Exchange sites have changed the way many people think about betting. They give punters a chance to set odds and bet with odds that have been set by other users of the betting exchange site. A back bet specifically is a type of exchange bet where punters back an outcome of a sporting event to occur.
Back Betting Explained
When you place a back bet you are betting for this event to occur. Therefore if you back Horse A to win the race, you would need horse A to win the race in order to be paid. Any result that differs from this will result in a losing bet. A properly placed back bet lets you make money from betting exchanges.
Back Betting Examples
If we wanted to back Manchester United to win on the weekend we would have to go to the game in question, select the back bet option next to Manchester United and stake the amount we want to bet.
For this example, if the odds were 3.5 and we placed a back bet of $10 we would get a return of $35.
Alternatively, if we do not like the odds available it is possible to place a back bet order. If the odds are currently at 3.5 we can decide to set odds of 3.75 and wait to see if this bet will be matched.
Backing a selection in a betting exchange
If you wanted to place a bet for Team A to win you will have to select the match in question and look for the Team A selection. Next to team A you will have two options, a back bet, and a lay bet.
Go ahead and select the back bet option and enter the amount you wish to stake. Alternatively, you can select higher odds then enter the amount you want to stake, and wait to see if the bet will be matched.
Back Betting vs Lay Betting
When you are placing a back bet you are betting on the outcome of a sporting event to occur. If you were to place a back bet for horse A to win, you will be betting on Horse A to win the race. Any result that differs from this one will result in a losing bet.
When you are placing a lay bet you are betting against an outcome of a sporting event to occur. Using the same example, if you were to place a lay bet on horse A to win the race you will be betting against Horse A to win the race.
Back Betting vs Fixed-Odd Betting
When you are placing a back bet, you are betting for a sporting outcome to occur with odds that have been set by another user of the exchange site you are using.
Fixed-odds betting differs as you are betting with odds that have been determined by the bookmaker. These odds will also fluctuate less as they are not being manipulated by a constantly moving market.
Back Betting Market Risks
When you place a back bet you are risking the amount of money staked. Therefore if you were to bet $40 on a horse race you will lose no more money than this. This is unlike lay betting.
Back betting does require more research than traditional betting as the odds set can be anything another person decides. Therefore it is wise to check a site like Oddschecker so you can see what is occurring in the market before placing a back bet.
Back Betting Strategies
When you are placing a back bet you should be looking to place a bet at its peak (highest odds). If successful in doing this you will be able to place a lay bet later on and cash out for some profit. You can also let the bet run to its natural conclusion with these improved odds.
Timing the market is crucial when placing a back bet. On horse races, it is possible to place a back bet and cash out just a few minutes later for a small profit. This process is called curve betting or scalping.
Our answers to commonly-asked questions about betting exchange backing.
What does backing a bet mean?
When you back a bet you are placing a bet for that particular outcome to occur.
Therefore, if you were to place a back bet on horse A to win a race you would be placing a bet for Horse A to win the race.
Can I place a back bet at my own odds?
Yes, this is possible but the odds that you set will have to be matched by another user.
You can set the odds you want to on the back section of the exchange and wait to see if the bet will be matched.
Is back betting safer than lay betting?
This is dependent on the odds you are betting with. Back betting however is easier to calculate as you can only lose the money you are staking.
With lay betting you have to be aware of the liability of your bet therefore lay betting is considered to be riskier.
What is a back bet?
A back bet is betting on an outcome to happen. Therefore if you were to place a back bet on Team A you will win the bet if Team A wins the match.
Can I back and lay a selection at the same time?
You can lay or back a selection and place an order for the opposite selection at the same time.
So, if you have backed a horse to win the race you can choose to place a lay bet at lower odds. This way you can cash out for profit if the market raches your placed bet.
Placing a back bet is not unlike traditional fixed odds betting. In practice, though it can be very different. This is because the odds haven't been set by bookmakers they have been set by everyday members of the public. This offers us the potential to bet on odds that are far superior to the rest of the market.