Lay betting is when you are essentially wagering on a result not to happen. For instance, you might be convinced a horse racing favourite will not run up to expectations, so you bet against it, or lay it. Australians have Betfair as a prominent betting exchange and the only option when it comes to lay betting online. Our lay betting guide will run you through the top betting exchanges with lay betting, how lay betting works and give you insight into Betfair’s operation in Australia.
Top lay betting sites
Top lay betting sites in Australia, 2023
Lay betting is available in Australia, but is probably an underused option by racing fans, given it can open up many different avenues.
The best lay betting websites allow you to wager on outcomes not to happen, which allows you to bet against specific outcomes, like a horse finishing in the top four.
Lay betting sites will also allow you to set your own odds on events happening, or not happening, with other punters then able to claim the odds you are offering.
Betfair, which is the no.1 lay betting site in Australia, is accessible via both desktop computer and mobile, including via horse betting apps.
If you are looking for a regular bookmaker, check out our guide to the top horse racing betting sites.
Lay betting sites list
Betfair.com.au: Australia’s only betting exchange is highly regarded in the wagering community, and they provide an outstanding service. Betfair has got Android and iOS apps, while you can also place bets on desktop computer. Betfair allows you to set your own odds, bet on outcomes not to happen and are licensed to operate down under. Betfair review.
What is a lay bet?
Lay betting, unlike most racing bet types, is completely unique to Betfair Exchange. It opens a lot of betting possibilities for you that you can’t get with an online bookmaker. When you place a lay bet, you are betting on an outcome NOT to happen. For example, if you think a horse will lose a race, you can lay it.
Basically, you’re taking on the role of the bookmaker when you lay a bet. If someone wants to bet $100 on a favourite at $1.10 odds, you only pay out their profit on the bet if it wins. So, it only costs you $10 to lay their $100 stake (meaning if the favourite loses, you win the other punter’s $100; if the favourite
wins, you lose $10 to that other punter).
So, you may be asking, if you’re betting against other punters, how does Betfair, or other lay betting sites, make any money out of this? Well, they take a commission from winning bets, usually 5% depending on the market you’re betting on.
So, in that example above, you’d actually be winning $95 from their $100 stake, and Betfair would take their $5 cut.
Turn to a lay bet and you’re essentially backing the other horses in the race to beat the one you’re laying. On sheer head count alone (23 against one), the odds are stacked in your favour.
Just remember though: the bigger the odds for laying, the greater the liability you face. Know your odds and how to minimise risk. Bet wisely and bet with care.
Lay betting = Trading the odds
The chance to lay opens the door to betting opportunities you won’t find with a traditional bookmaker. Here’s a quick snapshot.
Trading on racing and sport: lay something not to happen at lower odds, then back it at a higher price to secure a profit. You’re playing the betting game here and the result of the event becomes meaningless.
Lay betting on racing in-play: consider yourself a form student? Find an edge through video form and more by laying lead horses you know have a weakness at the finish.
Arbitrage betting: or ‘arbing’ for short, where you back a selection with a traditional bookmaker, then lay the same selection on the exchange at odds which can secure a profit. Like trading, you’re now letting the result just play out.
Set your own odds
Unlike the bookies, where you are stuck with the fixed odds that they set. At Betfair you can set your own odds.
Don’t like the odds you see with the bookies? Head to Betfair and simply make a back or lay selection, then change the odds in the betting slip. Decide on your outlay and place your bet. Now the world can see your offer, it’s time to see if it gets matched.