Betting has quickly become one of the most enjoyable and fast sources to earn money. It offers plenty of options which also includes lay betting. It is one of the most popular bet options among bettors. But, Do you know What is a lay bet, how to place a lay bet and what are the effective strategies of lay betting? If not, then read this article to get a complete understanding of lay betting.
Understanding Lay Betting
In the easiest term, when you place a lay bet, you are betting against an outcome. For example, if a cricket match is going on and you are betting on the team which will not win in the match then you are placing a lay bet. Let’s learn more about it.
Also Read: How to bet in T20 world cup
Advantages of Lay Betting
Flexibility: Lay betting gives you the chance to bet against events, increasing your betting flexibility.
Trading Opportunities: It lets you lock in profits irrespective of the match result.
Higher Chances: If you believe an event is overrated, this kind of betting lets you capitalize on this belief.
Step-by-Step: Placing Your Lay Bet on Orbit Exchange
1. Log In:
Download the betting platform and log in to your account. Registration is necessary for this.
2. Choose Your Market:
Navigate to the sports section and select your preferred sport and match.
3. Look for the Lay Odds:
On the next page, you’ll see two columns: ‘Back’ and ‘Lay’. For lay betting, click on the ‘Lay’ column.
4. Input Your Stake:
Decide on the amount you want to risk. Enter the amount in the blank space.
5. Confirm Your Bet:
Review your bet and if satisfied, click ‘Place Bet’.
6. Await Results:
Monitor the event, and if your bet is successful, your winnings will be credited to your account excluding Orbit exchange commission.
What If you win/lose in a lay bet?
The lay bet follows the European method of betting and sometimes there is a minimum and maximum betting limit. So you can bet within your limit. After this, if you lose or win, your chosen odds roll and you earn or lose money according to your odds. We are telling you below what will happen if you lose or win this type of bet in the Orbit exchange app.
If you win in the lay bet
As a betting customer, if you win a lay bet, you receive both the money you invested and the profit percentage. After a win, the system credits both your principal and profit to your betting account. After this, you can place more bets with this money or can withdraw your money. If you want to play with the same money, deposit money for the second bet and select ‘use account money.’ If you want to withdraw money, submit a request. After a while, the money will be deposited into your bank account, and you will receive a notification. Try to use the best tips and tricks to win the lay bet.
If you lose in the lay bet
In case you lose in the lay bet, your invested money will be gone. However, how much you will lose also depends on your chosen odds. If you lose, whatever your liability amount is, you will have to pay the other winning player. Although you can avoid it, if you do research early, then your chances of losing are over. At the same time, it is also very necessary to keep in mind that you do not get demotivated by a defeat. Although this may be true that losing is hard, even big professional bookmakers have to face losses. Nevertheless, develop a strategy and bet again.
Also Read: How to earn more money from betting on T20 world cup?
Key terminologies to know for lay betting
Liability: The amount of money you stand to lose if your lay bet is incorrect.
Lay Odds: The odds you’re offering for your lay bet.
Betting Exchange: A platform, like Orbit Exchange, where users bet against each other rather than a bookmaker.
Strategies for Successful Lay Betting
Research is Key: Before placing any bet, ensure you’re well-informed about the event.
Stay Updated: Changes in a team or player’s status can affect the outcome. Stay abreast with news to adjust your bets accordingly.
Limit Your Liability: It’s essential to set a budget and stick to it. Only bet what you can afford to lose.
Lay betting on Orbit Exchange offers a unique way to engage with sports events, providing opportunities to profit even from outcomes you believe won’t happen. But as with all betting activities, approach with caution, knowledge, and strategy to enhance your experience.
FAQ
1. What happens if a lay bet is unsuccessful?
If a lay bet is unsuccessful then You’ll lose your liability amount.
2. Can I cancel my lay bet after placing it?
Only if it hasn’t been matched by another user.
3. How do the commission charges work?
Orbit Exchange charges a commission on your net winnings from the market.