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:
“The laying of fish on the embers,
the taste of the fish,
the feel of the texture of bread,
the round and the half-loaf,
the grain of a petal,
the rain-bow and the rain.”
—Hilda Doolittle (1886–1961)
“Good discipline is more than just punishing or laying down the law. It is liking children and letting them see that they are liked. It is caring enough about them to provide good, clear rules for their protection.”
—Jeannette W. Galambos (20th century)
“Therefore the skilful leader subdues the enemy’s troops without any fighting; he captures their cities without laying siege to them; he overthrows their kingdom without lengthy operations in the field.”
—Sun Tzu (6th–5th century B.C.)