What does it mean to 'back a team' in betting It is obvious that to 'back something up' means to give your support, whether it's to an idea you believe in or maybe to a step-ladder inside your house.
Similar usage actually applies under of betting; when you back a team to win, it just means you are betting that the team would win.
This distinction is actually very important in betting exchanges because, as you may very well know, they allow players not only to place bets on winning teams but also on the probability that the same team would lose.
This is called laying a bet, or a bet on a negative outcome or loss of a particular team.
Betting this ways was usually done by bookies, but since there no such middlemen in betting exchanges, this flexibility is allowed to the players.
So its really simple; if you back your bet, then you are confident that odds are, your horse would win.
Of course, you do this within a reasonable level of knowledge - you do not really place a bet you are not confident on.
And since the value of the bet is proportional to the confidence it was given on, you could sell that bet for a higher price.
If it so happens that the lay of the other punter is the same as that of your backing price, the bet could then be placed.
For example, lets say you back a fancy at 3.
10 putting 100 pounds at stake.
If the betting exchange finds a punter that matches a lay then the deal commences.
If, for example, there is no other lay in the system but a 30 pound stake, then you need another who could lay at 70 pounds to match your original price.