Back and lay
Back = you bet that something happens. Lay = you bet that it does not — you act like the bookmaker for that bet.
Example: Team A to win at 2.00. Back $10: win $10 if they win, lose $10 if not. Lay $10: win $10 if they do not win, lose $10 (the liability) if they do.
Liability is held, not lost
When you place a bet, the most it can lose is taken from your balance and held until the market settles. If you place bets that cancel each other out, we hold only the worst case of the whole position — so hedging frees money straight away.
Prices and bookmaker rates
Exchange markets show decimal odds (2.50 pays 1.50 per 1 staked). Bookmaker markets show the rate in “paisa”: 85 means 1.85 decimal.
You always get the price you asked for or better. If the price moves against you before the bet is accepted, it is refused and you see the new price.
Session lines (cricket fancy)
Yes / No on a number of runs. Yes 50 at rate 100 wins if 50 or more runs are scored; No wins if fewer. The rate is what you win per 100 staked on Yes, and what you risk per 100 on No.
Cash-out
On match markets where you have a position, “Cash out” places one opposite bet at the live price so the result is the same whichever runner wins — locking in a profit, or limiting a loss. It is a real bet, shown in your history.
In-play
In play, bets wait a few seconds before they are accepted so everyone sees the same state of the game. While a ball is being bowled or a market is suspended, bets are not taken.
Settlement
Markets settle on the official result. If a result is corrected, bets are re-settled. All rules: Sports exchange rules.