Betting on Betfair - setting your own odds?

Question

Hi,

I've registered onto Betfair, because I see the odds on a Russia win are slightly better than elsewhere. It's 23/5 on there and around 4/1 everywhere else.

Now, when I went to place the bet I was able to set my own odds. I went as high as 20/1 before I got bored. I haven't actually placed the bet yet, because I wondered if anyone knew how it works. Surely it can't be right that I can set my own odds, so what's the craic? What happens if I set the odds really high and my bet does/doesn't come off? Cheers!

Answer 1

This is my knowledge of Betfair.  Others may help to elaborate.  When you Bet on Betfair you can BACK or LAY a bet.

Backing is where you expect the the outcome to win.  Laying is where you expect the outcome to lose (in other words you are on the same side as the "bookie").

The odds you saw for Russia to win, as stated.  The odds when you say it went "...as high as 20/1" would have been laying the bet.  In other words you could, if you wished, give odds to punters at 20-1 or any other odds you feel are right for the event.

If you set the bet really high and the event went against you (in other words Russia won) then you would be liable for whatever odds tou gave.  Example: 10-1 on Russia and £100 in total staked you would be liable for £1,000.

Please note I am not an expert on this but believe that's how Betfair works!