Backing and Laying
Beginners guide to backing and laying on the BetDEX Exchange
Normally when you bet with a sportsbook you are choosing a wager which you think will win but with a betting exchange such as BetDex, you are actually wagering against other people by backing and laying selections.
To best understand how this works, lets choose an example market:
There's lots going on here but lets concentrate on the numbers in the purple and red boxes.
The purple boxes are the current price to BACK a selection, so in this example if I think Liverpool will win then I will choose the purple box to BACK Liverpool.
So here I have the price of 12.5 and I can enter my stake. If I enter a stake of 1, I would effectively win 11.5 if Liverpool won the game.
When you back a market, you are stating you think the selection will win!
In this example we will take the Everton v Palace game and look at laying Everton.
If we are laying Everton, we can use the red button next to the selection we want to lay, so we can see the current lay price is 2.74 so lets click that and enter a stake of 500
We now see we have a risk here, thats because if we lay a bet we are betting that it doesn't happen. So laying Everton at 2.74 means that you think Everton WILL NOT win and you will get 500 if this is true BUT - If Everton do win, you will lose 870.
When you lay a market, you are stating you think the selection will lose!