Will arsenal win tonight?
Discussion
silverthorn2151 said:
Hoofy said:
Lay Bayern at 1.11 on Betfair. £100 returns £1000! Feeling lucky? 
400k has been laid at 1.12!
I have no idea what that means.400k has been laid at 1.12!
Ok, when you place a bet, that's backing. IE you back Bayern to win. Someone (usually a bookie) has to lay your bet (accept it). Betfair is an exchange (like a stockmarket) so you can buy and sell - in other words, you can lay Bayern or back them. Laying Bayern isn't quite the same as backing Arsenal as laying Bayern covers the event of a draw as well as Arsenal winning.
The odds are decimal from 1.00 to 1000.00. 1.00 is dead certain (end of the match, it's 1.00). 2.00 is evens ie heads or tails, 50/50. So Bayern at 1.11 now means they're about 80% likely to win this.
Because it's an exchange, people put their own money up. As we speak, 700k has been matched at 1.11 which means a number of bettors have offer 700k to win a total of 70k if Bayern win and people have accepted that bet (ie laid Bayern at 1.11).
If you still don't get it, no worries. It took me 2 years to get it.
And in theory a total of £11m has so far exchanged hands in this game backing Arsenal, Bayern and the draw.
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