Lay

Lay in betting means betting against a selection to win. Instead of backing a team, player, or horse to win, you are betting that they will lose or not win. This is only possible on betting exchanges like Betfair, where you act as the bookmaker.

For example, if you lay Team A, your bet wins if Team A loses or draws. However, since you are offering odds to other bettors, your potential liability (amount you can lose) is higher than your stake if the selection wins.