Betting Exchange Trader by Ken Millard - HTML preview
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LAY BET £20.00
Stake fromBACK BET =20.00
Net Profit
NIL
Backing out of my original BACK BET by placing a LAY BET at lower required odds and appropriate Stake puts me into a “No Lose” situation.
If Pella WINS, as I hoped he would, I will have to payout £170.00 to the person who has placed a bet with me, but on the otherhand I will make a profit of £190.00 from my BACK BET—a net result of £20.00 Profit.
If Pella LOSES, I keep the £20.00 Stake Money which someone has bet with me. This £20.00, less the £20.00 I staked on Pella to WIN, gives me a net profit of NIL.