Which strategy is better

[azfyazfy]

Back first lay second or lay first back second
Gives your honest reply

[Euler]

It's entirely market timing and odds dependent, there is no strategy one better than the other. It's completely dependent upon the market state.

[ForFolksSake]

You could also have a strategy that 'Backs' and 'Lays' at the same time...

[Kai]

A straight back or lay strategy can work too

But you would probably need the WHY behind the backs and lays to call them a strategy

[ShaunWhite]

Back first lay second or lay first back second
Gives your honest reply

If the price is drifting then lay first, if it's shortening then back first.

But one consideration might be trading for a few ticks around the step changes. Eg where a profitable back earns you 0.01 per tick when it shortens but loses 0.02 per tick if it drifts. (ie if you backed at 2.0). That said odds are just probability so a move from 50% to 48% or 52% are equally likely so you'd get more ticks one side than the other but the same payout.

The only other one I can think of is greening an existing free bet situation in a drifting market, the hedging lay will be at a bigger and bigger price and the hedged amount will get smaller as it drifts. But all situations have an opposite so without typing all that again for the reverse, just bear it in mind.