These concepts play a significant role in the world of cricket betting on exchange betting sites, offering unique opportunities for you to maximize your profits and minimize your losses.
In this section, we will try to explain each and every detail of Back and Lay Betting. This can be your comprehensive guide if you are new to betting or betting exchanges.
We will provide you with some in-depth examples that will help you in your betting journey and clear your doubts on what is back and lay in cricket betting.
What is Back Betting?
Back betting, also known as “backing,” is the traditional form of betting where you predict an outcome to occur. When you place a back bet, you are supporting a particular team or player to win or an event to happen.
If your prediction proves correct, you will win your bet, and the betting exchange will pay you the corresponding amount.
For example, let's say there's a cricket match between India and South Africa, and you believe that India will win this match. You decide to place a back bet on India on the popular cricket betting exchange Dafabet with a wager of INR 1,000 at odds of 2.00.
If India wins the match, you will receive a payout of INR 2,000, which includes your original stake and the profit.
Now let us explain Back Bet on a particular player's performance. Let's say there's a One Day International (ODI) match between India and Pakistan, and you have a strong feeling that Virat Kohli will be the stand-out performer in this match.
You decide to place a back bet via the betting exchange Fun88 on Kohli to score over 99.5 runs with a stake of INR 2,000 at odds of 2.50.
If Kohli achieves the feat of scoring more than 99.5 runs, you will win a payout of INR 5,000. And on the other hand, if Kohli fails to achieve that feat then you lose your bet.
In fact, placing a ‘back' bet on an exchange is exactly the same as placing a reguler bet on an online betting site. Lay betting is where the exchanges get really interesting, as this is a distinct feature that regular bookmakers don't offer.
What is Lay Betting?
On the other hand, Lay betting is the opposite of back betting. It involves betting against an outcome, essentially assuming the role of a bookmaker.
When you place a lay bet, you are saying that a particular team or player will not win or an event will not occur. In this case, you become the person who accepts the backer's bet.
Continuing with our previous example, let's assume you decide to ‘lay’ South Africa with a stake of INR 1,000 at odds of 2.00. If South Africa loses or the match ends in a draw, you win the backer's stake.
However, if SA wins the match, you will need to pay the backer INR 2,000, which includes their original stake and the loss you suffered.
Meanwhile, when it comes to a player's performance, you can decide to lay a bet on the number of wickets he will take or a run an individual will score.
So, for example, if there is a Test match between Australia and New Zealand, you analyze the bowling form of Pat Cummins and believe he may struggle to take wickets on a pitch that is batting paradise.
Let's say the betting platform offers odds of 2.50 for Cummins to take under 2.5 wickets in the match. You decide to place a lay bet with a stake of INR 2,000 on Cummins to take under 2.5 wickets.
However, if Cummins finds a breakthrough and picks more than 2.5 wickets, then your bet is successful. And you will go on to win INR 5,000.
Advantages of Back and Lay Betting in Cricket
One of the significant advantages of back and lay betting is the opportunity to trade bets during a match, providing flexibility and the potential to secure profits or minimize losses as the game progresses.
Because you can bet on an outcome to occur, as well as an outcome not to occur, you can cover the bets you have previously made. This is a unique feature of a betting exchange, which can be very profitable if used correctly.
Let's consider a Test match between Pakistan and Sri Lanka as an example. Initially, you back Pakistan with odds of 2.00, feeling that they are a much stronger side and will win the match.
As Pakistan starts the match on the front foot and starts dominating the Lankans, their odds decrease to 1.50. At this point, you have the option to lay Pakistan at 1.50, effectively engaging in a trade.
By engaging in this trade, you ensure a profit irrespective of the final outcome but it will depend on the amount you have bet. However, if you have wagered the same amount, you are just minimizing your losses.
The process of backing or laying bets is relatively straightforward. However, the timing of when to back and when to lay a particular bet is very important. This skill of when to apply each strategy is a skill that comes with experience.