To ‘back’ a selection in a market is to place a bet for something to happen. This is similar to a bet that you would place with a traditional bookmaker. To ‘lay’ a selection in a market is to place a bet for something NOT to happen, or in other words, bet against something happening.

Many bettors hope that they will be able to turn a small stake into a large amount of winnings, so they aim to win as much money as they can and gamble simply in the hope that they will be able to turn a profit. Winning money is the base reason almost everyone gambles.

If your lay bet loses, you’ll lose your liability in the exchange, but win it back at the bookmaker (as your ‘winnings’). If your lay bet wins, your liability will be returned to your account plus you’ll also win your lay stake amount (minus any commission charged by the exchange)

It is true that betting often relies on luck – but that is not the case for every market. Casino games such as roulette may depend on chance, but when betting on sports, a lot more tends to come into play.

The good: Sports betting can be a lot of fun. It can also be profitable if you know what you’re doing. The bad: Sports betting can be addictive and lead to financial ruin. The ugly: There are no guarantees in sports betting, so always be prepared to lose everything you put in.