Back betting and lay betting | OddsMonkey Bites
Back betting and lay betting are what makes matched betting work. This video introduces you to both of these bet types. Find out more about online bookmakers and betting exchanges and how you can use them to make money matched betting.
TIME STAMPS:
0:04-0:18: Back betting (Bookmaker).
0:19-0:31: Lay betting (Betting exchange).
0:32-0:36: Commission.
0:37-0:49: Main difference between bookmakers and betting exchange.
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VIDEO TRANSCRIPT:
Back Betting
Back bets are placed at a bookmaker, like Coral or William Hill. When you place a back bet you win money off the bookmaker if you predicted the outcome correctly. However, if your bet loses, the bookmaker keeps your money. It’s as simple as that.
Lay Betting
Lay bets are placed at betting exchanges, like Betfair or Smarkets. An exchange matches people who want to place back bets against people who want to place lay bets. Betting exchanges make their money by taking a small cut of any profit, this is called their commission.
The main difference between a bookmaker and a betting exchange is that at the bookmaker, you bet against the bookmaker but at the betting exchange, you bet against other people just like you. At the exchange, you can take the role of a bookmaker.