You back an outcome in a betting market and the bookie pays out if your bet wins. However, betting exchanges - such as Betfair - allow you to 'back' or 'lay'.. This is what you do with traditional bookmakers.

If you go to one of our betting partners and strike a bet, you're backing that bet to win. The .... So, you may be asking, if you're betting against other punters, how does Betfair make any money out of this? Well, they take a commission from winning bets .... How does Betfair work? · back – betting on a team or horse to win (or an outcome to eventuate) · lay – backing against a team or horse (or against an outcome) ....

How does Betfair work? ... Most people are familiar with the concept of betting against a bookmaker.

But Betfair takes a different approach..