It says:
If the Lakers lose, then your lay bet is a winner (yay!) and you keep the backer’s 10 mBTC stake (that’s the winnings on your lay bet, so to speak).
The language you keep the backers 10 mBTC makes me think your liability of 11 mBTC is null thus your profit would be 10 mBTC. The odds were in favor of the backer so the larger profit goes to the lay?
Idk, I'm confused too.
Hi @aphiso,
Yes, I think you got it! Liability is what you might lose when making a lay bet. If your lay bet wins, your profit is the backer's stake. No additional money changes hands. So, once you've won the lay bet your liability essentially becomes null, as you say.
"The odds were in favor of the backer so the larger profit goes to the lay?"
That's correct. If the odds had been 1.5, then the Backer's stake would have been 10 mBTC and the Layer's liability would have been 5 mBTC. In that case, the odds would be in favour of the layer, to use your expression.
Thank you for clearing that up. Appreciated!
No problem! Look forward to your thoughts on the next one (coming soon!).