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If you have ever used a “traditional” Bookmaker you have only been able to BACK a horse to 

WIN at odds given  to you by  the Bookmaker. The equivalent odds on a Betting Exchange are 

shown  under  the  BACK  column.  These  odds  are  not  dictated  by  the  Bookmaker,  although 

market forces may bring them closely into line with those of a Bookmaker; they are put there by 

individuals, like you, waiting for someone, like you, to take up the offer of a bet. 

For example: 

The  first horse  in  the  list, Dami, has odds of 3.85 with an amount of £145. 3.85 represents  the 

best odds available, with the next best odds queuing up, hoping to become the best odds. 

This means  that there  is £145 on offer at odds of 3.85, which has been placed up on  the board 

by one person, or is made up of a number of placements from a number of individuals. In future

I will assume it has been placed by one person. 

The person offering this bet believes Dami will lose. If you think the horse will win, and wish to 

place a bet,  the same as using a  traditional Bookmaker,  then you would click on  the odds and 

then enter how much of the £145 you wish to take. 




Odds and Amounts on Offer can change very quickly, especially when the start of the event is 

approaching. Between the time you have decided to place a bet and the time you submit and 

confirm, the odds and the amount on offer may no longer be available; someone else may 

have taken the bet, or someone withdrew their offer. If all is well and your bet is placed you wil

be informed that your bet has been matched. If, on the other hand, the offer has disappeared 

and your bet is not taken then you will be informed that your bet is unmatched. Your 

unmatched bet will then be put in a queue to wait for the possibility of the odds being offered 

again. You may cancel any bets in the unmatched area any time you wish if you decide you no 

longer want to wait for a match to take place. 

You may not like the odds being offered. The beauty about a Betting Exchange is that you don’t 

have to take what is on offer—you can ask for your own odds, with the hope of being matched. 

To the right of the BACK ODDS you will see three columns under the LAY area. These are 

odds where a person is asking for his own odds and is waiting to be matched. This would be the 

same as writing out a betting slip in a traditional Bookmakers and asking the Bookmaker if he 

will accept your bet with the odds and amount you are asking for. The bet is matched if the 

Bookmaker accepts. 




Let me explain about asking for your own BACK odds: 

I have decided that I want better odds than 3.85 

I can see that there are others who are also looking for better odds—4, 4.1 and 4.2 with varying


I don’t want to be too greedy so I’m going to ask for odds of 4 and an amount of £20. 

To put my request on the board I’m going to overwrite the 3.85 in the Place Bets area with 4 


Let me explain about asking for your own BACK odds:


All I am waiting for now is for a Bookmaker (someone taking on the role of Bookmaker) to 

accept the odds and the amount I am asking for. 

My request may be taken up straight away, in which case it will be matched, and never hit the 

display board. If it is unmatched, I must take my place in the queue, and any similar request to 

mine already in the queue, must be matched before mine. 

DON’T  be  confused  by  a BACK  request  appearing  under  the LAY  area.  I want  to BACK  a 

horse to WIN but the Odds  in the BACK area are not to my  liking, so I am asking for someone 

to  accept my  bet  at Odds  I want. Think  about  it  for  a  second;  I want  the  horse  to WIN  but 

anyone looking for a horse to LOSE will be looking under the LAY area for acceptable odds. 

OK. You’ve seen how to BACK to WIN and how to ask for your own odds and amount. 

Now go to the next chapter where you will learn another powerful aspect of Betting Exchanges



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