£20.00
Backing out of my original BACK BET by placing a LAY BET at lower required odds and appropriate Stake puts me into a “Guaranteed Profit Target” situation. I don’t care what the result of the race turns out to be.
If Pella WINS I will have to payout £170.00 to the person who has placed a bet with me, but on the otherhand, I will make a profit of £190.00 from my BACK BET—a net result of £20.00 Profit.
If Pella LOSES then I keep the £40.00 Stake Money which someone has bet with me. This £40.00, less the £20.00 I staked on Pella to WIN, gives me a net profit of £20.00