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Back betting means putting your money on something to happen - a horse or a team or a player to win, for instance. Lay betting means betting on something not to happen.

One of the best is back-to-lay: taking both sides of the bet to back and lay the same selection following a price movement either to lock in a profit or minimise your potential loss. With a back-to-lay strategy, you're not necessarily looking for a selection that you think will go on to win.

Placing a Lay bet means you are betting on something not to happen - for example, if you lay a football team to win your bet will be settled as a winner if the team loses or if the game ends in a draw - so two outcomes are playing in your favour.

Lay Betting Example If you lay a horse with odds 5.00 and stake £10, your liability will be 5 x 10 = £50. So if the horse you are laying wins you will have to pay out £50.

Because a Buy bet does nothing more than give the house a 5% commission for paying you correct odds on a winning bet, I recommend sticking with wagers that give the house less than a 2% edge, such as a Place bet, but only on the 6 or 8. Stay away from placing the 4 or 10, as the house edge is 6.67%.

Rather than backing a selection to win, lay betting enables you to bet on something to not happen. For instance, you may not know which side will win the Premier League title but you think you have a good idea which side won't win it. In this instance, a lay bet might be right for you.

(For those interested to know how lay bet liability is calculated at the betting exchange it is in exactly the same way we calculate normal liability. All you do is multiply your lay stake amount by your lay odds, then take off your lay stake amount).

For example, you can place a lay bet on a football team not winning. So, if the team loses or the game ends in a draw, you'll win a profit. But if the team wins - you lose. Lay betting typically happens on betting exchange sites.

Back betting means putting your money on something to happen - a horse or a team or a player to win, for instance. Lay betting means betting on something not to happen.

One of the best is back-to-lay: taking both sides of the bet to back and lay the same selection following a price movement either to lock in a profit or minimise your potential loss. With a back-to-lay strategy, you're not necessarily looking for a selection that you think will go on to win.

Placing a Lay bet means you are betting on something not to happen - for example, if you lay a football team to win your bet will be settled as a winner if the team loses or if the game ends in a draw - so two outcomes are playing in your favour.

Lay Betting Example If you lay a horse with odds 5.00 and stake £10, your liability will be 5 x 10 = £50. So if the horse you are laying wins you will have to pay out £50.

Because a Buy bet does nothing more than give the house a 5% commission for paying you correct odds on a winning bet, I recommend sticking with wagers that give the house less than a 2% edge, such as a Place bet, but only on the 6 or 8. Stay away from placing the 4 or 10, as the house edge is 6.67%.

Rather than backing a selection to win, lay betting enables you to bet on something to not happen. For instance, you may not know which side will win the Premier League title but you think you have a good idea which side won't win it. In this instance, a lay bet might be right for you.

(For those interested to know how lay bet liability is calculated at the betting exchange it is in exactly the same way we calculate normal liability. All you do is multiply your lay stake amount by your lay odds, then take off your lay stake amount).

For example, you can place a lay bet on a football team not winning. So, if the team loses or the game ends in a draw, you'll win a profit. But if the team wins - you lose. Lay betting typically happens on betting exchange sites.