Each-way no lay
Each-way no lay (EWNL) is backing an each-way value bet at a bookmaker without laying it off at an exchange. Every EWEdge pick is an each-way no lay bet.
Why skip the lay?
The alternative is to lay the bet at a betting exchange and lock a profit.
Commission
An exchange takes a percentage of your winnings, usually 2% to 5%. On a thin each-way edge, that is a large share of it.
No market to lay into
Many races have no place market, or only a thin one. Exchange place markets often do not match a bookmaker's extra places, so the hedge is imperfect.
The swings
Each-way value bets are mostly at longer odds, so most of them do not place. Runs of ten or more unplaced bets are normal.
Stake so that your bankroll covers those runs. At typical each-way prices, £5 each-way suits a bankroll in the thousands.
Further reading
See the value for £1
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