sporting events, you should actually look forward to the moment when the results are in and you can collect your winnings. This is especially important if you’re looking to place a large wager, because it might take some time until everything is settled and your winnings are credited to your account. Do your best to stay focused on the game, because it’ll be a while before you know if your wagers paid off or not.
Is It Legal?
Although most people believe that sports betting is against the law, this couldn’t be further from the truth. The law in most parts of the country actually permits some form of sports betting. It’s just that it’s against the law for bookmakers to accept wagers on sporting events from outside the state, or in some cases, country. This is where the internet comes in handy, as it allows for wagering from anywhere. If you’re planning on placing a wager online, make sure you check the laws where you live, since not all websites are created equal, and some may be subject to legal restrictions. It’s also advisable to get some form of legal insurance, just in case things go wrong and you’re found to be breaking the law. This way, you’ll have some recourse in the event that something goes very wrong.
Is It Fair?
Sports fans have a certain image in mind when they think of lay betting. After all, this is a type of wagering that was created to give the average Joe or Jane a chance to win some money on the game they love most. While it’s true that this is how lay betting was initially designed, the world has changed quite a bit since those days. Nowadays, sportsbooks will try to give you the best possible odds regardless of whether you’re a high roller or a small time operator. This means that even regular Joe’s may find it tough to beat the odds when placing bets on their favorite team.
The Downsides
While there are a variety of upsides to lay betting, there are also some significant downsides. For starters, the action is usually concentrated in just a few states, making it extremely difficult to make any meaningful wagers from outside of those areas. This can make it challenging to take advantage of advantageous betting odds. For example, if you’re in New York but the game is being played in Los Angeles, it might be difficult to take advantage of the different odds available. This could mean you’re forced to wager a little bit higher than you would otherwise because of the distance between you and the action. Even in those situations where it’s possible to lay down some meaningful cash wins, it’s still a crapshoot as to whether or not you’ll be able to collect on them. This is mainly because of the way federal law currently handles sports betting.
What About Bookmakers & Touts?
Depending on the type of league you’re betting on, you might have to wager against the spread or over under (or even both) to make money. If you’re getting all of your information from a “tipster” (someone who has inside information about the upcoming game and is sharing it with you for a fee), you might find that the information they’re giving you isn’t as good as you would get from a bookmaker. Even when the information is correct, you might find that the “tout” is trying to cheese you off in order to get you to place a wager against your better judgement.
Where Can I Lay My Wager?
You can place a wager on the outcome of just about any sporting event, as long as the bookmaker covers it. Most online sportsbooks will allow for some form of lay betting, so even if the game you’re interested in is only available in Europe or another part of the world, you should still be able to find a way to wager on it.
How Do I Place A Bets?
In order to place a bet, you’ll either need to visit a sportsbook website or go through an online betting app. As mentioned above, most sportsbooks will allow you to lay down a wager, so it really depends on which platform you prefer.
Am I Eligible For Bonus Betting?
Many sportsbooks will give you a bonus when you make a certain amount of wagers in a specified period of time. The more you wager, the better your odds of winning are going to be. With most bonuses, there are several ways to get them. For example, you might have to make a certain amount of wagers within a certain period of time. You might also have to place a certain amount of bets before you can qualify. However, you’re going to have to do your best to keep track of all of this, and more importantly, make sure you meet the requirements before you can activate your bonus.
When Do I Collect?
Most online sportsbooks allow for the collection of winnings from any given wager within 24 hours of the race or game ending. Sometimes, there are particular circumstances where winnings may not be released for up to two weeks. This is mainly because, in some cases, the results of the game aren’t settled for up to two weeks. Fortunately, in most situations, you’ll be able to collect your winnings as soon as the results are in. This usually doesn’t pose any problems for our readers, as they typically place their wagers around the end of the 4th quarter, enabling them to collect any winnings from the end of the game within 24 hours. In some cases, you might have to wait until the following week to collect winnings, if the result of the contest is still in question.
Final Takeaway
To close this section, let’s look at the big question: Is lay betting worth it? The answer to this question entirely depends on you. Some people might find that the thrill of betting on sporting events is worth the hassle. However, if you’re looking for an easy way to make money, you might find that betting with a bookmaker is the way to go. Even in those situations where you’re able to place a good wager and win, it’s still not necessarily easy to get your money back. This is mainly because of the way the government and legal system handles illegal gambling. Still, it’s probably best to avoid getting into this type of situation in the first place by playing it safe and using a reputable sportsbook.