In a lay bet, the bettor offers odds to others who wish to bet on a certain outcome, effectively acting as the bookmaker. This is commonly seen in betting exchanges, where bettors can back (bet for) or lay (bet against) outcomes. For example, if a bettor lays a team to lose, they are betting that the team will not win the match. If the team loses, the bettor wins the amount staked from those who backed the team.
Lay Example
For instance, if a bettor lays $100 on Team A to lose at odds of 2.0, they will need to pay out $200 if Team A wins. If Team A loses, they collect the $100 from those who bet on Team A winning.