Laying
Traditionally betting has occurred between a customer and a bookmaker where the customer 'backs' (bets that an outcome will occur) and the bookmaker 'lays' (bets that the outcome will not occur). Betting exchanges offer the opportunity for anyone to both back and lay.
For example, if someone thinks Team A will win a competition, he may wish to back that selection. A bookmaker offering the punter that bet would be laying that selection. The two parties will agree the backer's stake and the odds. If the team loses, the layer/bookmaker keeps the backer's stake. If the team wins, the layer will pay the backer the winnings based on the odds agreed.
As every bet transacted requires a backer and a layer, and the betting exchange is not a party to the bets transacted on it, any betting exchange requires both backers and layers. Of course, the distinction is moot: A layer is always simply backing that the event will not occur. Laying the home team is the same as backing the visiting team to win or draw. Laying one horse in a race is just the same as backing all of the other horses to win.
Read more about this topic: Betting Exchange
Famous quotes containing the word laying:
“Silence is the general consecration of the universe. Silence is the invisible laying on of the Divine Pontiff’s hands upon the world. Silence is at once the most harmless and the most awful thing in all nature. It speaks of the Reserved Forces of Fate. Silence is the only Voice of our God.”
—Herman Melville (1819–1891)
“Geoff Carter: Got a match?
Bonnie Lee: Say, don’t you ever have any?
Geoff: No, don’t believe in laying in a supply of anything.
Bonnie: Matches, marbles, money, women.
Geoff: That’s right.
Bonnie: No looking ahead, no tomorrows, just today.
Geoff: That’s right.”
—Jules Furthman (1888–1960)
“So, laying his cheek against the dresser’s wooden one,
He died making up stories, the ones
Not every child wanted to listen to.”
—John Ashbery (b. 1927)