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View Code? Open in Web Editor NEWA betting exchange is a marketplace where the customers bet against each other, instead of betting against the bookmaker. Hence, they can request or offer odds to the other bettors. Generally, when it comes to any operator, a bettor is allowed to make a back bet. However, due to the structure of Back and Lay betting exchanges, you can make both back and lay bets. The meanings of back and lay bets are simple to understand. By pitting the customers against one another, a betting exchange gives you the option to lay the bet on an outcome not likely to happen. In betting exchanges, on one side of the bet, there are backers who back an event to happen, and there are layers who lay bets on an event not happening. Both backers and layers in back and lay betting sites bet against each other by agreeing on specific odds of an outcome.