What is a lay bet
What is this back lay calculator for?
This page calculates the amount you need to 'lay off' a bet made with a bookie. This will ensure that, whatever the outcome, you end up with the same profit or loss. This technique is extensively used by people who want to place qualifying bets with a bookie in order to earn free bets later. To use this page you only need two things: a bookmaker to take your bet, and an online exchange where you can place lay bets on the same game or event.
How do I use the lay calculator?
Select the qualifying bet or free bet button and then enter your bet amount and odds. To maximise your outcome try to bet on events which have the closest odds at the bookie and exchange, for example betting Arsenal to win a match at 2.15 and laying the same outcome at 2.16 would guarantee
only a very small overall loss. Laying the same outcome at 2.09 or lower would guarantee a small profit. When using an exchange you will usually be charged commission on any winnings, so enter that % charge too. If you have already placed a lay bet which covers part of the bet liability, enter the details in the part lay section.
After hitting the calculate button you will see 3 sets of numbers. The standard match section will show you how much to lay at the exchange to ensure you come out with the same profit or loss regardless of the outcome of the event. That profit or loss is also calculated and shown as your 'overall position'.
If you wish to bias your profit or loss towards one outcome, you can use the overlay or underlay figures to balance this precisely.
For more advanced users, the slider can be used to generate a custom lay and understand potential outcomes.Source: www.trickybet.net