If you want to make a bet you have several choices of how to go about it.
The bookmaker initially prices up the market with his assessment of the chances of each outcome. These odds are then altered according to the amount of money bet on each outcome.
This gives you the option of backing or laying, or both. All odds in a market are offered by other punters. Bets are matched with someone taking an opposing view and laying an outcome you want to back or backing an outcome you want to lay.
This is a pool system where all the money bet on an event is pooled together and after the Tote's deduction is taken the winners receive an equal share of the pool.
The spread firms offer a price range based on their assessment of the outcome of an event. You can then buy or sell depending on whether you think their assessment is too low (buy) or too high (sell).
