It is possible to find yourself in a cold streak, unable to cash out from cricket bets. However, the back and lay strategy is a cheat code that will save your stake and get you cashing in big. This article explores the true meaning of this strategy in cricket.
Meaning of back and lay in cricket betting
This is a dual approach towards gambling. In order to understand it, letโs break it into three words:
- Back – Placing your stake and betting on an outcome in a cricket match.
- Lay- Betting against an outcome.
- Liability- the amount you risk losing
In laying, there is no stake involved. Instead, you act as a bookmaker. Another punter backs an outcome, while you speculate against it. If they win, you have to pay them a liability. If they lose, you win their stake.
For example, in a cricket match pitting Bangladesh against Australia through Lucky Star, you can bet on Bangladesh to win or against Bangladesh to win (draw or loss). The following are possible scenarios:
Back
You stake $20 on Bangladesh to win, with the odd at 2.5. If Bangladesh wins, the total cashout is $50. If Australia wins, you lose your $20 stake.
Lay
The lay meaning in betting from the description above portrays a significant difference from a back bet. Hereโs how, if another punter also bets on a Bangladesh win using $20 as stake with odds at 2.5. You lay, which is waging against their bet, meaning a Bangladesh loss or draw. If Bangladesh:
- Wins, you pay the punter a liability of $30, while they take their $20 stake and they cash out a total of $50.
- Loses or draws, the punter loses $20, which you earn as your profit.
Other Outcomes in Which You can Bet for in a Cricket Tournament or Match
- Player performance- backing or laying a batsman to score 50 runs or top batsman in a match or series.
- Team performance- total team runs (under/over) or total boundaries hit by a team
- Live events- next method of dismissal (caught, LBW etc) or next batsman to score
How to Beat the Bookies Via Back and Lay
- Mastering hedging- this is placing both bets at different odds to minimize risk that may be incurred from loss. This is where a punter places a wager against their first bet. No matter the outcome, you are guaranteed a win.
- Find a niche- focus on one market where you are good at that has low competition, for example number of wickets by a certain player.
- Understand odds and odd movements- you can reap big if you understand how odds fluctuate. For instance, if your back bet is not going up to plan, monitor in-game odds, and place another or other wagers to recover your stake or minimize loss.
- Explore more to understand all the specifics of this approach that puts the edge in your favor.
Advantages of Back and Lay Betting
- Positioning yourself in a win-win position – when you back an outcome and within the game it becomes more likely, laying increases your chances of winning regardless of the outcome.
- In laying, you donโt need a stake. This is a good option for a punter trying to practice safer gambling, as there is better risk management.
- More experience- laying puts you in the shoes of a bookmaker. This can give you a better perspective of how odds and market movements work. Additionally, it helps with better assessment of probabilities.
- Small but steady wins- you can earn small by participating in different markets for different events but win consistently, accumulating significant profits.
Disadvantages of Back and Lay
- Risk of high liability- As discussed earlier, in lays, you are in the shoes of the bookmaker. Therefore, you risk paying out huge amounts to other punters when you lose the bet.
- It is confusing for a beginner because the calculations, odds, and risks involved are not like in traditional bets. Therefore, it is prudent to understand its complexities first before trying it out.
- In back betting, you may still need a substantial amount of stake to improve your chances of winning something significant.
- Market fluctuations – odds may shift rapidly from time to time, especially in live events, making it difficult to track the best time to place a bet.
- Emotional and psychological stress- even though there is no stake when laying, the risk of paying out a large amount of money in case you lose may trigger anxiety and stress.
Conclusion
Back and lay is a different approach, where a punter bets for and against an outcome. Now that you know back and lay meaning in cricket betting in Hindi, you are better placed to maximize your wins. The most important skill that will boost your earnings in this type of gambling is hedging, which positions you in a win-win situation.
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