What is a lay bet?
A lay bet means betting against an outcome — wagering that something will NOT happen. In traditional sports betting, you back a team to win. Laying that team means betting they will lose or draw. Betting exchanges like Betfair allow both backing and laying on most markets.
How lay betting works
When you lay a selection on a betting exchange, you’re acting as the bookmaker for that outcome. Someone else backs it; you’re the counterparty. If the selection loses, you collect their stake. If it wins, you pay their winnings. The amount you stand to pay out is calculated from the odds — laying at 5.0 for a £10 stake means you win £10 if it loses but pay £40 if it wins.
Lay betting in casino
In craps, Don’t Pass and Don’t Come are effectively lay bets — you’re betting against the shooter. The concepts are the same: you win when the ‘normal’ side loses. Beyond craps, lay betting in the pure sense isn’t a casino table game mechanic. The term is most relevant in exchange-based sports betting.