Definition of Backed
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What does the term "backed" mean in the world of sports betting? What is the definition of the term "backed"?
If a particular sports player or team is largely "backed" by the betting public, this means that the majority of the wagered money has landed on this particular player or team.
For instance - let's say that Serena Williams is playing in the Australian Open. Despite being a 1/4 favourite to win, 90% of the betting public is still on Serena Williams to win.
In this case, you could say that Serena Williams is "backed" by the majority of the betting public. The goal of a sports book is to balance the bets - in this case, the sports book would have an exposure to a loss if Serena Williams were to win, as over 90% of the betting public was on the multiple time champion.
In many cases, amateur gamblers will "back" their favourite teams and oddsmakers will take advantage of this phenomenon. Seasoned gamblers, on the other hand, will back whichever side they feel provides the most value.