Anatomy of a bet
Here we're going to talk about how we perform our matched bets.
With each Matched-bet we do, there are always two elements to the bet, a "Back" bet and a "Lay" bet:
This is a standard bet made with any bookmaker that many of you will of placed before. whether it be £1 on the grand national or £100 on who will win a football match this is a back bet.
You may not be as familiar with this one, this is where your betting on something not to happen.
For example, if you ‘Lay’ bet England, you are betting on England to not win. You can place this kind of bet on Betting exchanges, we will be teaching you to use Betfair Exchange.
Matched-betting works by cancelling out the risk on the 'Back' bet at the online bookies by betting against yourself at the same odds (known as 'Laying' a bet) which you can do at a betting exchange.
In other words, you are 'matching' your bet.