Placing lay bets can rely on extremely careful mathematics and strategy, with odds and statistics being analysed by matched bettors to ensure the highest chances of success. However, even the most experienced matched bettors can make a mistake. If you have placed the wrong lay bet with the incorrect stake or maybe placed it on the wrong event, you might be worried about the potential loss which could occur. Here at OddsMonkey, we will not only give you details and advice on what to do if this issue arises, but we also have our own unwanted lay calculator which players can use to ensure they are cancelling out any unwanted bets.
What Is A Lay Bet
Firstly, we must understand what a lay bet is to ensure we understand the process of cancelling one. A lay bet is one of the two types of bets placed in matched betting, with this being placed on an event that is not happening. For example, if you placed a lay bet on Manchester United, this would mean that a return would be made if the other team won, or it was a draw as you have placed a bet on Manchester United not to win in essence. Effectively, a lay bet is the opposite of a back bet. It is worth remembering though that lay bets can only be placed at betting exchanges such as Smarkets and Betfair and are placed in conjunction with back bets to potentially secure a profit through extensive research and planning.
How To Cancel A Lay Bet
Now, onto the most important part: how to physically cancel a lay bet. There are two separate ways to cancel a lay bet. The first and most simple way would be to go onto the betting exchange and use the cash-out feature. This can sometimes lead to a small profit or loss as the odds are constantly changing. However, if you have more than one bet placed on this market, cashing out is not one of the best options and should be avoided, as this can affect other bets. One of the biggest problems with this feature is sometimes players cannot cash out as there must be more money in that specific market.
For this scenario, OddsMonkey has covered all bases with the implementation of an Unwanted Lay Calculator, which can effectively cancel out lay bets. Using this tool is straightforward and user-friendly. Simply add the details to the unwanted lay calculator, which will include the betting exchange, stake, odds and commission. Players then need to add back odds at the exchange, with any exchange being available for use. Enter the currently available odds and the commission; if you are using a bookmaker, then the commission will be 0%. Like with all of the other betting calculators we have on our site, the unwanted lay calculator will guide you through the process, making it a simple process to cancel out any unwanted lay bets.
After following these steps, press enter on the calculator, and with the magic of the OddsMonkey unwanted lay calculator, it will instruct you on what bet needs to be placed to cancel the unwanted lay bet with an entire summary at the bottom of the calculator. It is important to remember that this can result in a small profit or loss, yet not as bad as it could have been if the mistakenly placed bet played out. This information prepares you for the possible outcomes, ensuring you are not caught off guard.
Who Can Use Unwanted Lay Calculator
The unwanted lay calculator is very important for any users who have placed a lay bet that cannot be cashed out as the calculator will inform the user of what bet they need to place to cancel it out. This calculator is important to be familiar with in case of any potential mistakes when matched betting. Regardless if you are placing stakes on football, horse racing, cricket or even the darts, this tool could come in handy for anyone should any accidental wagers be placed when applying the matched betting strategy.
Why Use The Unwanted Lay Calculator
The unwanted lay calculator is not a calculator many people want to be finding themselves using, as it means a mistake has been made. However, it is a necessary calculator to use when the cash out feature is not available, and players must resort to placing a back bet which will overall save them a larger loss.
How To Use Lay Bets In Matched Betting
As we have mentioned, lay bets are one of the biggest parts of matched betting, with the ability to lock in profits through placing bets on the same sporting event. However, as we have found out through, matched betting is only going to lock in said profits if careful and correct mathematics are used throughout the whole process. Whilst offering the unwanted lay calculator, we also have our very own matched betting calculator which players can use to ensure that unwanted lay bets are not placed in the first place.
If you are interested in beginning your matched betting journey, or perhaps you are interested in matched betting on certain sports, we have plenty of guides on offer which cover all sorts of different sporting markets and events, such as our football matched betting guide and our horse racing matched betting guide.
