"Lay odds" is a term used in gambling and sports betting, referring to a betting method commonly employed on betting exchanges or gambling trading platforms. In this context, an individual, typically a gambler or a trading participant, places a bet that a specific event will not occur. In contrast to the traditional "back odds" (supporting odds), "lay odds" represent a reverse bet, indicating a wager on the non-occurrence of an event. If the prediction is correct, the individual wins the bet.
For example, if you "lay odds" on a team in a football match, it implies that you believe the team will not win; in other words, you predict they will either lose or draw. If the team ultimately loses or draws, your bet will be successful, and you will win the amount of the wager. However, if the team wins the match, you will lose the amount you bet.
In summary, "lay odds" is a gambling approach where you bet against the occurrence of a specific event rather than betting that it will happen. This method provides more flexibility and trading opportunities in the gambling and betting markets."