In sports betting, laying odds is when a bettor offers a bet to others, essentially becoming the bookmaker. The bettor sets the odds for an event and hopes that the chosen outcome does not occur. If the event does happen, the bettor must pay out at the agreed odds. This is commonly used in exchanges, where bettors wager against each other instead of a traditional bookmaker.
Lay Odds Example
For example, in a horse race, if you lay odds on a particular horse, you are betting that the horse will not win. If the horse loses, you win the bet; if the horse wins, you must pay out to the person who backed the horse.