Just signed up for a betfair account, can anyone tell me the difference between backing and laying please?
Betting is same as normal, you can take the odds offered up. Laying is you becoming the bookie. Example, say Greece are 10/1 to draw with Korea, if you think no way will they draw you can lay them at 11/1. You decide how much your willing to gamble, you can decide €110.00 is your limit. If greece draw you lose €110.00 if they dont draw you win a tenner, providing someone takes your bet.