What is a ‘Back’ Bet?
A ‘Back’ bet is a bet on something to happen – a horse to win a race, a football team to win, a person to be evicted from Big Brother etc. It’s just like the bet you’d regularly place with a traditional bookmaker or tote, or even with your mates.
With Betfair, you can bet on something to happen – Backing, or not to happen – Laying, so we have to change the terminology slightly.
In the example above, you want to back Rail Link for £10 at a price of 10.5. If the bet is submitted and matched, you stand to win £95 (£10 at 9.5/1) less commission (see How is my commission calculated?), plus your stake back. You stand to lose £10 (your stake). You can change the price you’re looking for by typing in a different price or clicking the arrows next to the Your Odds box (see ‘How do I choose my odds?’). Take note though, Betfair markets are dynamic, the prices can move at any time. Also if you change your price from what is currently available, you take the risk of not having your bet matched (see ‘How do I know when my bet is matched?). If the Betfair price improves whilst you are in the process of placing your bet, you will be matched at the best available price – higher for backing, lower for laying (see Best Execution).
To turn on the Predictive Profit & Loss (P&L) or ‘What If?’ function shown above, click on ‘Options’ above each market once you’ve logged in.