Best Back Price – this is the best price available for you to place a BACK bet.
Best Lay Price – this is the best price available for you to place a LAY bet.
If your bet size is bigger than the amount available for your selection, you have to either take some at a lower price or ask for someone (a layer) to match the remainder of your bet.
Prices and sums available can change constantly – just because you don’t see enough to match your bet right now doesn’t mean it won’t be matched a few minutes or even seconds later.
What you see on the ‘Back’ side of the market are invitations for you to back a selection at a price – i.e. somebody else wants to lay that bet.
On the lay side, you see invitations for you to lay a selection – somebody else wants to back at that price, and the amount below those odds represents the backers’ stakes lining up – not the risk.
Next Best Prices – these are the prices, and the amounts available for those prices, that are the next best and are waiting to be matched.
This represents the combined probabilities (prices) of each possible outcome in the market. A true market is 100%, anything above this number is considered over round or otherwise known as margin.
In a coin toss, the chances of head or tails landing are both 50%. We find the price of either outcome by dividing the probability by 100. (100 / 50 = 2).
$2 represents 50 % of the market.
In horse racing this is no different. Each horse is assigned a level of probability and then converted to a price. The total of these prices will make up percentage that will more often open towards 130% then mature down to a closing % nearest to 100%.