What does laying a bet at betfair mean?

June 28, 2009 by  

When you lay a bet you become a bookie, this happens at betfair because it is a betting exchange.

To understand this, imagine you as a bookie offering the odds of 4 to someone for a given outcome. Someone bets £10 . If the bet loses you profit their £10, but if it wins you have to pay that person £40 (you give £10 back, plus £30 from your pocket). This is known as laying a bet.

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