betfair exchange

banja · 18 Oct 2019 at 21:41

Does anyone bet on betfair exchange?

I'm a little confused about the back / lay options. If there's just two outcomes, what's the difference between laying team A to lose and backing team B to win? Isn't the result exactly the same? But the odds are different.

banja · 18 Oct 2019 at 22:01

Thanks, I understand that when there's win / lose / draw outcomes. But if it's just win / lose what's the difference between laying the win or backing the loss? Should be same but the odds seem different for those two outcomes.

banja · 18 Oct 2019 at 22:31

Yeah I understand what laying means. I'm trying to understand the distinction between laying a result and backing the alternative to win, and why the odds might be different between those.

Have looked at a few youtube vids but they mostly just explain the basics.

banja · 20 Oct 2019 at 08:21

Thanks for the reply RobDogDog. That explanation was good. However, it still doesn't answer my original question - when there are only two possible outcomes (win or lose) why is there an odds discrepency between backing to win or laying to lose (the same result)?

I'm starting to think it's to do with the maths of the return from backing versus the liability of laying. But I'm not a seasoned bettor and my maths skills are not advanced, hence why I'm hoping someone can explain this (specific) question. I understand what laying means as opposed to backing.

banja · 20 Oct 2019 at 20:37

Lartyconshayo said:
The odds are the prices they are because of the expected probability of the event happening with the efficiency of the market. You don't have to accept the win / lay odds on offer

In an event with only two outcomes, A winning and B losing should be the exact same odds, probability wise. I'm assuming the numbers / money being bet on either is what is skewing what should theoretically otherwise be exactly the same odds.