Back betting means putting your money on something to happen – a horse or a team or a player to win, for instance. Lay betting means betting on something not to happen.
What does a back bet mean?
You are ‘backing’ a horse. Back betting is the most common type of bet with bookmakers, and if you have ever taken a bet on a horse, you have probably done back betting without even realizing it. To paraphrase – a back bet is basically staking money for your horse to win. Lay Betting.
How do I place a back bet on Betfair?
To place a bet click on either back or lay next to the selection you are interested in. In the following example you are backing Arsenal at odds of 4.6. Enter your chosen stake (minimum £2) and your potential profit is displayed in the bet slip on the right.
What happens if I lose a lay bet?
Summary. When you lay a bet, you are betting on something to not happen. If the selection loses then you win the backer’s stake. However, if it wins then you pay the winnings.
What happens if my bet is unmatched Betfair?
If your bet us unmatched, you have four options: Change your odds to meet the market. Keep the bet and see if the odds get matched before the event starts or in-play – Find out more on In-Play Betting. On selected markets, choose to take the Betfair SP when the market turns in-play – Find out more on the Betfair SP.
Can you cash out a lay bet?
Betfair Cash Out allows bettors to achieve a profit or loss before an event has finished. The calculations are done automatically to offer you a real time value of your bet based on their live market prices and with a single click you can accept a “Cash Out”.
Do you get your stake back if you win?
You’ll still make a profit from winning an odds on bet, as your initial stake is returned too, but you have to risk an amount that’s higher than you stand to gain. … Odds can also be even money. A winning even money bet will return exactly the amount staked in profit, plus the original stake.
Can you make money laying horses to lose?
Laying horses is something many bettors talk about but never do. When faced with taking on a 5.0 shot the potential loss is usually too much to stomach, but laying short-priced horses, especially to place rather than to win, can be a nice steady way to make a profit.
Do I lose my stake and liability?
Bet liability refers to the amount you are risking when placing a bet – whether that’s backing or laying an outcome. … When backing an outcome, the liability is your stake – the amount you bet. Unlike back bets where you only lose your stake regardless of the odds, the liability of a lay bet is dependent on the odds.
How much can you make on Betfair?
The Betfair tax rate can reach 60% of profits with as little as $250,000 in lifetime gains (an amount that is large to an individual but relatively small to a major investor or fund). To have 60% of your profits taken away every week is ludicrous.