Laying explained
Laying is the opposite of backing — instead of betting that something will happen, you bet that it won't. On a betting exchange like Smarkets or Betfair Exchange, every back bet has a layer on the other side. The layer matches the backer's stake and acts like a mini-bookmaker — they take the stake if the back bet loses, and pay out the profit (their liability) if the back bet wins. Use this calculator to plan your lay before placing it: the liability is what the exchange holds as collateral, so you need that much in your account to place the lay.
Lay bet on the exchange
Acting as the bookmaker on Smarkets or Betfair Exchange. You match a backer's stake at given odds — if the back bet wins, you pay them their profit (your liability). If the back bet loses, you keep the stake (minus exchange commission).
The backer's stake you're matching.
Exchange decimal price (e.g. 4.0).
= 4.00 decimal
Smarkets 2% · Betfair 5% standard.
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Frequently Asked Questions
Common questions
- Laying is betting that something won't happen. If you lay a horse at 4.0, you're betting that horse won't win. You match a backer's stake at the agreed odds — if the horse loses, you keep the backer's stake (minus exchange commission). If the horse wins, you pay the backer their profit, calculated as their stake × (lay odds - 1). That payout is your liability, held by the exchange as collateral.
Gamble Responsibly
Gambling should be entertaining and not seen as a way to make money. Never bet more than you can afford to lose. If you or someone you know has a gambling problem, help and support is available.