I just wanted to know that does my lay bet winnings depend upon the no. of people backing that bet? Suppose I put a lay bet of 0.01BTC on 11x odds and my liabilities are 0.1BTC. So does that simply mean that if I win, I will be getting 0.11BTC(even if the number of backers are 0) and if I loose I will loose 0.1BTC. Or is my winning and loosing depends on the number of backers?
Please explain.
If your bet is matched and you win you'll get the return, if it isn't matched, it'll get cancelled prior to the start of the event.
It shows my bet has been matched. But as far as I understand lay betting, doesn't it mean that we are betting against the people who are backing the bet? The backer in my event has put less amount than what I am supposed to win if my bet wins. So hoe come I will receive the full return? Or is it that I will only win the amount that has been put on stake by the backer? Or will I get the full return as my bet has been matched?
In the above example if you lose then you'd lose 0.1 but if you win you'd only win 0.01, since you're the one giving 11x odds.
Please tell me if this response cleared your doubts.
Yes it did. Sorry for being too naive. I am pretty new to this lay betting thing. Also, how do I know what is the profit involved for the website itself? What percentage of wins do you charge? Are they charged both on wins and losses?
There's no problem on that, we appreciate clearing out customer doubts, we know it's not simple on the beggining.
We charge only 4% on gross market winnings, if your global figure on a market is negative (even though you may have win some bets) we won't charge you anything.
For anyone that wants to get a quick explanation of how back / lay betting work, check this video we produced:
https://www.youtube.com/watch?v=32qxAOyVZlU
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