An exchange has its own vocabulary, and misreading one word can cost real money. This glossary defines the terms in the order you will meet them, with small examples in neutral units.
The terms are grouped from the basics to the ones that cause mistakes later. Back and lay betting is the foundation, so those two entries come first. Bpexch also goes by BetPro, BP Exchange and BetProExch in guides, which is why you may meet those names around the same markets.
Every term here belongs to one of four groups. Knowing the group tells you what question the word answers.
Back and lay describe which side of a bet you take. Everything else depends on this choice.
Odds describe what a bet pays, and matched bets show how much of a stake another user has actually taken.
Stake, liability and commission describe what you put at risk and what you give away.
Void describes how a bet ends when it is cancelled and the stake is returned, without a result being settled.
The words you need before you read any market on the exchange.
A wager that an outcome will happen. You risk your stake and are paid at the matched odds if you are right.
A wager that an outcome will not happen. You take a backer's bet and win their stake if the outcome fails.
A number that multiplies your stake to give the total return. At 3.0, a 10 unit stake returns 30 in total, 20 of it profit.
The amount you put on a bet. On a back bet it is also the most you can lose.
A single question you can bet on, such as the match winner or the top batsman in a given game.
A platform where users bet against each other rather than the house. Bpexch works this way, with back and lay bets matched between users.
These are the entries beginners most often get wrong. Read them before you take the lay side of any bet.
The most you can lose on a lay bet. Laying 10 units at odds of 4.0 means a liability of 30 units.
A cricket market on one event inside the match, such as runs in a set of overs, rather than the final result.
A bet another user has taken the other side of. Unmatched money is not yet at risk.
A cut taken from winnings. One dealer guide puts it at 2% to 5% of net winnings, so ask what your dealer charges.
A bet cancelled and the stake returned, for example when a match is called off. Rules can differ by market.
The person who opens an account for a user and handles deposits and withdrawals. Accounts sit in a User, Dealer, Master and Super Master structure.
These examples use neutral units and made-up odds to show how the same market looks from each side. They are not quotes.
Back a team with 20 units at 2.5 and it wins. Total return is 50, profit 30, before any commission.
The same team loses. The 20 units are gone and nothing else is owed.
Lay the team at 2.5 against a 20 unit back bet and it loses. You keep the 20 units, minus any commission.
The team wins instead. You pay 30 units, which is the liability on a 20 unit bet at 2.5.
Settlement rules for a market belong to the platform and your dealer, not to this glossary. When in doubt, ask before staking.
Before betting on a fancy line, ask your dealer how it settles if the match is shortened.
Get the commission rate and when it is deducted in writing. Do not rely on a guide's range for your own account.
A very small stake shows how a market pays without risking much.
A few extra questions that come up once the main terms are clear.
Backing resembles a normal bet. Laying is different because you take the bookmaker's role against another user.
The gap reflects what users are willing to offer on each side. A wide gap is a cost to you.
On a back bet no. On a lay bet your liability can be several times the stake you see.
It depends on the market and the rules your dealer follows. Ask before staking.
Back, lay and odds are common to the exchange. Fancy lines belong to cricket.
No. Understanding terms only helps you avoid mistakes; outcomes stay uncertain.
Cricket / Back & Lay