I have 2 basic strategies that I'm using both in tennis & basketball. The important of this strategy is to lay low and back higher. Betfair offers in-play of every NBA Basketball Game. In example Toronto @ Seattle pre match 2.20 on Seattle. Seattle goes up 20-10 in the first quarter, the odds on Betfair always overreact and odds here would be ~1.50-1.60. It's almost certain that Toronto will cut the lead to at least 5 forcing the odds up to at least 1.70-1.80. So laying here at 1.50 - 1.60 is very good.
I have traded Basketball for some time now and I know they like to "bottle" their lead.
Another nice trading match was Miami @ Philadelphia some days ago. Philadelphia lead half time by 22 points. Odds on Betfair 1.06. Now the correct thing would be to lay Philadelphia for a small sum. Becouse in Basketball team's "ease" when they lead by many points. Miami cut the lead to 77-81 and odds were now around 1.30. it was a nice trading match and I'm very sucessful with the strategy.
And you can always try to lay a team before a match and put up a back offer higher than the price you layed i.e layed at 1.90 and when Betfair put it in-play you can back at 1.93. Basketball is like Tennis, but in Basketball there are more swings, cousing the market up and down. The 1.93 could easily get matched just if the team you've backed lead by 2 points. And in basketball nearly every team trail by something during the match.