If you have ever used a “traditional” Bookmaker you have only been able to BACK a horse to WIN at odds given to you by the Bookmaker. The equivalent odds on a Betting Exchange are shown under the BACK column. These odds are not dictated by the Bookmaker, although market forces may bring them closely into line with those of a Bookmaker~ they are put there by individuals, like you, waiting for someone, like you, to take up the offer of a bet. For example:
The first horse in the list, Dami, has odds of 3.85 with an amount of £145. 3.85 represents the best odds available, with the next best odds queuing up, hoping to become the best odds. This means that there is £145 on offer at odds of 3.85, which has been placed up on the board by one person, or is made up of a number of placements from a number of individuals. In future I will assume it has been placed by one person.
The person offering this bet believes Dami will lose. If you think the horse will win, and wish to place a bet, the same as using a traditional Bookmaker, then you would click on the odds and then enter how much of the £145 you wish to take.
I have decided to BACK Dami to WIN and have staked £20 at 3.85
This gives me a potential
At this stage I HAVE NOT placed the bet. I must now SUBMIT the bet and then CONFIRM
Odds and Amounts on Offer can change very quickly, especially when the start of the event is approaching. Between the time you have decided to place a bet and the time you submit and confirm, the odds and the amount on offer may no longer be available~ someone else may have taken the bet, or someone withdrew their offer. If all is well and your bet is placed you will be informed that your bet has been matched. If, on the other hand, the offer has disappeared and your bet is not taken then you will be informed that your bet is unmatched. Your unmatched bet will then be put in a queue to wait for the possibility of the odds being offered again. You may cancel any bets in the unmatched area any time you wish if you decide you no longer want to wait for a match to take place.
You may not like the odds being offered. The beauty about a Betting Exchange is that you don’t have to take what is on offer—you can ask for your own odds, with the hope of being matched.
To the right of the BACK ODDS you will see three columns under the LAY area. These are odds where a person is asking for his own odds and is waiting to be matched. This would be the same as writing out a betting slip in a traditional Bookmakers and asking the Bookmaker if he will accept your bet with the odds and amount you are asking for. The bet is matched if the Bookmaker accepts.
