Can someone explain to me what "back" and "lay" mean in sports betting?

[skel1983]

Ok, I think I get it. So if I just want to bet that the fight won't go the distance, I can get 1.1 odds just by betting against the house so to speak, is that correct?

Thats it yes, at the moment there is £352 worth of best available at 1.1. So you can basically put anything upto £352 for it not to go the distance.

Wow. Those seem like incredibly good odds. There is no way I see that fight going the distance.

Here's another stupid question, how do I make the bolded Pound sign on my keyboard. All I have is the $...

Shift and the number 3 at the same time, also mate im sorry to burst your bubble, but i think you reading the odds wrong which i use to do with decimal odds, the odds of 1.1 means its 1/10 meaning for every £10 you wage you are getting £1 + your £10, not £11 + your £10 stake as you probably thought??

Bummer aint it i use to think the same i hate decimal odds fractions are much better old school .