Let me explain about asking for your own BACK odds:
I have decided that I want better odds than 3.85
I can see that there are others who are also looking for better odds—4, 4.1 and 4.2 with varying amounts.
I don’t want to be too greedy so I’m going to ask for odds of 4 and an amount of £20. To put my request on the board I’m going to overwrite the 3.85 in the Place Bets area with 4
As soon as I’ve SUBMITTED and CONFIRMED my request~ provided noone else is asking for odds of 4 at the same time, and noone takes up my request immediately, the amount
requested will change from £74 to £94. The £20 I am asking for has been added, and is now wait ing to be matched.
Profit potential will change from £57 to £60 to cater for
increased odds.
All I am waiting for now is for a Bookmaker (someone taking on the role of Bookmaker) to accept the odds and the amount I am asking for.
My request may be taken up straight away, in which case it will be matched, and never hit the display board. If it is unmatched, I must take my place in the queue, and any similar request to mine already in the queue, must be matched before mine.
DON’T be confused by a BACK request appearing under the LAY area. I want to BACK a horse to WIN but the Odds in the BACK area are not to my liking, so I am asking for someone to accept my bet at Odds I want. Think about it for a second~ I want the horse to WIN but anyone looking for a horse to LOSE will be looking under the LAY area for acceptable odds.
OK. You’ve seen how to BACK to WIN and how to ask for your own odds and amount. Now go to the next chapter where you will learn another powerful aspect of Betting Exchanges.