Backing is what you do when you place a bet on something happening. You are backing that event to come about.
It's what you'd do if you went to the bookmakers on the highstreet, it's what you do when you go to a traditional bookmaker online.
The bookmaker will offer you odds on the outcome of the event, and you can either taken them or walk away. If you take the odds that are on offer you will then follow the event and hope that your selection wins, because if it does you will be paid out at the odds you took.
The same can be done at BetFair (either through their fixed odds sportsbook which they took over from BlueSquare) or through the exchange. The benefit of doing through the exchange, and why this needs a little explanation, is the ability to pick your own price.
Picking your own price doesn't mean you will get a massive difference in odds compared to a traditional bookmaker (there are true odds for the outcome of events and the market odds won't stray too far from them), but you could receive around 10-20% better than bookmakers are offering.
Let's hand over to BetFair themselves now to look at the basics of how BetFair transactions work.
It's what you'd do if you went to the bookmakers on the highstreet, it's what you do when you go to a traditional bookmaker online.
The bookmaker will offer you odds on the outcome of the event, and you can either taken them or walk away. If you take the odds that are on offer you will then follow the event and hope that your selection wins, because if it does you will be paid out at the odds you took.
The same can be done at BetFair (either through their fixed odds sportsbook which they took over from BlueSquare) or through the exchange. The benefit of doing through the exchange, and why this needs a little explanation, is the ability to pick your own price.
Picking your own price doesn't mean you will get a massive difference in odds compared to a traditional bookmaker (there are true odds for the outcome of events and the market odds won't stray too far from them), but you could receive around 10-20% better than bookmakers are offering.
Let's hand over to BetFair themselves now to look at the basics of how BetFair transactions work.