It is a simple higher or lower bet.The company you bet with will make a forecast on the outcome of an event and you decide whether the outcome will be higher or lower than the forecast. If you are correct you win and if you are incorrect you lose. The amount you win or lose depends on the difference between the companies forecast and the actual outcome of the event.
The Spreadbetting firms make a prediction on how a sporting event will unfold, you decide whether it is to high or low and bet on this basis. You do not have to be exact but the closer you get to the correct choice the bigger the reward.
Called in-running, spreadbetting firms allow bets to be placed after a sporting event has started some also allow you to take profit or cut losses at any time during the event to reduce your exposure.
This will vary by the firm you use but can be as little as one penny, though most are £1 or 50p.