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Back and Lay bets explained
A Back bet is where you are betting your selection will win.
The profit from such a bet (if it is successful) is calculated as (odds -1) x stake. So a winning Back bet of say £10 at odds of 4 would give you a profit of (4-1) x £10 = 3 x £10 = £30
If the bet was unsuccessful, you would just lose your £10 stake. The reason for deducting 1 from the odds is that this represents your original stake.
A Lay bet is where you are betting your selection will lose.
The profit from such a bet (if it is successful) is calculated as 1 x stake. So a winning Lay bet of say £10 would give you a profit of £10 regardless of the odds.
However, if the Lay bet was unsuccessful, the liability or potential loss from such a bet is calculated as (odds -1) x stake. So a losing Lay bet of say £10 at odds of 4 would give you a loss of (4-1) x £10 = 3 x £10 = -£30
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