basically there are 3 types of spread bet.
1 - finishing position. a firm will quote a "spread" - say 19-22. they believe that player will finish around 20th. if you think he will do better you SELL at 19. if worse you BUY at 22.
if you sold and he finishes 4th, you win 15 times your stake (19-4 x stake) but if he finishes 40th you lose (40-19) 21 times your stake. yu can of course oppose by buying, the results work in reverse
note the max limit set on this bet is 50 so any player over 49th or that misses the cut is given a score of 50
Match bet - as it says. player A may be 1-2.5 favourite over B. if you fancy A to win by 3 or more you BUY at 2.5. if he wins by 8 you win 8-2.5 = 5.5 times stake. but if he loses by 8 you lose 10.5 as you add the 8 strokes plus the oriinal hcap. obviously you can sell the favourite at 1 and win or lose accordingly.
finally index's
firms give prices for 7 players, usually the most prominent. they award 50pts for who is best of the 7, 25 for 2nd 10 for 3rd and 0 for the rest.
a typical set of prices is
20-23 for els for example.
12-15 for furyk
down to 7-10 for appleby
you can back a player by buying his buy quote or effectively back every other player by selling a sell price.
the beauty of spread betting is
1 you can oppose as well as back someone.
2, you can close the bet in running if it is going well and you want a quick profit, believing it may come back towards the initial quote or of course to cut your losses.
i would suggest you visit
http://www.sportingindex.com for examples. follow the prices each day over the sony and you will geta better feel than i can give here
the other beauty is the spread, ie the 19-22 and the 1-2.5 is the firms profit, they dont care if you win every week because as long as they balance the books then their profit is the amount in between the buy and sell prices. accounts are never closed.