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Any time before the end of the final betting round, folding in turn if there's no bet to you (ex: facing a check or first to act post-flop) or folding out of turn are binding folds subject to penalty. So, the fold is binding and is subject to penalty.

BB folds when facing no bet

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Taking the same example, if you bet on Che. Home no bet and away no bet are self-explanatory types of handicap bets where the bet is void or refunded if a certain outcome occurs. With a home no bet, if the home team wins then the bet is void/refunded. You only lose the bet if the away team wins.

Can someone carefully explain to me the true meaning of these betting ...

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