Prices & risk · 3 min read
A layoff at -6.5 can turn a $10,000 risk into $21,000
A made-up football bet shows why a cheaper layoff can leave more risk than keeping the bet.
The six-point gap
Your player has a favorite at -5.5. You lay off the same team at -6.5. A six-point win pays the player and loses your hedge. You now have two losses on the same game.
A layoff is a bet you place elsewhere to offset action you have taken. In this made-up football example, the player risks $11,000 on Team A -5.5 at -110. The player can win $10,000 in profit.
Now compare two outside quotes. At -6.5 and -110, you risk $11,000 to win $10,000. At -5.5 and -120, you risk $12,000 to win the same $10,000. You are choosing between those bets, not taking both.
Paying more for matching cover
If Team A wins by exactly six, the player’s -5.5 wins. You owe $10,000 in profit, and your -6.5 layoff loses its $11,000 stake. The loss is $21,000 on this position. Without the hedge, it would be $10,000.
The -5.5 layoff at -120 covers every margin that wins for the player. The book breaks even if Team A wins by six or more. It loses $1,000 otherwise. You are trading the chance to keep the player’s $11,000 losing stake for a much smaller worst result.
Check the cover before taking the next bet
A full layoff is one choice. Keeping a risk you can afford is another. Set the largest loss you are willing to carry, then compare each quote against it. In this example, the -110 layoff raises that loss instead of cutting it.
Before agreeing to the next large player bet, check what cover is actually available. If the spread or price leaves more risk than you can carry, reduce the next stake or decline it. Keep the terms on accepted tickets intact.
For two customer tickets at different spreads, see the related middle-risk guide. The Bookie Brief is owned by HeadCount.
What remains after each choice
| Team A result | Keep the player bet | Lay off -6.5 at -110 | Lay off -5.5 at -120 |
|---|---|---|---|
| Wins by 7+ | −$10,000 | $0 | $0 |
| Wins by exactly 6 | −$10,000 | −$21,000 | $0 |
| Wins by 5 or fewer, ties or loses | +$11,000 | $0 | −$1,000 |
The player risks $11,000 on -5.5 at -110. The -6.5 layoff risks $11,000; the -5.5 layoff risks $12,000. Either outside bet wins $10,000 in profit. Each column is a separate choice. All tickets use the same final score, including overtime. No other bets, fees, voids or collection problems. Returned winning stakes are not extra book losses.
Sources: PayPerHead: layoff accounts · DraftKings: point spread settlement · DraftKings: American odds · The $35,000 middle · Starting a book · Running a book