Backing to Win
If a person is confident that a team, horse, or player will win, the person can place a bet on the outcome of the game or race. This is called backing a team or player. It shows confidence and support for one’s team. It also works against the competition since the person placing the bet is willing to wager against the opposition. In this sense, backing a team by betting on them can help demoralize the team a person is betting against.
Naturally, the amount of confidence you have in a team will determine the amount you are willing to bet. A more experienced or serious gambler will place a bet when they feel the outcome of the game is more certain. Others generally use betting as a way to express support of a team or as a friendly wager to make a game or race more interesting.
An intriguing aspect of gambling is the betting exchange. In a betting exchange, people are essentially betting against each other over the outcome of the game or race. Where the people recording the bets used to be the responsible party for the pay out at the end of a game or race, the betting exchange offers gamblers the opportunity to oppose each other. You may be confident in your team, which makes you the backer. However, you will need an equivalent amount of money from other betters who believe that the opposing team will win. The person or people betting against you are the layers. If your team wins, the layers will pay you for the victory. Should your team lose, you are responsible for matching what you bet to pay the competitors. It is a bit more complicated in races, but a person can bet that a horse will not win. This basically means that you are backing any of the other horses to win without having to choose a specific horse.
