What is Lay Betting?
Lay betting is simply a term used to describe when you are betting against an outcome happening.
In horse racing, and the lay tips we provide, we are placing a bet against a horse winning, or in other words not finishing first.
When you place a lay bet you have to put up the liability of the bet winning, see 'what is liability below'.
Check out the video put together by Betfair which explains lay betting perfectly.
What is Liability?
In a traditional back bet you stake an amount in order to win the price offered
For example if a horse is offered at 4/1 and you stake £10 you will get back £50 back, made up of the £10 you staked and £40 winnings
When you lay a bet the roles are reversed, so in our example we will have to put up the £40 winnings (our liability should the horse actually win) in order to win the backers stake of £10
The good news here is that Starlays offers very accurate tips for you to lay, our tips are always under 4/1 and we have a win ratio of over 80% so while nothing is guaranteed in horse racing our tipping history confirms we are profitable for you
How does it all work?
When you sign up to one of your clubs we will send you our lay tips to your inbox every day before 12:30.
You place your daily target as a lay bet on the first tip of the day, if it wins your take your profit and forget about the other tips, you won't need them as you've won.
If our tip loses, simply move to the next tip and bet according to the betting strategy you have chosen.
Our Starlays Double Down Strategy is the strategy we use ourselves and this protects against any potential losing streak whilst maximising profitability
What is a betting exchange?
A betting exchange is simply a place where you can place lay bets.
It is called an exchange because you are 'exchanging' or 'trading' bets with other people rather than the book maker. i.e. when you place a lay bet you are offering up the liability for someone that has placed a back bet.
Betfair and Smarkets are the two biggest exchanges and offer the best odds in our experience because they have the largest number of members
How to place a lay bet?
When you go to a betting exchange to place a lay bet you are looking for the numbers on the right hand side of the prices, blue for Smarkets and pink on bet fair, and then you simply type in the amount you want to stake, the exchange will show you the liability, and you click confirm.
This great video from 'the complete guide to everything' is the best we have found to explain how the exchange looks
Do we bet on every tip?
No - and we suggest you don't either.
Our goal is to make a profit each day and we aim to do that on the first tip, as soon as we hit a winner on any given day we stop, we've made our profit and there's no need to risk losing that.
we also have some guidelines for when racing odds move drastically, this can happen for a number of reasons, usually when a horse pulls out of the race, but can also be as more information comes live through the afternoon, because we get our tips out late morning changes through the afternoon can affect the outcome of a race, as such we suggest following these guidelines;
1) If the odds move higher than 7.0 we do not place a bet, the odds are likely that the horse will lose but the liability starts to get out of our comfort zone.
2) If the horse we have tipped to lose goes 'odd's on favourite' usually by having odds of less than 3.0 and all the other horses are up over 5.5 we suggest not placing a bet, this usually means information has come about that the horse will likely win usually due to other horse dropping out of the race, you will see this if horses appear on the exchange as 'Void'
3) Whilst it is rare if a race drops down to 4 or less horses we don't place a bet, with a reduced field the odds just don't work for lay betting.
Are you taking on the role of the bookie?
Despite what some sites might tell you this is not strictly true although the confusion can be forgiven.
Bookmakers make their money by offering a price on every horse in the race knowing that only one can win. They then 'stack' their book, by adjusting prices, so whatever happens they will always take more money from the bets that lost versus what they have to payout on the winner.
With Lay betting we are only picking one horse in a race to lose and limiting any potential lose by picking a horse with low odds
What should I do if my Gambling feels out of control?
Keeping you and your money safe is our top priority, that's why we are huge advocates for the work being done by the gambling industry to support those wishing to partake as best they can.
We would always suggest using the account limits that bookmakers offer.
If, however, you find that gambling is no longer fun or you are not acting rationally we implore you to use the below links to find the support and help you need.
Both these sites have resources to support you and we would suggest using the gam care self assessment if you are ever concerned about your gambling at the following link