A back bet is a term that simply refers to backing the outcome of an event. For example, you can back Team A to win the league with a back bet.
What is back and lay in betting?
“Back” and “lay” are terms commonly used in betting, particularly in the context of betting exchanges. These terms describe two fundamental actions bettors can take when placing bets, and they represent opposite sides of a betting transaction:
- Back Bet:
- A “back” bet is the traditional form of betting that most people are familiar with. When you place a back bet, you are betting on a particular outcome to occur. In other words, you are supporting or “backing” a team, horse, or event to win or achieve a specific result.
- If your back bet is successful, you receive a payout based on the odds you took when you placed the bet. Your potential profit is calculated by multiplying your stake by the odds.
- For example, if you place a $10 back bet on a football team to win at odds of 2.00, your potential profit would be $10 (your original stake) x 2.00 (the odds) = $20. This includes your initial stake.
- Lay Bet:
- A “lay” bet is a concept unique to betting exchanges. When you place a lay bet, you are effectively acting as a bookmaker, offering odds to other bettors who want to back a particular outcome.
- In a lay bet, you are betting against an outcome, saying that it will not happen. For example, if you lay a football team, you are saying that the team will not win the match.
- If the outcome you laid against does not happen (i.e., the team does not win), you win the amount of the stake that the bettor who backed the outcome placed. However, if the outcome you laid against does occur, you must pay the bettor the amount they staked multiplied by the odds.
- For instance, if you lay a team at odds of 3.00 with a $10 stake, your potential loss would be $20 (the bettor’s stake of $10 multiplied by the odds of 2.00) if the team wins.
The key difference between back and lay bets is the direction of your bet and your role in the betting transaction. Backing is betting for an outcome to happen, while laying is betting against an outcome, effectively assuming the role of the bookmaker. Betting exchanges provide a platform for bettors to both back and lay bets, allowing them to trade positions and potentially lock in profits or mitigate losses.
Betting exchange back bets
Back bets on betting exchanges are similar to those done in the traditional betting format. If you think something will happen, you bet on it happening.
For example, if you think Team A is going to beat Team B, you will back Team A to win by selecting the ‘back’ price, then choose how much you want to stake, and press the bet button to process it.
However, you also have the ability to set your own odds if you are not happy with what is being offered. But be aware that the bet could be returned as unmatched or partially matched. If you do take the price on the screen, it is likely the bet will be matched in full.