For those talking about backing and laying, this is the current Betfair Exchange market on promotion from the Championship.
If you want to back Leeds to be promoted (which obviously includes both automatic promotion and promotion via the play-offs) you can have £28 on at 1.17, a further £45 at 1.16 and £210 at 1.15.
1.17 equates to odds of 17/100, 1.16 to odds of 16/100 and so on.
If you don’t think Leeds will go up you can “lay” them. In other words, take the bet from someone who wants to back them to be promoted but doesn’t want to accept the price currently offered. An individual or a number of individuals want to back Leeds for promotion at 1.18 (or 18/100) and there is £275 requesting that price. If you want to take that bet in full it would cost you £49.50.
If you have £28 on Leeds to be promoted at 1.17 and they do go up, you’d get your stake back plus winnings of £4.76. You’d pay a small commission (typically 2%) on your winnings, so about £0.09. Obviously, if they don’t go up you lose your £28.
If you lay Leeds for the full £275 at 1.18 and they go up you lose your £49.50. If they “fall apart again” you pocket £275 (less £5.50 commission) in addition to getting your stake back.
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