Hi! In this video we’ll explain you what’s Back and Lay Betting on BetBTC. We’ll be simulating some bets to help you understand the differences between them.
When you place a Back Bet you are betting ON a team: If your selection wins you will win your bet, but if any other selection wins you will lose your bet On the other hand, when you place a lay bet you are betting AGAINST a selection: This means that If your selection wins, you lose, if any other selection wins, you will win your bet. It may seems kinda confusing on the beginning so let’s take a look at the following examples. We’ll start by placing a 10 mili-bitcoin BACK bet on Liverpool at the best available market odd of 2.06. This odd has currently slightly half a bitcoin available to be matched, so on this example our little bet would be fully matched When you place a back bet, your liability is always the same as the stake amount In this case if any other result happens besides Liverpool’ s win, that’s simply the amount you gonna lose: 10mili-Bitcoin; On the other hand If you have luck and you chose the right selection, on this example your payout would be 10.6 mili-bitcoin. Back Bets are represented on the green zone and situated on the left side of BetBTC Markets, the best website. Now we are gonna see how Lay Betting works: When you place a lay bet you are assuming the position of a regular bookmaker, think like if you were telling other user something like: “I am willing to cover your bet at x odd: If you win I will be responsible to pay your back bet, but if I win you will have to pay me your stake”.
We are now gonna place a lay bet against Liverpool with the same 10 mili-bitcoin at the best available market odd of 2.1 To place this bet, this time our liability would not be equal to the stake but a little higher: 11 mili-bitcoin this is the amount we need to pay on our worst case-situation to cover backer’s winning bets. If Liverpool wins we will lose the bet Our losses would be the total liability of 11 mili-bitcoin. Remember that this was a bet AGAINST! If Liverpool doesn’t win the match, we will profit 10 mili-bitcoin, corresponding to the backer’s stake On lay bets the profit is always equal to the stake amount. On BetBTC lay bets are represented in red and are situated on the right side of the market. We hope that you have understood these basic definitions.
If you have any other questions please contact us via livechat, email or bitcointalk official topic. Thanks for betting on BetBTC and remember: Back high and Lay low! !