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Not sure about the free bet, but to change your odds when you click on the back or lay price, then type in the odds you want...it will then be an unmatched bet until someone matches it.
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Try the help centre. It might help you.
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Only play for small stakes until you are fully aware of how the exchange operates. I bet everybody has made mistakes when starting on Betfair, though saying that, it isn't that difficult.
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