How to Back a Bet
The term “back” simply means that you support a particular outcome or event. When you “back” something, you are essentially betting that it will happen, and you are willing to bet on it at the agreed-upon odds.
Let’s say you want to place a back bet on a soccer match between Team A and Team B. You believe that Team A will win. To do this on Winfair24:
Select the Event
Go to the menu bar at the top and click on the Exchange
At the left you can see the list of the sports events categories. In our example we use a soccer game, therefore we will select soccer.
Now, let’s find the soccer match we want to bet on. For our example we will use the Chelsea vs Arsenal match of the Premier League.
Click on Premier League, find the match and click on it.
At the left you can see the list of the sports events categories. In our example we use a soccer game, therefore we will select soccer.
Select the Bet Type
Now, before you place your bet, you need to select the bet type. The options are Match Odds, Correct Score, Over/Under 0.5 Goals, Over/Under 2.5 Goals, Asian Handicap, Goal Lines and Both teams to Score. We will use the Match Odds selection for our example. So, find the Match Odds and click on it.
Back your Bet
In the beginning of our example we said that we believe that Team A will win, therefore we want to back Chelsea to win the match. Whenever you want to assume the role of the “backer” you only need to search for the blue column to place your bets. As you can see, the odds on betting exchanges are decimal odds. If you are used to other types, you can easily use an online odds converter and you will be able to make your decisions. 3.25 odds for a 50 EUR stake means that for every 1 EUR you stand to make 3.25 profit if Chelsea wins.
So, on the Chelsea row, click the blue selection at 3.25 odds in order to be able to place your stake. The Winfair24 exchange supports EURO stakes, so you need to calculate the euro conversion if you use another currency. Let’s say you want to bet 50EUR. At the left of the blue column across the Chelsea row, you can see the offers by other bettors at 3.15 and 3.2 odds. You want to choose the offer on the blue column at 3.25 odds and you click on it.
Place your Stake
By clicking upon the blue box at 3.25 the betslip immediately opens and you can see your options. Right next to the odds box you see an empty box at the 0.00 price. This is where to place your stake. Since your stake is at 50 EUR you can either type it by clicking on the empty box or you can choose the number 50 below. As soon as you place your stake, then you can see your potential net profit if Chelsea wins the match and your potential loss if the match ends in Arsenal winning or in draw. Always make sure you have topped up your account balance before placing your bets.
As you can see, if Chelsea wins, you will receive 112.50 EUR with your net profit being
Net profit = 112.5 – 50 – commission rate charged by the exchange
Assuming that you are charged with a 5% commission on your winning bets
Net profit = 112.5 – 50 = 62.50 – 5% (3.125) = 59.375 EUR.
If Arsenal wins or the match ends in a draw, you will lose your 50EUR bet.
Confirm your Bet
Click on the Submit yellow button in order to confirm your lay bet.
Wait for your Bet to be Matched
If someone on the exchange is willing to accept your odds and stake, your bet will return as matched. If not, your bet may remain unmatched until another user is willing to accept it at the odds you have chosen.
This is the basic form of placing a back bet. If you do not agree with the odds offered and you think they should be higher or lower for the outcome of the event you have selected, you can always click on the odds box and modify them and offer your new bet waiting for it to be matched.
It is also important to note that on Winfair24 you can also go to your Bets list, find your bet and choose to Cash it Out before the event concludes. If you are wondering when it is the right time to cash out a bet, then the general view is that cashing out is a good option if you want to secure a profit before the event finishes because the odds move in your favor or if you want to minimize your losses in case the odds do not go your way.
From our example, you can understand that Back Bets are wagers on an event to happen. You set the stake and the odds you want, and you are matched with someone willing to take the opposite position (a lay bet)if your bet is accepted. Your potential profit is based on the odds you choose and the commission rate charged by the exchange. The outcome of the event will determine whether you win your stake or lose it.