"Laying odd" is a colloquial term used to describe the act of placing bets or wagers on outcomes that are deemed unfavorable or unlikely to happen. It is commonly associated with sports betting, where bookmakers or bettors offer odds on certain events or results.
In the context of betting, "odd" refers to the probability or likelihood of an event occurring. High odds indicate a less likely outcome, while low odds suggest a higher chance of it happening. When one engages in "laying odd," they are essentially betting against the favorite or popular opinion, by backing the less favored result or outcome.
This practice is prevalent in betting exchanges or peer-to-peer platforms, such as Betfair, where individuals can act as bookmakers and offer odds on various events. In this case, the person laying odd becomes the "bookie" and offers odds for others to bet against.
The concept of laying odd involves assuming the role of a traditional bookmaker, as opposed to simply placing a bet on a favorable outcome. It requires analyzing the odds, assessing the probability of the favored result not occurring, and offering those odds to others who wish to bet on the contrary.
By laying odd, individuals seek to capitalize on perceived unlikely outcomes, often with the expectation of gaining higher profits if the less favored result indeed occurs. Consequently, laying odd involves taking risks, as the unfavorable outcome may not materialize, resulting in financial losses.
