Hi Mark, the key thing that you need to get your head around when placing a lay bet is that you’re placing it on an exchange. Just like any other type of market (stock exchange, housing market etc..) people put a value on an asset (what they want to buy/sell it for), and if two people agree on the price then a deal is made. The same is true of betting.
When you are laying a bet you are effectively selling it at a certain price, just like a bookmaker. When someone is backing your bet they are effectively buying it from you, and the deal is done.
This means that whilst you are able to edit your odds to whatever you want (which would be a lower price if you are laying), this does not necessarily mean that someone will take your price (because if they are backing they are looking to take the highest price possible).
It’s not the easiest thing to explain but I hope it gives you a slightly better idea. I’d recommend Googling how markets work, and then just spending some time on the exchange to see it in action, particularly in the 5-10 minutes before the start of a horse race as they’re generally rather more volatile than football markets.
(I’d also recommend posting any future questions in the ‘Newbies’ section of the forum, as it’s checked more regularly and is full of helpful advice.)
