Placing bets involves extensive research, with odds and statistics being meticulously analysed by many matched bettors to maximise their chances of locking in a profit. However, even the most careful bettors can make mistakes. If you’ve inadvertently placed an unwanted lay bet, whether it’s on the wrong selection or at the wrong odds, you might be worried about the potential risk of having an unmatched bet. At OddsMonkey, we’re here to guide you on how to cancel a lay bet using our tools, helping you avoid unnecessary losses.
How to Cancel a Lay Bet
Understanding lay bets is crucial in the world of matched betting. A lay bet is a wager placed on the outcome not happening, the opposite of a back bet. These bets are unique to betting exchanges like Smarkets and allow the bettor to assume the role of the bookmaker. In matched betting, lay bets are used in conjunction with back bets to potentially secure a profit. You can delve deeper into the world of matched betting through our comprehensive matched betting blog should this innovative strategy be something that is new to you.
Now, let’s move on to how to cancel a lay bet; bettors who have made this mistake can do it in two different ways. The first way is to go onto the exchange and use the cash-out feature. If the odds have changed slightly, then the exchange will label what position you will be in if you choose to cash out; this is usually just a small profit or a small loss. However, it is important to note that if you have more than one bet placed on this market, then you should avoid using the cashout feature, as this can affect your other bets. Sometimes, it isn’t possible to cash out because there needs to be more money in that specific market too.
In this scenario, we can use method two to cancel a lay bet. This way, cancelling the unwanted lay bet can be done using the unwanted lay calculator here at OddsMonkey. Simply add the details of the lay bet, with the betting exchange, stake, odds, and commission needed to be input. We then need to add the back odds at the exchange. We can use any exchange in the back odds section, as it does not need to be the same exchange that you placed the lay bet with; you can even use a bookmaker if you prefer. Enter the currently available odds and the commission; if you are using a bookmaker, then use zero as the commission.
After following these steps, press enter on the calculator, and it will instruct you on what bet needs to be placed at the bookmaker or the exchange to cancel the unwanted lay bet with a full summary at the bottom of the calculator; this can result in a small profit or loss, but not as bad as it could potentially be should you let this mistakenly placed bet play out.
How To Use Lay Bets In Matched Betting
As previously mentioned, lay bets are a huge part of matched betting. Using back and lay bets on the same sporting event with free bet offers could lock in some margins of profit. However, it is important to note that these returns are only guaranteed if you use the correct mathematics; we can help you do this as we have our very own matched betting calculator, which you can use to ensure you have favourable odds that make this strategy a possibility.
If you are interested in beginning your matched betting journey, make sure to check out all the guides we have on offer to make sure you are making the most of your free bets and promotional offers you may have at your disposal. We offer extensive guides, from football-matched betting guides to horse-matched betting guides, with all different types of markets and sporting events being covered.
