The Unwanted Lay Bet Calculator is used for cashing out lay bets which have either been placed in error or are no longer required.
Here is an example of a £5 lay bet at 1.25 on Man City, which we no longer need.
First, we need to get the back odds for the bet we no longer need from the exchange. These would be the odds in the green box if you were using Smarkets. As we can see, the odds for Man City in the green box are 1.23, so these are the odds we need to enter into the Back Odds cell in the calculator.
We then need to fill in the rest of the calculator.
Lay Stake is the amount you have laid, so £5 in this case, Lay Odds are the odds you have laid at, which is 1.25 for this bet.
After that is completed, it gives us the stake for a back bet to offset the incorrect lay bet.
Meaning to fix this unwanted lay bet, we would go to Smarkets, click the odds in the green box at 1.23 for Man City and bet £5.08.
After placing that bet, the £5 lay bet that we wanted is fixed, and we can see that our loss from fixing this incorrect lay would be £0.08.