# Laying Team A at decimal 2.30, backer stakes $100 liability = (2.30 - 1) × 100 = $130 # posted as collateral if A loses: you keep the $100 stake (minus commission) if A wins: you pay the $130
Laying enables positions sportsbooks don't sell: betting against a single team without backing every other outcome, and trading out of an earlier back bet at a different price - the exchange equivalent of a hedge.
A lay price is the mirror of a back price, so it slots into the same math: implied probability of the lay side is one minus the back side's (before commission). When exchange quotes appear alongside sportsbook prices in a comparison, lay depth is what tells you the market's real conviction against an outcome.