First of all, at Betfair, “back”-bets and their odds are always marked in blue. Secondly, a “back”-bet is practically a common sports bet where you put you stake on a certain outcome of a bet. You are betting FOR something. If you bet 10 Euros on Manchester United you win the amount of your stake times the odds.
Back Betting is backing a team to win. Operators offer back betting only. It is the traditional style of betting where you bet on the possible outcome. An example of back bet is betting on your favourite cricket team to win the World Cup in the finals. If the team doesn’t win, you lose your entire stake.
What Does Back and Lay Mean in Betting? Essentially, back and lay betting is a strand of matched betting. This is where betters take advantage of free bet deals to put money on one outcome, while they effectively ‘sell’ a bet on the other outcome via what is known as a betting exchange. Don’t worry too much about the nitty-gritty!
So, where does back and lay betting come into this? Enter back and lay betting. Back lay betting is the main concept behind matched betting and other low-risk trading strategies. It allows punters to make a guaranteed profit without putting their own money at risk.
In a nutshell, a lay bet is when you back an event NOT to happen. It can be a horse not to win a race, a team not to win a football match or even an athlete not to win a certain event. Essentially, the punter becomes the bookmaker in a bid to cover a favourite losing.
Back meaning you want to support the prediction. Lay meaning you want to go against what is predicted in the match. Like every other betting exchange, fancy bet is the local bookie’s term to Cricket spread betting. In the above scenario, we discussed on back or lay.
With lay betting, you bet on a team not to win instead of backing them to win. Lay bets can only be placed at an online betting exchange, like Betfair. This guide will show you how important lay betting is to the matched betting process and how it’s not as complicated as it sounds! START YOUR FREE TRIAL NOW.
Backing and laying are simply opposites: Back Arsenal with a stake of £10 at 2.48 to try and win £14.80. Lay Arsenal with a liability of £15.20 to try and win £10. When placing a lay bet, your liability is always removed from your account balance as Betfair has to assume the worst case scenario - that you lose your bet.