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

[CFH]

10*

In this instance, if you had clicked the pink at 11 for £35 you are giving someone 10/1 for £35 to go the distance so menaing if it went the distance you would have to pay out £350!!!

So basically the blue is what odds are available and the pink is what some cheeky bastards are hoping some mug will give them lol.

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?