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Guide to Laying and Placing on Betting exchanges
(For a more specific guide to Betfair click
here)
When you "back" a selection (be it an individual, a team, horse, dog or other), you are betting that it will win. This is just like betting with conventional bookies.
When you "lay" it, you are betting against it winning.
For example, if you're betting in a market on which team is going to win
the Premiership and you lay Man Utd, you offer odds to other punters who
wish to back Man Utd. If Man Utd don't win, then you pick up the backer's
stake. If Man Utd wins, then you pay out. This is what bookmakers traditionally
do.
You never know who you are betting against, your privacy and the confidentiality
of your bets is maintained by Betfair's secure site.
Choose your odds
With Betfair there is always a choice of what odds to accept. If you want
better odds than are currently available, you can place an order for a
better price, but be realistic because there has to be somebody prepared
to lay the bet at those odds, and vice versa.
Take a look at the odds before an event and you will see them change as
visitors back and lay their bets. The odds often improve nearer to the
off, as there are more people in the market.