‘Lay Bet’ Meaning | Casino & Gambling Terms Explained

A lay bet is a type of bet that you can place on an exchange site or a craps table. It is the opposite of a buy bet, which means that you are betting against a certain outcome happening. For example, if you place a lay bet on the number 4, you are betting that a 7 will be rolled before a 4. If that happens, you win your bet. If a 4 is rolled before a 7, you lose your bet.

More About Lay Bet

A lay bet is similar to a don’t pass or don’t come bet in craps, but it has some differences. First, a lay bet can be placed at any time, not just before the come out roll or after the point is established. Second, a lay bet has a vig or commission that you have to pay to the casino or the exchange site. This is usually 5% of your potential winnings, but it can vary depending on the rules. Third, a lay bet has different odds and payouts than a don’t pass or don’t come bet. A lay bet pays true odds, which means that the payout is equal to the probability of the outcome. For example, the probability of rolling a 7 before a 4 is 2/3, so the payout is 2/3. A don’t pass or don’t come bet pays even money, which means that the payout is 1/1, regardless of the probability.

A lay bet is a risky but rewarding bet that can be used in different situations. Some reasons to use a lay bet are:

• You want to hedge your bets. For example, if you have a large buy bet on the number 4, you can place a smaller lay bet on the same number to reduce your exposure and lock in some profit.
• You want to take advantage of the true odds. For example, if you think that the number 4 is unlikely to be rolled, you can place a lay bet on it and get a better payout than a don’t pass or don’t come bet.
• You want to have more control over your bets. For example, if you want to change your mind or adjust your bets, you can place or remove a lay bet at any time, unlike a don’t pass or don’t come bet that is fixed once the point is established.