just started an account on betfair, started with a ten spot, now up to just shy of 70, so going steady. Just wondering what it means to lay a bet?
You're effectively being the bookie, and saying it won't happen.
On Betfair, they don't match the bets, other punters do - one person lays the bet, another person backs it.
If you lay at evens (2), for £10, you'll have a liability of £10 on that selection not winning. That means if someone backs the selection at evens and it wins, they'll get their £10 back and your £10. If you lay at 4/1 (5), for £10, you'll have a liability of £40 on that selection not winning. If it wins, whoever backs it will get your £40 and their £10 back etc etc.